Insurance - UK and EU Passporting

February 2018 | | ID: IBE6C2F1476EN
Ian Youngman

Abstracts

• How will UK insurers and brokers deal with passporting after Brexit?
• Where are they setting up companies and why?
• What are the rules and options for European insurers?
• What are the regulators in the UK and Europe saying?
• Which countries are attracting companies and why?
• Why will non-European insurers have new choices for entering Europe and UK?

With over 200 pages of critical insurance business intelligence, this new market research report from leading insurance analyst Ian Youngman looks at what the future means for insurers and brokers operating in or planning to operate in the UK and Europe.

UK regulators demand that every UK insurer now doing business in the EU/EFTA - whether by passport or local subsidiary- and every EU/EFTA insurer doing business in the UK on a passport or full basis -must show them their contingency plan that covers all options including the nuclear one of a UK exit with no deals.

Other European regulators are following suit. EU regulators have made it plain that they will not accept post-box companies where control remains elsewhere. A key loss resulting from the UK's exit in 2019 is its exclusion from the single market. This will impact insurance businesses in the UK that will lose their right of direct access to the single market, and EU insurers will lose their right of direct access to the UK. Will YOU trust politicians to do a deal -that suits insurers, or take action to protect your business?

There will be two parallel but not identical sets of laws- in the UK and in the EU/EFTA countries. Any UK insurer or broker doing business in the new EU/EFTA block will be subject to all the laws and rules in that region such as on solvency, insurance regulation and competition- plus the UK rules on solvency, insurance regulation and all other regulation that will diverge from EU rules.

Insurance author Ian Youngman comments: 'The temporary extension after March 2019 is far from simple and is not fully agreed yet. My report is nonpolitical and takes information from across Europe-including primary sources. It is written in a non-technical way so that every insurer and broker can easily understand what is happening and why they must get ready for all possibilities now, not 2019 or later.'

Contents

PASSPORTING

Introduction
African, American and Asian companies
Appointed representatives and tied agents
Back office services
Bespoke trade deal
British insurers and brokers in the EU
Centre for the Study of Financial Innovation
Changes to rules on international insurers in UK
Channel Islands and Isle of Man
Companies operating under Freedom of Services
Cross border alternative solutions
Cross border legacy business
Cross border Part VII FSMA transfers
Cross border transfers of business
Current passport holders
Equivalence
EU insurers and brokers in the UK
EU single passport system
EU will not offer post-Brexit passporting for UK insurers
Fast tracking
Fronting
Gibraltar
Inbound passporting
Life and pensions
Monaco
Moving a company
Negotiation on passporting rights
New subsidiaries
No deal
Number of EU/EFTA brokers passporting into the UK
Number of EU/EFTA insurers passporting into the UK
Number of UK brokers passporting into the EU/EFTA
Number of UK insurers passporting into the EU/EFTA
Options for UK insurers and brokers
Passporting in EU/EFTA
Passporting rights for UK brokers and insurers
Passporting and the transition period
Planning for the future
Portfolio transfers
Regulatory equivalence
Risky firms
San Marino
Scenarios for UK insurers
Switzerland
Transition period
The transition period- EU position
WTO rules on insurance

REGULATORS AND TRADE BODIES

Association of British Insurers
  Overview
  Target countries
  Solvency II
  European Union (Withdrawal) Bill
  Brexit
Association of Insurance and Risk Managers
BaFin
Bank of England
  Contingency plans
  Authorisation of international insurers
  UK
British Insurance Brokers Association
  Uncertainty
  UK/EU citizens
  Gibraltar
  2017 manifesto
  2018 manifesto
Central Bank of Ireland
  Branches
  Irish insurers
  Perspectives on insurance and Brexit
  Brexit FAQ
Chancellor
European Insurance and Occupational Pensions Authority
  Guidelines for national regulators
  Cross-border legacy business
  Service continuity
  Relocation
  Guarantee schemes
  Brexit platform
European Securities and Markets Authority
  Setting up overseas subsidiaries
EU Financial Affairs Committee
  Future insurance regulation
  Transition period
  Brexit: the future of financial regulation and supervision
Financial Conduct Authority
  Business Plan 2017/2018
  Asset managers
  FCA on Brexit
  Temporary permissions
Global Reinsurance Forum
Insurance Europe
Insurance Ireland
  Contingency planning
  XL Catlin
  Lloyds' move to Brussels
International Group of Protection & Indemnity Clubs
International Monetary Fund
International Regulatory Strategy Group
  UK rule making
  Brussels talks
  EU access after Brexit
International Underwriting Association
  Brexit will hit insurance premium
  London makes it possible
London and International Insurance Brokers Association
  2018 priorities
  Customers must come first
London Market Group
  Regulation
  London makesit possible 2017
  London makes it possible 2018
  Proposal resolves access vs. control Brexit dilemma
Prudential Regulation Authority
  Insurer contingency
  Responses from insurers
  PRA update to insurers
  International insurers in the UK
TheCityUK
  Future strategy
  Transition deal
Treasury
Treasury Committee of the House of Commons
  EU insurance regulation
  Preparedness of insurers for Brexit
  Solvency II
  Cross-border insurance contracts
  Transition

COMPANIES

Admiral
Advent Claims
AIG
Aio ~Nissay Dowa
Allianz
Aviva
Axa
BMS
Beazley
Berkshire Hathaway
Brit
Britannia
Building Block Insurance
CBL
Chaucer
Chesnara
Chubb
CNA Hardy
Equitable Life
Everest Re
FM Mutual
Global Aerospace
Hanover
Hiscox
JLT
Lancashire
Legal and General
Liberty
Lloyd's of London
London P and I Club
M and G
Markel
Met Life
Mitsui Sumitomo
Neon Underwriting
North P and I Club
Prudential
QBE
Royal London
RSA
Sompo
Standard Club
Standard Life
Starr
Tokio Marine
Travelers
UK P and I Club
West of England Club
XL Group

COUNTRIES

Where to base any EEA-passport firm
Moore Stephens survey
Colliers International report
EY Brexit monitor
Bermuda
Belgium
Cyprus
Denmark
France
Germany
Gibraltar
Ireland
Italy
Luxembourg
Malta
Netherlands
Spain
Sweden
Crown dependencies and overseas territories-
  Bermuda
  British Virgin Islands
  Cayman Islands
  Gibraltar
  Guernsey
  Isle of Man
  Jersey
  Turks & Caicos Islands

EU/EFTA CITIZENS

Introduction
EU negotiations update December 2017
UK insurance industry
EU nationals in the UK-status
EU nationals in the UK-numbers
EFTA nationals in the UK-status
EFTA nationals in the UK-numbers
UK nationals in EU-status
UK nationals in Ireland
Irish nationals in the UK
UK nationals in EFTA -numbers
UK nationals in EFTA- status
UK nationals in EU numbers
European Health Insurance Card
European Health Insurance Card and the UK
Pensioner health rights
Cross border workers
Civil servants
Students and researchers and trainees
Armed forces
Motorists