The Central Bank has published Brexit FAQs for consumers, which provides information on the potential impact of Brexit on consumers. It includes specific answers to questions on insurance, such as whether consumers will continue to be covered by their policy after 29 March 2019; if they can renew their policy and what the Central Bank is doing to protect Irish consumers covered by policies with UK insurers and brokers.
The Brexit FAQs for financial services firms (originally published in July 2017) have also been recently updated. They outline how the Central Bank is dealing with Brexit including the Central Bank's approach to authorisation; whether it allows outsourcing to the UK; and how it will process applications for approval of models under Solvency II where the model has been approved by the UK PRA.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
