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Law firm Sidley Austin LLP said that it is vital for the U.K. to obtain reinsurance equivalence under the Solvency II regime post-Brexit to avoid losing significant business in the European Union and to create a stable footing moving forward, Reinsurance News reported. Reinsurance equivalence establishes a level playing field for carriers and ensures the European Union is unable to impose further requirements on reinsurers in equivalent jurisdictions.