ABI lambastes European Commission over cross-border contracts post Brexit

The ABI has today criticised the European Commission (EC) for continuing to ignore the issue of cross-border contract continuity.

The European Insurance and Occupational Pensions Authority (EIOPA) released an ‘Opinion’ today, claiming it is down to individual firms to ensure contract continuity is retained.

The UK has allowed European companies to carry on doing business after the deadline, something the ABI has been campaigning to achieve for many months.

In an exclusive interview with Insurance Times, ABI director general, Huw Evans vented his frustration at the one-way relationship he wanted to see reciprocated.

He said: ”We have consistently made this point and we continue to lobby across Europe, both with individual governments but also with the European institutions, that there should be some form of overarching European agreement to ensure contracts that had been written before Brexit can be honoured after them, without major company restructuring.”

Now, with the EIOPA’s Opinion, the ABI has once again emphasized its frustration at the EC for failing to address the issue.

Jon De Beer, senior adviser to Evans commented:

 “It is exasperating that EIOPA continue to ignore the interests of millions of policyholders across the EU. As the Bank of England Governor has said, this needs a political solution because industry solutions are inadequate.”