The Government’s Brexit department must decide how it wants to deal with the 80 pieces of EU legislation that relate to the insurance and long-term savings industry, the ABI has warned.
The ABI has today published a full list of the 80 directives and regulations that currently control the UK’s insurance and savings sector.
Of these, 52 are transposed into UK Acts of Parliament, 15 apply directly and 12 are not in force yet but are expected to be before 2019.
The ABI says 46 apply across both general insurance (GI) and long term savings (LTS), while 30 apply specifically to GI and 5 specifically to LTS.
The legislation ranges from key consumer protections like the European Health Insurance Card and Data Protection regulations, to EU wide prudential regulations like Solvency II.
ABI director general Huw Evans says: “While the Prime Minister has promised to enshrine all existing EU law into British law, there remains a much bigger challenge to decide which laws Parliament wants to retain in the longer term.
“This analysis sets out quite how wide-ranging those issues will be when it comes to insurance and long-term savings. It identifies some 80 EU directives and regulations that will need to be worked through if we wish to ensure a broadly consistent framework of customer rights, legal responsibilities and financial stability with European markets we will want to trade with.
“The ABI and our members are committed to working constructively with the Government and parliamentarians to meet the opportunities and challenges ahead. This analysis will ensure an effective approach to help the tens of millions of customers our members serve.”