Insurance Europe has published two position papers relating to Brexit.
The first paper discusses the need for a transitional arrangement, stating that such an arrangement is crucial for business continuity until legal clarity on the future UK-EU relationship is reached. Any transitional arrangement should ensure the UK remains covered by EU law and its supervisory framework during any negotiations to the UK-EU relationship.
The second position paper concerns the transfer of personal data after Brexit. Insurance Europe calls for maintaining the free flow of data by adopting an “adequacy decision” under the GDPR, which would provide the highest level of legal certainty. It also calls on the UK to accept the EU data protection framework as adequate for data flows from the UK to the EU. If not achieved in time, a bridging interim measure should be put in place.