The German legislator has today (22 February) adopted preliminary provisions to authorise the regulator to temporarily extend passporting rights of UK financial institutions including insurers in the event of a no-deal Brexit.
These measures allow the extension of passporting rights post-Brexit for up to 21 months.
Henning Schaloske, partner at Clyde & Co in Dusseldorf, said: “This is a welcome move by the German legislator to remove some of the uncertainty for both insurers and policyholders
- Lamp’s proposed liquidation sparks debate on insurer stability and ratings
- Ardonagh closes 24 Swinton branches
- Martyn Holman joins Banks-owned Eldon Insurance board
- Gibraltar insurer, Lamp, goes into liquidation amid insolvency
- Mactavish names all British Steel insurers
- Brokers warned over admin fees and commission
- Lockton announces key hires in Birmingham and Manchester