WITHDRAWAL OF THE UNITED KINGDOM FROM THE EUROPEAN UNION
(CONSEQUENTIAL PROVISIONS) ACT 2019 SIGNED INTO LAW
The Withdrawal of the United Kingdom from the European
Union (Consequential Provisions) Act 2019 was signed into law
on 17 March. The Act is designed to minimise the adverse impact of
a "hard" no-deal Brexit. If the UK leaves the EU without
a withdrawal agreement in place, the Act will take effect on the
date that the UK exits.
The Act provides for various contingency measures in 15 areas
covering key economic sectors with a view to protecting consumers
and businesses.
Part 8 of the Act will be of particular relevance for insurance
companies and insurance intermediaries. This part provides for a
temporary run-off regime whereby undertakings based in the UK or
Gibraltar who are providing insurance or insurance distribution
services in Ireland immediately prior to Brexit on a freedom of
establishment or freedom of services basis, may continue to operate
in
