The Irish Times has reported that the Republic is looking to create new legislation that would enable UK and Gibraltar domiciled insurers and brokers to continue to serve Irish policyholders for up to three years, should the UK leave the EU without securing a deal.
As widespread uncertainty and confusion remains surrounding much of Brexit, and especially in relation to the impacts on the UK’s financial services industry, many insurers, reinsurers, and brokers have looked to establish branches in remaining EU countries.
According to a report in The Irish Times, in order to ensure continuity for policyholders in the region, its Department of Finance is drafting legislation that would enable UK and Gibraltar-based insurers and brokers to continue to serve Irish policyholders for as much as three years, in the event of a no-deal Brexit.
Ed Sibley, deputy Central Bank governor, speaking at a recent risk management and supervisory conference organised by Banking & Payments Federation Ireland (BPFI), said his company supports the draft laws.
“The draft legislation provides a temporary run-off regime, which will allow certain UK/Gibraltar insurers and brokers to continue to service existing insurance contracts with Irish policyholders in the event of a ‘no-deal’ Brexit.
“The legislation does not allow these firms to write new business, including renewable of existing policies; it is exclusively for the servicing of contracts – or policies – that were put in place prior to Brexit,” said Sibley, as reported by The Irish Times.
