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What BREXIT Means For Insurers And Brokers In The UK, EU & EFTA Report Brochure

What BREXIT Means For Insurers And Brokers In The UK, EU & EFTA Report Sample Contents

With 200 pages of critical insurance business intelligence, this new market research report from leading insurance analyst Ian Youngman looks at what BREXIT means for insurers and brokers operating in or planning to operate in the UK and Europe. 

For those UK insurers, EU insurers, brokers and agents selling- or planning to sell- into the UK and/or European markets; BREXIT is a legal and logistical nightmare. 

UK regulators have demanded that every UK insurer now doing business in the EU/EFTA - whether by passport or local subsidiary- and every EU/EFTA insurer doing business in the UK on a passport or full basis -must show them their contingency plan that covers all options including the nuclear one of a UK exit with no deals. 

Much will depend on what is negotiated -but do not believe the hype from either side. The core rule from the EU is very simple- non-members are not allowed to have deals equal to those that members have, and despite what British politicians may shout- that is non-negotiable. 

One of the anticipated losses resulting from the UK's exit in 2019 is its exclusion from the single market, namely its exclusion from the free movement of goods, services and workers within the EU. This will impact insurance businesses in the UK that will lose their right of direct access to the single market, and EU insurers will lose their right of direct access to the UK.

40% of UK insurance businesses are studying alternative scenarios involving migrating their European business to other member states.

There will be two parallel but not identical sets of laws- in the UK and in the EU/EFTA countries. Any UK insurer or broker doing business in the new EU/EFTA block will be subject to ALL the laws and rules in that region such as on solvency, insurance regulation and competition- plus the UK rules on solvency, insurance regulation and all other regulation that will diverge from EU rules.

In the UK the Bank of England and subsidiary insurance/financial regulators have confirmed that there will be no bonfire of regulations post-Brexit - while other regulators and bodes such as on competition and health and safety have made similar promises. 

Insurance author Ian Youngman comments; " Wait and see is not an option given the time that it will take to set up a regulated subsidiary within an EU member state or in the UK. If you rely in the main UK media for your Brexit information you could be in for a few surprises. My report is non-political and takes information from across Europe-including primary sources. It is written in a non-technical way so that every insurer and broker can easily understand what is happening and why they must get ready for all possibilities- now, not 2018 or 2019."

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We hope you enjoy this report as much as we are. Read on for a breakdown of contents.

BREXIT and INSURANCE

Contents

Introduction 

1 Institutions

United Kingdom

European Union

Background

Current members

Leaving members

Candidate countries

Turkey

Potential Candidate countries

European Neighbourhood Policy

European Monetary Union

Eurozone

European Central Bank

European Commission

Overview

Financial Stability, Financial Services and Capital Markets Union

Council of the European Union

European Parliament

Court of Justice of the European Union

European Free Trade Association

European Economic Area

Switzerland

Switzerland and Brexit

World Trade Organization

European Investment Bank

European Agencies

Overview

European Banking Authority

European Medicines Agency  

2 Free trade agreements

European Union and the USA

Free trade deal

Insurance deal

Internationally active insurers

Trade in Services Agreement

European Free Trade Association Agreements

Bilateral Agreement between Switzerland and EU for non-life insurance

3 EU principles

EU free movement

Principles

Schengen Agreement

Single Market

Intellectual property

Data protection

Contracts

Mergers and acquisitions

Joint ventures 

4 EU directives and regulations

Regulations, Directives and other acts

Regulation

Directive

Decision

Recommendation

Opinion

Third non-life insurance directive

Third life insurance directive

Financial Conglomerates Directive

Solvency II

Insurance Distribution Directive

Motor Insurance Directive

Motor Insurance Directive Vnuk amendments

Winding-up of insurance undertakings

Insurance guarantee schemes

Insurance of natural and man made disasters

Services Directive

Competition law

General Data Protection Regulation

Other changing EU Directives 

5 EU/EFTA citizens

Introduction

UK insurance industry

EU/EFTA nationals in the UK

EU/EFTA nationals becoming UK permanent residents

EU/EFTA nationals living in the UK

UK nationals living in EU/EFTA countries

UK nationals living in Spain

Spain

European Citizen Action Service

EU view

6 EU travel

EU overview

Living and working abroad

European Health Insurance Card

European Health Insurance Card and the UK

European Union Package Travel Directive

Inbound travel

Outbound travel

Global figures on travel and tourism

European figures on travel and tourism

European Tourism- trends and prospects

Economic impact of tourism sectors

Opportunity for travel insurers

7 EU insurance regulation

European overview

European Systemic Risk Board

European Insurance and Occupational Pensions Authority

International Association of Insurance Supervisors 

8 UK insurance regulation

UK regulation overview

Number of insurers

Financial Services Act 2012

Bank of England

Financial Policy Committee

Prudential Regulation Authority

Financial Conduct Authority

FCA and Lloyd's of London

Corporation of Lloyd's

Types of intermediary

Insurance brokers

Independent financial advisers

Agents

Lloyd's brokers

UK brokers doing business in Europe

Travel agents

Banks

Supermarkets

Insurer-owned brokers

9 UK/EU passporting

British insurers and brokers in the EU

EU insurers and brokers in the UK

Passporting

NonEEA states

Appointed representatives and tied agents

Channel Islands and Isle of Man

Monaco

San Marino

Switzerland

Gibraltar

Risky firms

Number of UK insurers passporting into the EU/EFTA

Number of EU/EFTA insurers passporting into the UK

Number of UK brokers passporting into the EU/EFTA

Number of EU/EFTA brokers passporting into the UK

Planning for the future  

10 UK resignation

Introduction

The letter

Devolved regions

Scotland

Wales

Republic of Ireland and Northern Ireland

Channel Islands and Isle of Man

Department for Exiting the European Union

11 EU response and negotiation timetable

After triggering Article 50

Article 50

What happens once Article 50 has been triggered?

How is the withdrawal agreement concluded?

So how long does that leave for the actual negotiations?

Who will negotiate for the European Union?

What about the practical side of the negotiations?

Where will negotiations take place?

They will take place in Brussels.

When does the UK cease to be a member of the European Union?

What happens meanwhile?

What happens if no agreement is reached?

Can the UK apply to re-join after it leaves?

Once triggered, can Article 50 be revoked?

What does Article 50 say?

Key negotiation areas

EU and UK law

EU negotiation guidelines April 2017

EU attitude April 2017

UK election

Delays in negotiations

EC reply to UK election

Great Repeal Bill

UK Government's negotiating objectives -Parliament's view

Great Repeal Bill

EU Court of Justice

Deal or no deal

Gibraltar

Republic of Ireland

Freedom of movement

EU nationals in UK and UK nationals in Europe

Respect EU negotiators

Free Trade

Insurance and finance

Plan B

NonEU/EFTA trade deals

A phased approach

UK Government's negotiating objectives -April update

Trade

Post-Brexit scenarios.

Custom regulations under the new European order

The rest of the world

Incoming investment to the UK as a gateway to the EU

Freedom of movement 

12 UK insurers and brokers wanting to do business in EU/EFTA after Brexit 

Options

Passporting rights

Cross border transfers of business

New subsidiaries

Portfolio transfers

Life and pensions

Regulatory equivalence

WTO rules on insurance 

13 EU/EFTA insurers and brokers wanting to do business in UK after Brexit 

Overview

New subsidiaries

Current passport holders

FCA and PRA fast tracking


14 Regulators and trade bodies

Association of British Insurers

Association of British Travel Agents

Association of Chartered Certified Accountants

Bank of England

Association of Insurance and Risk Managers

British Insurance Brokers Association

Financial Conduct Authority

Health Committee of Parliament

International Group of Protection & Indemnity Clubs

London Market Group 

International Monetary Fund

Prudential Regulation Authority

Treasury Committee of the House of Commons 

15 Locations for UK firms

Where to base any EEA-passport firm

Moore Stephens survey

Colliers Internatiional report

Belgium

Cyprus

Denmark

France

Germany

Ireland

Italy

Luxembourg

Malta

Sweden

 

16 A To Z of UK/EU firms plans

Admiral

AIG

Aviva

Axa

Beazley

Building Block Insurance

Chesnara

FM Mutual

Hiscox

Jardine

Legal and General

Lloyd's of London

Met Life

Prudential

Royal London

RSA

Standard Life

Banks

 17 Gibraltar

History

Background

Brexit

Gibraltar and EU

Spain

Insurance

Passporting

Regulation

Enterprise Insurance

UK/ Gibraltar deal

Attractiveness

UK insurers

Future

 

18 EU healthcare

Overview

Cross border healthcare directive

EU cross-border healthcare official EU patient information

EU Cross border healthcare in EFTA countries

EU Cross border healthcare and UK Brexit

European Union cross border healthcare report

KPMG study on the cross-border healthcare directive

European Union cross-border healthcare rules on professional liability

Health insurance in the EU

Overview

Working in one EU country and living in another

Posted abroad on a short assignment of under 2 years

Civil servants seconded abroad

Students and researchers and trainees abroad

Pensioners abroad

 

BREXIT & Insurance News

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