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 .

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Agency Database

Future Dates

* Estimated date

  • 31 December 2019

    Following PRA's policy statement (PS10/17) - operational continuity firms are expected to submit the template (PRA109) 45 business days after the first reporting period ending 31 December.

  • *2020

    The date by which all references to CRA ratings in laws and regulations relating to banks are to be removed. This will be done by the Commission based on technical advice from ESMA. EIOPA will be responsible for implementation.

  • 30 January 2020

    Last day for firms to notify the FCA that they wish to enter into the temporary permission regime.