Germany sets up Brexit contingency plan for UK insurers
Posted On: Feb. 28, 2019 5:17 AM CST
Germany has authorized the country's insurance regulator to extend U.K.-based insurers' "passporting rights" to maintain access to German clients for up to 21 months in case of a hard Brexit, ITIJ.com reported. Under the arrangement, U.K. insurers will not be allowed to write new business and will need to terminate existing contracts, obtain fresh authorization or transfer the business to a licensed insurer in the European Union.