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On the 1st February 2020, the Withdrawal Agreement between the United Kingdom and the European Union entered into force.
The Withdrawal Agreement provides for a transition period (until the 31st December 2020) during which European Regulations will still be applicable in the UK (as if it were a Member State).
The transition period may be extended if so agreed between the United Kingdom and the European Union.
The United Kingdom and the European Union released also a declaration in the context of the withdrawal agreement, stating their intention to conclude agreements on trade and investment services, including financial services, based on the European Union's free trade agreements. To this purpose, the declaration also includes the intention of both parties to start the formal negotiation process as soon as possible after the withdrawal of the United Kingdom from the European Union so that such agreements might enter into force by the end of 2020.
At the end of the transition period, if the parties have not reached an agreement on cross-border regulation of insurance services, UK insurance undertakings will be considered as third state insurers (and will no longer be entitled to carry on business in Italy under the freedom to provide services or the right of establishment).
Finally, it should be noted that, as also clarified by the Italian Ministry of the Economy in a press release dated the 31st January 2020, the ratification of the Withdrawal Agreement makes inapplicable the provisions in the Legislative Decree no. 22 of the 25th March 2019, by which the Government had established the measures applicable to insurance companies in the event of withdrawal by the United Kingdom from the European Union with no agreement.
This article is for information purposes only and is not intended as a professional opinion.
For further information, please contact Anthony Perotto, Guido Foglia, Michele Zucca or Matteo Marabini.
