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The Irish insurance business has recently experienced
Brexit-related developments.
EU-UK Trade and Cooperation Agreement and the (Re)insurance
Sector
The signing of the EU-UK Trade and Cooperation Agreement (TCA)
on 30 December 2020 gives greater clarity on the new relationship
between the UK and the EU27 Member States, including Ireland. The
TCA means that there is now certainty on trading arrangements
across a range of sectors. However, it does not contain much of
significance for (re)insurance or financial services
generally.
The statements in the TCA about a framework for regulatory
cooperation to be agreed by March 2021 between the EU and the UK
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This article explains how work and travel between the UK and
Ireland will be affected by Brexit from 1 January 2021.
1. GUIDANCE
1.1 Has any guidance been issued on how UK nationals can obtain
settled residence status and permission to work from 1 January 2021
and what proof of residence is needed for current residents to
maintain their status?
Yes.
The Irish Department of Foreign Affairs has issued guidance on
Preparing for Brexit, which includes information on the Common
Travel Area that applies to British and Irish citizens.
Ireland has a unique relationship with the UK whereby the Common
Central Bank urges businesses to contact UK banks over Brexit Regulator says financial services providers must have all relevant documentation
Fri, Jan 1, 2021, 10:52
Businesses that use services of UK-based financial services providers are advised to contact them to confirm whether they have obtained all necessary authorisations to allow them to continue to provide services to Irish customers following Brexit, the Central Bank has said.
In a statement on Friday, the regulator pointed out that, as of midnight, the Brexit transition period between the United Kingdom and the European Union ended.
Future trade in goods or services with the UK will be provided in accordance with the EU-UK Trade and Cooperation Agreement agreed before Christmas.