Dublin's interpretation of Hard Brexit
The enthusiasm of EEA countries to blackball the UK from their club is astonishing. A Norwegian friend asked me last week, why the UK was making such a fuss about Brexit. Works fine for us, she said!
While the FCA is busy telling us how to trade in the EEA, Ireland seems more focused on telling us how not to trade in their countries, rather than helping their own brokers trade in the UK! Here is what the Central Bank of Ireland put out this week: and note the complete absence of any guidance for Irish firms trading abroad.
“After the withdrawal date of 29 March 2019, the UK will become a third country (non-EU) …
In the event of a “hard” or “no deal” Brexit, UK insurance intermediaries must put in place the necessary registration in order to continue operating in Ireland. Where the required registration is not in place by 29 March 2019, those firms must cease providing services into Ireland on a Freedom of Establishment and/or Freedom of Services basis. “
You can sense their glee!
The Irish will also allow UK brokers and underwriters to continue to administer ongoing insurance contracts – ie ongoing claims and those with late renewals. This will be for a period of three years after the date of the withdrawal of the UK from the EU.
The Bloodstock insurance industry is reeling as local agents in Ireland now are being contracted to attend as observers UK brokers meeting stud managers to renew their routine insurances.
read more here
Footnote - You can also read here the response from the Belgium Central Bank on Brexit.