Uk Switzerland Insurance Agreement

On the insurance contract: Frank Wettstein, co-director of communications, secretary of state for international finance SIFTel. `41 58 462 38 56, [email protected] Zur Stra-enverkehrsvereinbarung:Bundesamt for Verkehr FOT, Medienb-roTel. [email protected] The UNITED Kingdom has also begun discussions with Kenya on a post-Brexit trade deal. The Kenya-UK trade deal was discussed in a telephone conversation between British Prime Minister Boris Johnson and Kenyan President Uhuru Kenyatta. On that date, a commitment was signed, but no agreement has yet been reached. The following is a negotiation phase that must lead to a legally binding international agreement defining the above points. The new direct insurance agreement between the UK and Switzerland is in line with the terms of the existing agreement between Switzerland and the European Union (EU-Swiss Direct Insurance Agreement). The existing ue-Swiss direct insurance agreement allows non-life insurance companies to withdraw into a jurisdiction, for example. B by mutual recognition of each other`s solvency requirements.

“Links with financial sectors such as the Swiss insurance market are important to global financial systems and it is essential that trade between our two countries continues so that companies can be confident that they must continue to do business and invest in the UK`s bright future,” said the news agency of the UK`s Finance Minister Hammond. A results-based mutual recognition agreement will improve cooperation between the UK and Switzerland by reducing costs and barriers to cross-border trade in financial services. “Today`s agreement is about our vision of the global economy as open, global and free – a vision that Switzerland shares with our long history of trade and finance.” The bilateral financial services agreement must also provide a clear process that must follow if recognition is withdrawn at some point. The United Kingdom left the European Union on 31 January 2020. The UK`s withdrawal marked the beginning of a transitional period until 31 December 2020, during which time bilateral agreements between Switzerland and the EU continue to apply to the UK. A new round of bilateral agreements between Switzerland and the United Kingdom will then apply. The effects of Brexit on the citizens of the UK will be felt in different ways, one of the main considerations being the economics. For the UK economy to prosper outside the European Union, the UK must conclude new international agreements. Decision on the direct insurance agreement A Reuters report said the deal would allow British insurance companies and their Swiss counterparts to act freely between the two legal systems – essentially a replica of Switzerland`s insurance contract with the EU, of which it is not a part, but which is part of the internal market. The insurance agreement signed today between Switzerland and the United Kingdom will ensure the continuity of existing rules in the direct insurance sector.