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
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