LONDON, Feb 27 (Reuters) - Avoiding chaos in the insurance market due to Britain’s departure from the European Union in 2019 is a “top priority” for the Bank of England, its deputy governor Sam Woods said on Tuesday.
Woods said the BoE was also putting a “huge premium” on the British government being able to agree a transition or implementation period by the end of March ahead of Brexit next year.
The BoE has told insurers to submit plans on how they would cope with a “hard” Brexit or Britain crashing out of the EU.
“We are pretty much up to speed in terms of plans,” Woods told the Association of British Insurers annual conference.
Reporting by Huw Jones and Carolyn Cohn