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When the UK ceases to be a member of the EU UK insurers will lose the passport rights within the EU single market which they currently enjoy under the Solvency II Directive regime. EU member state insurers may lose the reciprocal automatic authorisation rights for insurance business which they wish to carry on in the UK. What legal mechanisms will UK insurers be able to adopt to continue writing business currently written by virtue of a single market passport? If there is no comprehensive UK-EU agreement to what extent will they be able to rely on “equivalence” provisions or the Solvency II “third country” provisions? How will insurers having EU member home states be able to continue to write UK business?
To what extent will the Solvency II regime continue in practice to inform the prudential regulation and supervision of insurers in the UK, or the new Insurance Distribution Directive the marketing and sale of insurance products?
What practical steps are UK insurers (or their group parents) planning or already taking to adjust to changing legal framework after Brexit?
What rules will the English courts apply for recognising the jurisdiction of English or foreign courts to hear and determine cases involving cross-border elements; or for determining the substantive law applicable to them?
Our panellists will consider these and other questions.
Sir Richard Aikens is a recently retired Lord Justice of Appeal and now sits as an arbitrator in commercial cases. He previously practised at the commercial bar and on his appointment to the High Court was a judge of the Commercial and Admiralty Courts. He has extensive experience of insurance matters and is a Visiting Professor at both King’s College and Queen Mary University of London. He is a past President of BILA
Julian Burling is a barrister practising at Serle Court Chambers, predominantly in insurance law and regulation. He is the author of, or contributor to, several books on those matters. He was previously Counsel to Lloyd’s. He is a past Chairman and currently a Vice-President of BILA.
Sean McGovern is Chief Compliance Officer and Head of Regulatory and Government Affairs at XL Catlin. He was previously Director and General Counsel at Lloyd’s, also becoming Chief Risk Officer and a member of the Lloyd’s Franchise Board. He is a non-executive board member of TheCityUK. He is the current Deputy President of BILA.
Following short presentations Lady Justice Gloster, the President of BILA, will invite questions and comments for the panel from the audience. In the Court of Appeal, where she is Vice-President of the Civil Division, Gloster LJ has delivered a number of insurance related judgments. Before her appointment to the Court of Appeal, she was a judge of the Commercialand Admiralty Courts. She previously practised at the Commercial and Chancery Bars, where she appeared in numerous cases involving insurance and reinsurance insolvency matters, including Bermuda Fire & Marine and EMLICO.
Registration will commence at 5.00pm when tea and coffee will be provided. The admission charge is £25 for BILA members and £40 for non-BILA members.
Refreshments after the formal proceedings of the Symposium are sponsored by Clyde & Co LLP and are without further charge.