News & Events

Broker Contingency Plans in the Event of “No Deal/Hard Brexit”

Mon Sep 3 2018

Dear Member

As you are aware the Central Bank has issued an email to intermediaries asking you to provide information on your contingency plans in the event there is a “No deal / hard Brexit”.

We are receiving a lot of calls and emails as a result of this.  We hope the following will assist you in providing the information to the Central Bank require.

The requested information is to be provided in the excel spreadsheet attached to their email. All tabs within the spreadsheet are to be completed.

Please note UK for the purposes of this note means UK (including Northern Ireland) or Gibraltar.

  1. THE INSTRUCTIONS – Please ensure you read these carefully.
  2. Insurance Passporting and Mortgage Credit Passporting (2nd and 4th Tab)
    1. If you do not have any clients in the UK then you must enter No as per the INSTRUCTIONS page.
    2. If you have clients in the UK you must complete this page.
  3. Using Passporting Insurers – Freedom of Services only (3rd Tab)
    1. If you do not place business with an Insurer based in the UK on a Freedom of Services basis then you must enter No as per the INSTRUCTIONS page.
    2. If you place business with an Insurer based in the UK on a Freedom of Services basis, then you must complete this page.
    3. This sheet only refers to Insurers based in the UK.  It does not include brokers/intermediaries based in the UK.

Freedom of Services: means where the Insurer has their office in the UK and provides insurance to customers in the ROI.

Freedom of Establishment: If the UK Insurer has a branch/establishment in the ROI, you are not required to include them in your answer.  The Central Bank are only interested in UK Insurers that do not have offices here and are providing their services here “on a freedom of services” basis only.

If you require any further assistance, please contact us at compliance@brokersireland.ie