Brexit – is your insurance business ready?
31 Jul 2020
The critical moment is approaching. From 1 January 2021, only an EU regulated insurance carrier or intermediary may undertake EU insurance work.
It is perhaps surprising that a number of companies are not yet ready for the effects of Brexit.
In the Lloyd’s market, from 1 October 2020, Lloyd’s Brussels will only accept new business from EU regulated brokers where the risk and the policyholder are in the EU. Similarly, Lloyd’s coverholders can only bind those EU risks if offered by an EU regulated intermediary.