Lloyd’s Brussels granted Monaco re/insurance licence for Brexit; appoints Rochefoucauld
Lloyd’s Brussels, the new Brexit subsidiary of London-centred specialist re/insurance market Lloyd’s, has received authorisation to underwrite insurance and reinsurance risks located in Monaco.
In addition, the subsidiary has appointed Guy-Antoine de La Rochefoucauld as its general representative for Monaco and as its fiscal representative for the territory.
The licence means that business from the territory could continue to be accessed by Lloyd’s members after the UK leaves the European Union on March 29, Lloyd's said in a March 05 market bulletin.
Lloyd’s Brussels is not, however, authorised to underwrite life insurance or life reinsurance business for risks located in Monaco. It is because the contracts for risks located in Monaco are subject to the laws and regulations of the French Insurance Code."
"Following the UK’s exit from the EU on 29 March 2019, Lloyd’s underwriters will cease to be authorised in Monaco. This is because Lloyd’s underwriters’ licence in Monaco is dependent on their authorisation in France, which will cease when UK firms lose their EU passporting rights," Lloyd's explained. "As a result, Lloyd’s Brussels applied for authorisation in Monaco in order to ensure that business from the territory could continue to be accessed by Lloyd’s members post-Brexit.
"Lloyd’s Brussels is authorised to write all non-life insurance classes 1-18, and non-life reinsurance business. Business may be written on an onshore basis, i.e., by a coverholder located in Monaco, or on a cross-border basis, i.e., by a coverholder located outside Monaco or on an open market basis," reads the statement.
