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UK Insurance Regulation after Brexit
This article gives an overview of the legal developments in the UK in the field of insurance regulation since Brexit.
1. Introduction
On 23rd June 2016, the Government of the United Kingdom of Great Britain and Northern Ireland (the “UK”) held a referendum asking the electorate whether the UK should remain a member of the European Union (“EU”) or leave the EU: 51.9% voted to leave. The referendum was followed by a lengthy withdrawal process characterised by divisive internal debate, and tough negotiations with the EU, on the terms of “Brexit” – the British exit from the EU – and the nature of the UK’s continuing relationship with the EU.
The UK officially left the EU at 23:00 GMT on 31st January 2020 (00:00 CET on 1st February 2020) when the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community entered into force. This was followed by a Transition Period until the end of 2020 during which trade, travel and freedom of movement remained largely unchanged. A trade agreement – the EU-UK Trade and Cooperation Agreement (“TCA”) – was signed on 30th December 2020, between the UK, the EU, and th...