Brexit: Doing Insurance business in France post exit day
14 November 2019
On 31 October 2019 EIOPA published Member State responses to its February 2019 ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’.
ACPR, the French regulator, has indicated in its response that it does not intend to comply with EIOPA’s Recommendation 6, relating to insurance policies originally sold in the United Kingdom by UK insurers to policyholders now resident/established in France. This means that UK insurers must have appropriate passports to carry out business in France in place at exit day if they wish to make use of the French Run-Off Ordinance for this type of business.
The PRA and the FCA are encouraging firms to seek legal advice and consider any risk arising from the ACPR approach to affected policyholders as soon as possible. Firms need to consider whether they wish to have passports to carry out business in France in place prior to exit day to enable the use of the French Run-Off Ordinance and should submit their applications as soon as possible.
ACPR published a statement on its website regarding affected policyholders on 8 November 2019.
Member State responses to the February 2019 EIOPA recommendations can be found here .
Back to top