FOIL Update - Brexit: The issues for insurers and their lawyers

Reading the press at the moment you'll see that Brexit (or the stay-put alternative) is being predicted to affect everything from the make-up of premiership football teams to the safety of pharmaceuticals. In truth, it appears that almost every ‘fact' on the issue should be prefaced by "it depends" - such is the uncertainty around the many issues which would be affected by a vote to leave, and the decisions that would follow, it's probably easier to try to predict what Donald Trump's next policy announcement will be.

What is clear, however, is that Brexit is a vital issue for the financial sector: the Law Society in its commentary document on the issue, "The EU and the Legal Sector", describes the financial sector as "particularly vulnerable to Brexit". There is scarcely a legal summary which does not raise issues for the banking sector, many of which will also affect the insurance industry.

This article studies the key issues from an insurance industry perspective.

Topics covered:
• Regulation.
• EU regulations, directives and national legislation.
• Data protection.
• Future European relationship.