The London company insurance market said Brexit negotiations must maintain the City's competitive position in the global industry and not impede the level playing field for UK-based companies.
Setting out four priorities for Brexit negotiations, the International Underwriting Association (IUA) said it is vital for members to continue to benefit from freedom of insurance services agreements. "Any trade agreement between the UK and EU should first preserve passporting and branching arrangements and recognise the equivalence of regulatory regimes," said the IUA.
The IUA is also lobbying for legal certainty. "No barriers should be created that impede the use of English law contracts and standard London Market contractual forms in cross-European business," it said. Clarity will be needed on which UK law courts will apply to contracts and certainty about the validity of contracts written prior to Brexit, it added.
The IUA said the future VAT regime for UK insurance companies needs to be established. It noted that regulators in the UK and Europe need to be prepared to process "an unprecedented increase in licence applications" as insurers reorganise branches and subsidiaries.
IUA chief executive Dave Matcham said: "It is essential to maintain a level playing field so that insurers can operate across the continent without the need for local licences. At the same time, the competitiveness of London as a global hub will be preserved by allowing European firms to easily maintain a presence here through branch offices."
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