The International Comparative Legal Guide to Insurance and Reinsurance 2019 provides a worldwide legal analysis of insurance and reinsurance laws across 40 jurisdictions, featuring contributions from leading legal experts. It includes general chapters on key issues impacting the industry and country-specific Q&A segments discussing local regulations and practices. Additionally, it highlights the implications of Brexit on financial services firms and the evolving regulatory landscape in the EU, particularly regarding relocation and compliance considerations.

1. ICLGThe International Comparative Legal Guide to:
A practical cross-border insight into insurance and reinsurance law
Published by Global Legal Group, with contributions from:
8th Edition
Insurance & Reinsurance 2019
Advokatfirman Vinge KB
Arthur Cox
Bae, Kim & Lee LLC
Bech-Bruun Law Firm P/S
BLACK SEA LAW COMPANY
Blaney McMurtry LLP
BSA Ahmad Bin Hezeem & Associates LLP
Camilleri Preziosi Advocates
Christos Chrissanthis & Partners
Chuo Sogo Law Office, P.C.
CIS Risk Consultant Company (insurance
brokers) LLP (CIS)
Clyde & Co (Deutschland) LLP
Clyde & Co LLP
Cordero & Cordero Abogados
Creel, Garcia - Cuellar, Aiza y Enríquez, S.C.
DAC Beachcroft Colombia Abogados SAS
DAC Beachcroft LLP
Dirkzwager legal & tax
DLA Piper Norway DA
Esenyel|Partners Lawyers & Consultants
ESTUDIO ARCA & PAOLI, Abogados S.A.C.
Eversheds Sutherland Ltd.
GPA –Gouveia Pereira, Costa Freitas & Associados
Gross Orad Schlimoff & Co.
Hamdan AlShamsi Lawyers and Legal Consultants
Jurinflot International Law Firm
Kennedys Chudleigh Ltd.
Lee & Li, Attorneys-At-Law
Legance – Avvocati Associati
Matheson
McMillan LLP
MinterEllison
Norton Rose Fulbright
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Railas Attorneys Ltd.
RCD
R&T Asia (Thailand) Co., Ltd.
SOW & PARTNERS
Steptoe & Johnson LLP
Tavares Advogados
Tuli & Co
Vavrovsky Heine Marth

2. WWW.ICLG.COM
The International Comparative Legal Guide to: Insurance & Reinsurance 2019
General Chapters:
Country Question and Answer Chapters:
1 Sensory Overload? Legal Issues Surrounding the Internet of Things (IoT) and Enhanced Risk
Management – Nigel Brook & Lee Bacon, Clyde & Co LLP 1
2 Cyber Class Action Exposure in Canada – David R. Mackenzie & Dominic T. Clarke,
Blaney McMurtry LLP 6
3 Brexit Relocations: Update – Darren Maher, Matheson 12
4 Latin America – An Overview – Duncan Strachan & Lucy Dyson, DAC Beachcroft LLP 15
5 Insurance Anti-Money Laundering Regime Developments in Mexico – María José Pinillos Montaño &
Eduardo Apaez Dávila, Creel, Garcia-Cuellar, Aiza y Enríquez, S.C. 20
6 Middle East Overview – Michael Kortbawi & Simon Isgar, BSAAhmad Bin Hezeem & Associates LLP 23
7 Australia MinterEllison: Kemsley Brennan & James Stanton 29
8 Austria Vavrovsky Heine Marth: Philipp Strasser & Jan Philipp Meyer 36
9 Azerbaijan CIS Risk Consultant Company (insurance brokers) LLP (CIS):
Homi Motamedi & Valentina Pan 42
10 Belgium Steptoe & Johnson LLP: Philip Woolfson & Alexander Hamels 47
11 Bermuda Kennedys Chudleigh Ltd.: Mark Chudleigh & Nick Miles 55
12 Brazil Tavares Advogados: André Tavares & Daniel Chacur de Miranda 62
13 Canada McMillan LLP: Carol Lyons & Lindsay Lorimer 68
14 Colombia DAC Beachcroft Colombia Abogados SAS: Juan Diego Arango Giraldo &
Angela Hernández Gómez 77
15 Costa Rica Cordero & Cordero Abogados: Ricardo Cordero B. 83
16 Denmark Bech-Bruun Law Firm P/S: Anne Buhl Bjelke & Henrik Valdorf 88
17 England & Wales Clyde & Co LLP: Jon Turnbull & Michelle Radom 94
18 Finland Railas Attorneys Ltd.: Dr. Lauri Railas 103
19 France Norton Rose Fulbright: Bénédicte Denis & Orsolya Hegedus 109
20 Germany Clyde & Co (Deutschland) LLP: Dr. Henning Schaloske & Dr. Tanja Schramm 116
21 Greece Christos Chrissanthis & Partners: Dr. Christos Chrissanthis & Xenia Chardalia 123
22 India Tuli & Co: Neeraj Tuli & Celia Jenkins 131
23 Ireland Arthur Cox: Elizabeth Bothwell & David O’Donohoe 138
24 Israel Gross Orad Schlimoff & Co.: Harry Orad, Adv. 145
25 Italy Legance – Avvocati Associati: Gian Paolo Tagariello & Daniele Geronzi 152
26 Japan Chuo Sogo Law Office, P.C.: Hironori Nishikino & Koji Kanazawa 159
27 Kazakhstan CIS Risk Consultant Company (insurance brokers) LLP (CIS):
Homi Motamedi & Valentina Pan 164
28 Korea Bae, Kim & Lee LLC: Jai Young Kim & Dal Jae Park 169
29 Malta Camilleri Preziosi Advocates: Malcolm Falzon & Diane Bugeja 175
30 Mexico Creel, García-Cuéllar, Aiza y Enríquez, S.C.: Leonel Pereznieto del Prado &
Carlo Oliver Romero Meza 182
31 Netherlands Dirkzwager legal & tax: Daan Baas & Niels Dekker 187
32 Norway DLA Piper Norway DA: Alexander Plows & Linn Kvade Rannekleiv 194
33 Peru ESTUDIO ARCA & PAOLI, Abogados S.A.C.: Francisco Arca Patiño &
Carla Paoli Consiglieri 200
Contributing Editors
Jon Turnbull & Michelle
Radom, Clyde & Co LLP
Sales Director
Florjan Osmani
Account Director
Oliver Smith
Senior Editors
Caroline Collingwood
Rachel Williams
Group Consulting Editor
Alan Falach
Publisher
Rory Smith
Published by
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3. The International Comparative Legal Guide to: Insurance & Reinsurance 2019
Country Question and Answer Chapters:
34 Portugal GPA – Gouveia Pereira, Costa Freitas & Associados: José Limón Cavaco &
Ana Isabel Serra Calmeiro 203
35 Russia Jurinflot International Law Firm: Vadim Ermolaev & Natalia Usanova 209
36 Senegal SOW & PARTNERS: Papa Massal Sow & Codou Sow Seck 214
37 Spain RCD: Ruth Duque & Amara Odériz 220
38 Sweden Advokatfirman Vinge KB: Fabian Ekeblad & Paulina Malmberg 226
39 Switzerland Eversheds Sutherland Ltd.: Peter Haas & Barbara Klett 234
40 Taiwan Lee & Li, Attorneys-At-Law: Daniel T. H. Tsai & Trisha S. F. Chang 240
41 Thailand R&T Asia (Thailand) Co., Ltd.: Sui Lin Teoh & Saroj Jongsaritwang 246
42 Turkey Esenyel|Partners Lawyers & Consultants: Selcuk Sencer Esenyel 251
43 Ukraine BLACK SEA LAW COMPANY: Evgeniy Sukachev & Anastasiia Sukacheva 256
44 United Arab Emirates Hamdan AlShamsi Lawyers and Legal Consultants: Hamdan AlShamsi 261
45 USA Paul, Weiss, Rifkind, Wharton & Garrison LLP: H. Christopher Boehning 266
46 Uzbekistan CIS Risk Consultant Company (insurance brokers) LLP (CIS):
Homi Motamedi & Valentina Pan 273
EDITORIAL
Welcome to the eighth edition of The International Comparative Legal Guide to:
Insurance & Reinsurance.
This guide provides corporate counsel and international practitioners with a
comprehensive worldwide legal analysis of the laws and regulations of insurance
and reinsurance.
It is divided into two main sections:
Six general chapters. These chapters are designed to provide readers with an
overview of key issues affecting insurance and reinsurance work, particularly from
the perspective of a multi-jurisdictional transaction.
Country question and answer chapters. These provide a broad overview of common
issues in insurance and reinsurance laws and regulations in 40 jurisdictions.
All chapters are written by leading insurance and reinsurance lawyers and industry
specialists, and we are extremely grateful for their excellent contributions.
Special thanks are reserved for the contributing editors Jon Turnbull and Michelle
Radom of Clyde & Co LLP for their invaluable assistance.
Global Legal Group hopes that you find this guide practical and interesting.
The International Comparative Legal Guide series is also available online at
www.iclg.com.
Alan Falach LL.M.
Group Consulting Editor
Global Legal Group
Alan.Falach@glgroup.co.uk

4. chapter 3
matheson Darren maher
Brexit relocations:
update
The UK’s decision to leave the EU has resulted in a number of
financial services firms engaging with regulatory authorities across
the EU, including the Central Bank of Ireland (the “Central
Bank”), to discuss potential moves and authorisation, ranging from
UK firms looking to re-establish themselves in advance of the
Brexit date in a country with guaranteed access to the single market,
to a number of branches of UK entities in Ireland considering their
future corporate structures post-Brexit.
The moves come as we face the possibility of a no-deal Brexit
despite a “standstill” transition agreement being struck between the
EU and the UK government in March last year which was arguably
designed to avoid any such relocations.
Brexit Relocations
In the immediate aftermath of Brexit, relocating to Ireland seemed
likely to attract more than others and was identified early on as a
“natural location of choice” based on its stability within Europe, its
proximity to the UK, its internationally respected regulatory
environment and its established international financial services
industry. Ultimately, whilst all of these factors are important and
definitely play into the mix, the most persuasive factor that emerged
was the potential applicant’s perception of the regulator and its
confidence in whether it could confidently build a long-term
working relationship with that regulator. To date, there has been a
battle for business across a number of other cities across Europe
such as Brussels, Paris, Frankfurt and Luxembourg, each competing
directly with Dublin for this Brexit-related relocation activity.
The CBI Process
The Central Bank has been engaging with firms that are exploring
the possibility of relocating aspects of their operations to Ireland
post-Brexit. The Central Bank promotes a clear, well-structured and
transparent authorisation process and has been closely engaged in
efforts at EU level in developing a consistent and predictable
approach to Brexit-related decision-making and issues across the
sectors. The Central Bank has recently provided guidance in respect
of how it is engaging with EU regulatory authorities in the context
of “Brexit-related matters”; advising firms “to prepare for the worst
and to hope for the best”.
Having worked on a number of applications, ranging from
applicants with operations already established in Ireland adopting
traditional insurance models, to first-time entrants or applicants
adopting a new innovative structure, based on our experience, the
Central Bank has the requisite capacity and resources to deal with
the high volume of applications which are being processed in a
timely and efficient manner. Notably, the Central Bank has
committed significant additional resources to deal with the Brexit-
related authorisation queries across banking, insurance, investment
firms, investment funds and financial markets infrastructures.
The Central Bank strongly encourages any firm considering or
seeking authorisation in Ireland to engage with them at an early
stage in their planning process to discuss their post-Brexit proposal.
In order to secure continued access to the EU/EEA single market
passporting regime post-Brexit, many companies have actioned
their Brexit-related strategies on location following the initial
meeting with the Central Bank to discuss authorisation. Based on
our experience, the initial meeting with the ‘short-listed’regulator is
of upmost importance as it sets the tone which will ultimately
determine the potential applicant’s preferred jurisdiction for its EU
base. These meetings allow both sides to clarify each other’s
expectations, discuss the proposed business plan and confirm if they
could work together on a long-term basis.
A consistent theme that has developed from these meetings is that
any potential applicant must demonstrate a commitment to
compliance with all applicable legal and regulatory requirements in
order to obtain authorisation from the Central Bank. The Central
Bank expects firms to demonstrate how operations will be based in
Ireland; with key business decisions being made here – not a mere
brass plate. In particular, the Central Bank requires all Brexit-
related applications to demonstrate real substance in Ireland in terms
of the applicant’s governance structure, personnel and technical
resources, distribution of activities, outsourcing arrangements and
reinsurance programmes.
In particular, this will include having sufficient senior management
personnel in Ireland who are able to dedicate sufficient time and
resources to running the subsidiary. The Central Bank expects
senior management personnel to display proper knowledge of local
markets, products and risks and of the proposed business plan of the
applicant. Proposed senior managers must be pre-approved as fit
and proper persons by the Central Bank and as part of this process,
these senior candidates can be called for interview by the Central
Bank where their breadth of knowledge and understanding of their
role and the proposed business can be assessed in further detail.
The Central Bank’s focus on the issue of substance is further
evidence when considering the permitted levels of reinsurance. The
Central Bank expects an Irish authorised reinsurer to retain a certain
level of the risks that it writes and typically will expect an insurer to
retain at least 10% of the risk that it writes in the aggregate and
potentially more depending on the nature of its business.
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5. An insurer is permitted under the Solvency II regime to outsource
many of its functions to a third party, provided that a written
outsourcing agreement is put in place, the insurer maintains proper
oversight and supervision of the outsource service provider, can
resume direct control over an outsourced activity through
insourcing or an alternative outsourcing arrangement is in place as
part of its exit plan and it does not impair the quality of governance,
increase operational risk and/or undermine the quality of service to
customers.
Approval of own funds or the use of an internal model under
Solvency II is subject to Central Bank approval although any
previous internal model approval by other EU/EEA regulators may
be taken into account.
Supervisory Convergence
The Central Bank engages with a range of EU authorities including
the European Central Bank (ECB), the European Securities and
Markets Authorities (ESMA), the European Banking Authority
(EBA) and the European Insurance and Occupational Pensions
Authority (EIOPA) and is an active participant in their various
decision-making bodies and plays a role in framing policy positions
in the context of EU Directives and guidance.
In an attempt to dissuade the development of any regulatory
arbitrage between EU/EEA Member States in the battle to attract
Brexit business, ESMA and EIOPA have separately published an
Opinion, setting out principles which have the aim of fostering
supervisory convergence and consistency in the authorisation
process across the EU Member States related to the relocation of
(re)insurance undertakings from the UK. Each opinion is directed
to Member State supervisory authorities in the “EU27”, i.e. Member
States excluding the UK and assumes that the UK will become a
third country post-Brexit.
Commendably, the Central Bank has refused to engage in such
competitive practices in order to attract business to Ireland and is
committed to and guided by its mandate which is to protect
consumers and safeguard financial stability.
UK and Gibraltar-based Insurers and
Brokers Continuity of Services
There is no proposed EU or Irish equivalent to the UK’s “temporary
permissions regime” which permits EU/EEA registered financial
services providers to continue carrying on new business in the UK
for a temporary period post-Brexit.
To limit the impact on Irish insurance policyholders in the event of
a no-deal Brexit, draft legislation has been prepared by the Irish
government which provides for a temporary run-off regime to allow
UK and Gibraltar-based insurers and intermediaries, who meet
certain requirements, to continue to service Irish customers’existing
policies for a period of up to three years. Such firms, however, will
not be permitted to write new business, including the renewal of
existing policies.
It is a welcomed move by the Irish government in order to provide
some certainty for Irish policyholders in relation to the servicing of
contracts – or policies – that were put in place prior to Brexit.
As the proposed legislation has not yet been passed, firms are
currently unable to rely on it. The message to the market is to not
wait for the draft legislation to be signed into Irish law and to
continue to action Brexit plans assuming a hard Brexit.
Lessons Learned
By and large, what we are seeing in practice is companies investing
heavily in firming up their Brexit-related contingency planning for
how they will adequately deal with the possible effects of a “hard”
Brexit.
In assessing any application, the Central Bank is guided by its
mandate to protect consumers and safeguard financial stability
rather than incidentally creating gainful employment in the Irish
economy. The Central Bank deals with all enquiries in an open,
engaged and constructive manner.
The Central Bank has been consistent in its approach when
assessing applications for authorisation, which lends itself to
building and maintaining an international reputation as a well-
regarded regulatory authority; which plays a pivotal role in the
supervision and regulation of financial service providers in Ireland
to ensure compliance with regulatory requirements.
The Future
Any firm considering or seeking authorisation in Ireland is strongly
advised to engage with the Central Bank as soon as possible to
discuss their post-Brexit proposal. In the words of Winston
Churchill “I never worry about action, but only about inaction”.
A lack of clarity on future trading links post-Brexit is motivating
these relocations. To date, the working assumption has been that the
UK will be treated as a third country or non-EEA member for
market access purposes post-Brexit.
The trend to date highlights that no one EU/EEA city is emerging as
a compelling alternative to London. Ireland has exceeded
expectations in attracting Brexit relocators and it has much to offer
the financial services sector as the industry adapts to the future. It
remains to be seen if more financial services firms will choose
Ireland as their EU hub post-Brexit.
For as long as the UK is still part of the EU, it will be possible for
Irish insurers to operate on a passported basis into the UK. What the
position will be following the UK’s exit from the EU is, at this point,
unclear and it remains to be seen whether separate authorisations
will be required in the UK to deal with UK business post-Brexit.
The extent to which any regulatory changes are required to be
introduced will depend on the outcome of the withdrawal
negotiations initially and the negotiations of the future trading
agreement between the two blocs ultimately.
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matheson Brexit relocations: update
© Published and reproduced with kind permission by Global Legal Group Ltd, London

6. Darren Maher
Matheson
70 Sir John Rogerson’s Quay
Dublin 2
Ireland
Tel: +353 1 232 2398
Email: darren.maher@matheson.com
URL: www.matheson.com
Established in 1825 in Dublin, Ireland and with offices in Cork, London, New York, Palo Alto and San Francisco, more than 700 people work across
Matheson’s six offices, including 96 partners and tax principals and over 470 legal and tax professionals. Matheson services the legal needs of
internationally focused companies and financial institutions doing business in and from Ireland. Our clients include over half of the world’s 50 largest
banks, six of the world’s 10 largest asset managers, seven of the top 10 global technology brands and we have advised the majority of the Fortune 100.
Darren Maher is a partner and head of the Financial Institutions Group
at Matheson. He has advised a wide range of leading domestic and
international financial institutions on all aspects of financial services
law and regulation including establishment and authorisation,
development and distribution of products, compliance, corporate
governance and re-organisations including cross-border mergers,
schemes of arrangement, portfolio transfers and mergers and
acquisitions.
Darren is a member of the firm’s Brexit Advisory Group and is advising
a significant number of the world’s leading financial services firms on
their plans to establish a regulated subsidiary in Ireland in order to
maintain access to the EU single market following the United
Kingdom’s exit from the EU.
matheson Brexit relocations: update
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7. Current titles in the ICLG series include:
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