Uk-Swiss Direct Insurance Agreement

Uk-Swiss Direct Insurance Agreement

British Chancellor Phillip Hammond and Swiss Federal President and Head of the Federal Department of Finance Ueli Maurer have agreed on the deal, which will mimic the effects of the EU`s current relationship with Switzerland. Patrick Connolly, financial planner at Chase de Vere, said: “This is good news. Switzerland is a relatively small country, but it is an extremely important centre for the financial and insurance sectors, which account for a significant part of the British economy. Mr Ashby said it was not yet clear how Uk insurers could operate in EU member states after Brexit, as the final form of the withdrawal deal is uncertain. From a legal point of view, relations between Switzerland and the United Kingdom are based, among other things, on bilateral agreements between Switzerland and the EU. With Brexit, these agreements will no longer apply to Britain. This also applies to the 1989 agreement between the European Economic Community and the Swiss Confederation on direct insurance other than life insurance, as well as the 1999 agreement on the transport of goods and persons by rail and road (EC/Switzerland agreement on land transport). Opinion: Joint declaration on the signing of the agreement between the United Kingdom and the Swiss Confederation on non-life insurance The insurance agreement will repeat the effects of the EU agreement with Switzerland and come into force when the EU-Switzerland direct insurance agreement no longer applies to the UK. It offers mutual recognition of each country`s insurance and solvency rules, but does not cover life insurance. The agreement between Britain and Switzerland follows the agreement reached last December between the United Kingdom and the United States, which is also in line with the current UE-Ue agreement with the US insurance industry.

“This agreement will be good news for the continuity of insurers already operating beyond the borders between the UK and Switzerland and their customers, and could be even more central to the UK`s attention than the current EU deal with Switzerland, given the challenges faced by UK insurers who have access to EU customers after Brexit,” said Mr Ashby. – Unspoord withdrawal of the United Kingdom from the EU: should the UK withdraw from the EU on 29 The insurance agreement between Switzerland and the United Kingdom and the road transport agreement between Switzerland and the United Kingdom would no longer enter into force from that date, since the insurance agreement between Switzerland and the EU and the land transport agreement between Switzerland and Switzerland would no longer be applicable in bilateral relations between Switzerland and the United Kingdom from that date.