Insurance Regulator Sees Pickup At 3rd-Country Branches

By Martin Croucher (April 22, 2022, 12:12 PM BST) -- The Bank of England has said it expects approximately 130 European insurers to set up permanent branches in Britain as a temporary regime introduced following Brexit is phased out.

Alan Sheppard, head of insurance policy at the Prudential Regulation Authority, said on Thursday that the watchdog has received 80 applications and approved 19.

Britain's exit from the European Union means that insurers based in the bloc are no longer allowed to write cross-border business for clients in the U.K. The arrangement is commonly referred to as passporting.

EU-based insurers have instead been required to apply for the BoE's so-called temporary permissions regime to...

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