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EIOPA advice on contract continuity

Huw Evans, Director General, Association of British Insurers, said: 

Huw Evans, ABI Director General“Although it comes late in the day, this is sensible guidance which helps reduce legal uncertainty over paying some insurance contracts post-Brexit. It is particularly important that UK citizens who bought pensions in the UK but now live in the EU have the extra reassurance this provides. Allowing contracts signed before Brexit to run off and extra time for insurers to transfer portfolios into the EU27 are also pragmatic decisions which we welcome. However, while this guidance reduces uncertainty, it does not eradicate it as all EU27 individual regulators must implement it in the same way. A no-deal Brexit remains a major challenge for the UK and the EU insurance industry’s customers and must be avoided at all costs.”

You can read the EIOPA release here.


Last updated 19/02/2019