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Orsolya Hegedus (FR)

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On 22 March 2019, the French Ministry of Economy and Finance passed a decree (the Decree) implementing the provisions of the ordinance n° 2019-75 of 6 February 2019, introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance).

As a reminder, the Ordinance provides that in the event of no-deal, UK insurers that have lost their passporting permissions as a result of Brexit will no longer be entitled to renew, extend or modify their existing policies, or write new policies (our full analysis of the Ordinance can be found here). Consequently, the Ordinance imposes on these insurers an obligation to inform their insureds and policyholders residing in France of the situation, so as to provide them with legal certainty in respect of their cover.

On 7 February 2019, the French Ministry of Economy and Finance passed an Ordinance (No. 2019-75) introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance)[1].

The Ordinance amends the provisions of the French Insurance Code (FIC) (among others) and will enter into force as from the date of exit of the UK from the EU in the event of a no-deal.