European regulations applied in the United Kingdom until 31 December 2020. Insurers could make use of their European Passports until that time. Since 1 January 2021, the European Passports are no longer valid for European insurers that offer their services in the United Kingdom. British insurers lost their European Passports on 1 January 2021.
The 27 EU Member States and the United Kingdom reached agreement on a Brexit deal on 24 December 2020.
The deal merely serves as a basis for the future relationship and for (possible) cooperation between the EU Member States and the United Kingdom. It certainly does not offer insurers an equivalent to the European Passport.
The deal merely serves as a basis for the future relationship and for (possible) cooperation between the EU Member States and the United Kingdom. It certainly does not offer insurers an equivalent to the European Passport.
The British supervisory authority (FCA) has drawn up a temporary permissions regime for financial enterprises that operated in the United Kingdom before Brexit (31 January 2020) on the basis of a European Passport. They may continue to do so on the same conditions for a maximum period of three years (as from the Brexit date). Financial enterprises that wish to make use of this possibility had to register with the FCA by 30 December 2020 at the latest.
The EU Member States and the United Kingdom aim to reach agreement in March 2021 on a framework for cooperation among financial supervision authorities.
Please also see the articles on the impact of Brexit in other practice areas. For a more detailed analysis of the impact of Brexit on your business, please do not hesitate to contact any of our experts.
