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ARTICLE · 20 FEBRUARY 2019

Insurance Regulatory Update, January 2019

Arthur Cox
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The Government has published the General Scheme of the Miscellaneous Provisions (Withdrawal of the United Kingdom from the European Union on 29 March 2019) Bill 2019,

IrelandInsurance
Arthur Cox
Arthur Cox
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GOVERNMENT PUBLISHES HEADS OF LEGISLATION TO PREPARE FOR NO-DEAL BREXIT

The Government has published the General Scheme of the Miscellaneous Provisions (Withdrawal of the United Kingdom from the European Union on 29 March 2019) Bill 2019, which outlines various legislative changes that the government intends will take effect if the UK leaves the EU on 29 March 2019 without any deal.

Part 8 of the General Scheme provides for a temporary run-off regime whereby insurance undertakings and intermediaries operating from the UK will be able to continue to fulfil their contractual obligations to their existing Irish customers for up to three years.

The temporary run-off regime is limited and subject to a number of conditions. The relevant undertakings must be authorised in the UK or Gibraltar pursuant to Solvency II. They must be carrying on their business in Ireland pursuant to the right of establishment or the freedom to provide services. They must have ceased to

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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