Brokers warned to keep eye on Brexit as transition looms
There is no provision for equivalence in the IDD and this means brokers with EU clients need to set up EU entities to trade in the bloc.
Brokers with clients in the UK need to look closely at their post-Brexit arrangements even throughout the difficulties caused by Covid-19.
The British Insurance Brokers Association (Biba) has warned brokers with EU clients could be forced to give them up if the UK crashes out of the EU with no deal on 31 December this year.
The UK is currently in an implementation period where it still abides by customs union and single market agreements and obeys EU rules after officially leaving the union on
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