Germany extends passporting rights for UK insurers
The country has adopted some special provisions in case of a no deal Brexit.
The German legislator has today (22 February) adopted preliminary provisions to authorise the regulator to temporarily extend passporting rights of UK financial institutions including insurers in the event of a no-deal Brexit.
These measures allow the extension of passporting rights post-Brexit for up to 21 months.
Henning Schaloske, partner at Clyde & Co in Dusseldorf, said: “This is a welcome move by the German legislator to remove some of the uncertainty for both insurers and policyholders
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