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Irish Temporary Run-off Regime for UK/Gibraltar authorised insurers and insurance intermediaries post Brexit

AUTHORs: Darren Maher, Gráinne Callanan co-author(s): Claire Scannell Services: Financial Institutions, Brexit DATE: 06/01/2021

On 1 January 2021 the Central Bank of Ireland launched a dedicated webpage on the operation of the Temporary Run off Regime (“TRR”) for Insurers and Insurance Intermediaries.

The TRR took effect from 23.00 on the 31 December 2020, when the UK’s transition period officially ended and Part 10 of the Brexit Omnibus 2020 Act commenced. Where a UK/Gibraltar firm has not put specific contingency plans in place in respect of its Irish based policyholders, it can rely on the TRR which allows existing policies to continue to be serviced after 31 December 2020, subject to certain requirements.

Read the full article here.