Q&A – Brexit impact on insurance services in Belgium
Before Brexit, UK insurance undertakings and intermediaries took advantage from the EU passport mechanism to provide their (re)insurance services across the EU either on the freedom to provide services or by establishing local branches. By means of a Q&A we envisage the new regulatory framework for provision of insurance services by UK insurance undertakings and intermediaries in Belgium and the transitional regime for activities related to existing insurance contracts.
From now on, the “Trade and Cooperation Agreement” (the TCA) is the Treaty that will govern the relationship between the EU and the UK. However, the TCA does not contain an effective business continuity solution for financial services. Subject to possible further legislative changes, in order to keep doing business on the Belgian territory, UK (re)insurance undertakings and intermediaries must adapt their business to the situation with no EU or Belgian equivalence or transitional regime in place for new activities.
In this Q&A we envisage the new regulatory framework for provision of insurance services by UK insurance undertakings and intermediaries in Belgium and the transitional regime for activities related to existing insurance contracts.
For a Q&A on the Brexit impact on cross-border financial services, click here. For a Q&A on the most significant impact of Brexit on the choice of English law and of English courts in existing and future financial contracts between professionals, see here.
Vanessa MarquettePartner Attorney at Law
Vanessa Marquette, attorney at law, is a partner in the Banking and Finance Practice Group of our Brussels office and a member of the firmwide Restructuring & Insolvency team. She is recognized for her expertise in Banking and Finance with a focus on international finance law, regulated financial services, sustainable finance and banking litigation.T: +32 2 773 23 25 E: firstname.lastname@example.org
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