Germany to offer British insurers Brexit leeway

Robert Brown • March 20, 2019

With the Brexit deadline looming ever closer, preparation for the dreaded no-deal scenario continues across the country amidst continued uncertainty about the UK’s ability to continue trading with the EU when March 29th arrives.

The insurance industry has done its best to lay down provisions and agreements with its trading partners in the event that no compromise can be reached, already signing deals with Switzerland and the United States. Germany has become the latest country to sign an agreement with the UK that will allow business to function whilst the country comes to terms with its exit from Europe.

A new enabling provision from regulator BaFin will has extended passporting rights for British insurers for the next 21 months, in order to allow insurers more time to conduct a thorough and organised wind-up.

Clyde & Co partner Henning Schaloske in Dusseldorf offered the following on the news: “This is a welcome move by the German legislator to remove some of the uncertainty for both insurers and policyholders in the event of a no-deal Brexit, which is increasingly being seen as a very real possibility.

“The extension of passporting rights for up to 21 months post-Brexit is a significant development and should provide sufficient time for the resolution of outstanding contracts but it is important that regulators across the EU continue to work together in a spirit of cooperation to address issues relating to cross-border insurance.”

This follows news in February that France has issued a set of emergency measures in the event of a hard Brexit, which is welcome news to the industry given the lack of clarity on continued training being felt across the country for most industries.

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