Brexit Will Lead Insurers To Restructure EU Operations

Law360, Los Angeles (June 24, 2016, 6:25 PM EDT) -- The United Kingdom's vote Thursday to exit the European Union could force insurance companies that conduct business across the bloc from offices in Britain to expand their operations in EU member states, but British policymakers are unlikely to deviate from the bloc's insurance regulatory regime, experts say.

Once it is finalized, the so-called Brexit could terminate U.K.-based companies' ability to use the EU's "single financial passport" or "passporting" rule, which, among other things, allows insurance carriers and reinsurers to conduct business throughout the EU from a base in Britain.

For insurers and reinsurers that make extensive use of passporting, including many...

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