BOE Says It Warned High Court About Brexit Insurance Deluge

Law360, London (December 6, 2017, 3:31 PM GMT) -- The Bank of England secretly warned judges earlier this year about a flood of applications by insurers shifting their cross-border contracts out of the U.K. ahead of Brexit, the central bank revealed on Tuesday.

The bank warned the High Court in September to be ready for a deluge of insurers rushing to transfer contracts to preserve their legal status after Britain leaves the European Union, according to freshly released minutes from meetings in November.

The BOE said it previously concealed the information in the public interest,...
To view the full article, register now.