Following the Brexit theme of my last post, the complex nature of the divorce from Brussels continues to unveil itself. The questions surrounding regulatory powers could also have an impact on the insurance industry as current arrangements, for example coverage of Clinical Trials on the NHS, may become void or issues may arise during any negotiations for insurance products over the next few years.
The most important aspect is perhaps the need to focus on regulatory alerts within Europe, particularly if the UK forgoes the Single Market and has to launch a mirror to the European Medicines Agency (EMA). For now however, the long term impacts remain to be seen, as with all issues surrounding the UK's exit from the EU.
While London plans a mammoth cut-and-paste job to convert EU law into domestic legislation, dubbed the Great Repeal Bill, this will not answer the question of what happens to the work of EU agencies that have legal powers to regulate industry.