Brexit must be the most important event affecting the UK insurance industry in a decade.
The EU commission have been accused of intransigence and the UK government is in disarray with constant infighting, to the extent that many no longer trust what MPs are saying and even believing what they have said.
Moreover neither the UK regulators or the UK government have any idea of what businesses should do. This has been complicated by PRA expecting insurance firms to put into operation potential options post April, 2019.
Our main problem here is trying to resolve an answer to a question nobody knows.
Whilst it may be too early to decide what precisely to do, the MGAA has formulated a working group and will run a number of meetings looking at potential risks and the options open for MGAA members.
We have put together a series of documents for members to review and consider what their companies should do taking into consideration the potential cost, which could ultimately be a waste of important funds.