It’s time to talk about Brexit again, but in this instance there’s a little light at the end of the tunnel. French insurer La Parisienne Assurances (LPA), which provides travel, property and casualty and other insurance services, is looking to ensure it can continue providing underwriting services to the UK, even after the country leaves the European Union.
LPA noted that, due to its ‘high business stakes and development ambitions in the UK’ (it multiplied its turnover three-fold in the UK market in 2018), it has decided to register for the Temporary Permissions Regime and establish a UK third country branch. According to the Bank of England, the Temporary Permissions Regime will allow European Economic Area firms using a passport to operate for a limited period while they seek authorisation from the Prudential Regulation Authority if the passporting regime falls away when the UK leaves the EU.
“La Parisienne currently carries out its activities using the ‘passporting’ rights provided in the Solvency II Directive, on a freedom of services basis,” LPA noted in a statement. “Entering the Temporary Permissions Regime will allow LPA to continue its activities in the UK while the application for authorisation as a branch is processed by the UK regulators.”
Chief Enablement Officer Olivier Jaillon commented: “I am extremely satisfied with our rapidly growing business in the UK, thanks to our ability to design innovative insurance products in less than 10 weeks that fully meet the end consumer’s expectations of a changing world.”