March 5, 2019 / 3:58 PM / in 18 days

UK and EU reach agreement over no-deal Brexit insurance rules

FILE PHOTO: Chief Executive of the Financial Conduct Authority Andrew Bailey speaks at a press conference at the Bank of England in London, Britain February 25, 2019. Kirsty O'Connor/Pool via REUTERS

LONDON (Reuters) - British and European Union regulators have agreed to continue to cooperate on supervising insurers if Britain leaves the European Union without a broader transition deal on March 29, the Bank of England said on Tuesday.

The agreements cover “supervisory cooperation, enforcement and information exchange” between Britain, national regulators in the EU and the European Insurance and Occupational Pensions Authority.

“EU and UK insurance markets will remain interconnected in any scenario and therefore continued cooperation with our EU counterparts is of the utmost importance,” said Andrew Bailey, chief executive of Britain’s Financial Conduct Authority.

Reporting by David Milliken; editing by Stephen Addison

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