BIBA calls for urgent action on Brexit transition right
The British Insurance Brokers' Association (BIBA) is calling for urgent progress following a UK government response to Treasury Select Committee’s report on transitional arrangements for exiting the European Union.
“Unlike most sectors of the economy, our sector needs certainty of transition right now as insurance renewals are being prepared which span the date we leave the EU,” said BIBA CEO Steve White.
“We receive £8 billion in revenues from the EU and whilst we are pleased that the Government agrees they want a transition period, the lack of both detail and progress in this area concerns us greatly. In the absence of a transition, we’re faced with the prospect of breaking an agreement with the customer or breaking the law by honouring it. This is an unacceptable position to be in.
“It is important that when we transition, we know what we’re transitioning to. Not knowing what the landscape will be like post-March 2019 means businesses cannot plan and some are already planning for the worst.
“The inward-passporting temporary permission regime mentioned in the Government’s response, which allows EEA firms to continue to pay insurance claims, is welcomed; however, this needs further detail and confirmation that it will definitely be in place for March 2019. The 6 million UK policyholders who use an EU passported insurer need the certainty that they will be able to have a claim paid.”
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