German financial supervisory authority warns insurers to prepare for Brexit

Frank Grund, head of insurance oversight at Germany’s federal financial supervisory authority, said that local insurers could end up conducting illegal business in the United Kingdom if they fail to implement new agreements before Brexit in 2019, Reuters reported. Mr. Grund said that even if just 10 insurers from each of the remaining 27 European Union countries were to seek licensing in the United Kingdom, it would be “a bit time intensive” for British authorities. “One shouldn’t wait for the final three months,” he added.
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