I doubt many of us can predict what a U.K. outside the EU looks like, in part because we are watching the unknown unfold in slow motion with multiple motivations, politics at its very best and worst all affecting almost all aspects of life.
We may be allowed bendy bananas and to retain lbs and oz but will the operations of insurance Brokers, Coverholders and MGA's be affected by changing or removal of EU regulation, or infact are most of the relevant coal face operations likely to adopt what was bought in under the EU banner as they are just plain sensible!
Potentially the biggest impact on the insurance industry will be on regulation. The EU drives the regulatory environment, Solvency II being a classic example. Not being part of the EU would hand more discretion to domestic authorities over rule design. From a practical point of view, it is likely the UK would choose to pursue a Solvency II equivalent approach. Ironically, the risk would be a UK outside of the EU, unable to influence from within, yet still compelled to follow EU regulation to remain competitive.”
