The Current Status of Brexit: Ramifications for the Global Insurance Industry

What is Brexit and What are its Legal Ramifications for the UK? The 28 nation “single market” received a stunning blow when the UK voted, in a referendum on June 23, 2016, to terminate its membership and, subsequently, its passport-free, duty-free, trade and other advantages. From a legal perspective, under the January 2017 Miller decision by UK’s Supreme Court, Parliament has the right to thwart Brexit by the court’s affirmation that the Brexit referendum is not legally binding until Parliament
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ACI Brexit Panel Preview: Four Key Issues for International Insurers

On March 8, 2018, at the 14th ACI National Forum on Insurance Regulation in New York City, I’ll be participating in a panel discussion on Brexit and its implications for the global insurance community. With Brexit’s implementation over a year away and many details left to be decided, insurance professionals and their legal counsel have been left with little more than speculation on the unprecedented event’s effects on their industry. Some central issues and concerns, however, are crystalizing. The following
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Leaders of Major House Committee Wade into Equivalency Discussions

On August 17, 2016, the Chairman and Ranking Member of the House Ways and Means Committee waded into the ongoing discussions between U.S. and EU leaders regarding equivalency with the EU’s Solvency II and negotiation of a covered agreement. Chairman Kevin Brady and Ranking Member Sander Levin sent a letter to U.S. Treasury Secretary Jacob Lew and United States Trade Representative (USTR) Michael Froman expressing concern that Solvency II “unfairly discriminates against U.S. insurance and reinsurance (“(re)insurance”) business.” EU regulators
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