Lloyd's Seeks Court Approval Of Post-Brexit Policies Transfer

Law360, London (November 18, 2020, 4:04 PM GMT) -- Lloyd's of London urged a court on Wednesday to approve the transfer of its European insurance business to a new Brussels subsidiary ahead of the U.K.'s departure from the European Union at the end of the year and the loss of its members' passporting rights.

Martin Moore QC, counsel for Lloyd's, told Judge Richard Snowden there will be no material economic impact on policyholders when the business is transferred to Lloyd's Insurance Co. SA, which is regulated by the National Bank of Belgium and the Financial Services and Markets Authority of Belgium.

He said at a remote High Court hearing that the...

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