Insurance Europe publishes position paper on the consequences of Brexit on existing contracts

Insurance Europe has published a position paper on the consequences of Brexit on existing insurance contracts. The paper discusses:

• existing (re)insurance contracts that may be affected by Brexit and how customers may be affected;
• what is currently permitted by passporting rights;
• when grandfathering is the only solution for existing contracts; and
• how to allow for the continuation of existing contracts.

Insurance Europe advocates for a grandfathering arrangement for long-term (re)insurance contracts in circumstances where a transfer of portfolio is not possible or is excessively costly for consumers.