Brexitandtheinsuranceindustry.pdfVIP

Contents Brexit and the insurance What we know What we don’t know industry Regulatory implications Passporting It is possible that in less than two months’ time the UK will Prudential regulation and reporting have voted to leave the European Union. Brexit would have Transfers of business significant regulatory implications for insurance industry Risk management actions participants (whether based in the UK or elsewhere in the Contacts European Economic Area (EEA)) and result in a lengthy period of considerable uncertainty while negotiations were undertaken over the terms on which it would take place. It would also have potentially serious short and longer term consequences for industry participants (particularly but not exclusively those based in the UK), the nature and extent of which would depend considerably on the nature of post-Brexit UK access to EU markets (and vice versa). In this note we examine these regulatory implications and consequences and comment on some associated risk management actions that industry participants could take, both in the run-up to the referendum on 23 June and in the event of a vote to leave. But first, some general context. What we know Whatever views one might hold on the merits of “remain”