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Published 13 January 2021
The EU’s single passport regime enabled UK-authorised insurers, reinsurers and insurance brokers to carry on business in any EEA member state, and conversely allowed EEA-authorised (re)insurers and brokers to carry on business in the UK. Now the transition period has ended, passporting from the UK into the EEA or vice versa is no longer possible. What does this mean for (re)insurers and brokers?
This note is a summary of the key implications of the ending of the passporting regime between the UK and the EEA. However, the underlying law is not always clear or straightforward, so what follows is necessarily a simplification.
For UK-based (re)insurers and brokers, the key points to have in mind are:
For EEA-authorised (re)insurers and intermediaries, the key points are:
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