EIOPA urges insurance firms to be prepared for ‘hard’ Brexit

EIOPA has issued a call to action for insurance firms to take steps in good time to ensure they will be able to continue to service policyholders in the event of the UK withdrawing from the EU without an agreement.

It notes that UK (and Gibraltar) insurance entities who have cross-boarder insurance contracts should write to their policyholders to inform them about the relevant contingency measures and the impact on the contractual relationship and services.

EIOPA is also working with national competent authorities to address this risk.