LONDON Nov 30 Insurers operating in Britain
must continue to be able to sell their products freely across
the European Union after Britain leaves the bloc, insurance
trade body the International Underwriting Association said on
"It is vital to maintain existing freedoms for insurance
services," the IUA said in its first major statement on Brexit
since the June referendum.
"Any trade agreement between the UK and EU should first
preserve passporting and branching arrangements and recognise
the equivalence of regulatory regimes."
Worries from customers about future insurance cover meant
insurers would look to establish branches and subsidiaries in
Britain and Europe as protection against a possible loss of
passporting rights, the IUA said.
"Regulators will need to prepare to deal with an
unprecedented increase in licence applications."
The IUA said it is working with the London Market Group,
which represents several insurance trade bodies, to present its
concerns over Brexit to the UK government.
(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)