Insurance Body Calls For Equivalence To Meet No-Deal Brexit
Law360, London (July 29, 2019, 5:22 PM BST) -- Britain must hurry to secure mutual market access with the European Union for the insurance industry as a no-deal Brexit becomes more likely, a London insurance industry group said Monday.
The government should negotiate an equivalence agreement to win recognition from Brussels that Britain's regulatory standards for the sector are equivalent to its own as soon as possible after Brexit, the London Market Group said. The U.K. is currently due to leave the EU by the end of October, at which point British insurers would no longer have automatic access to the rest of the EU through passporting rights.
An equivalence agreement is...
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