At issue are cross-border insurance contracts that will no longer be binding after Britain leaves the EU HANNAH MCKAY/REUTERSThe Bank of England secretly warned the High Court in a private letter this year to prepare for a deluge of insurance cases aimed at resolving Brexit-related concerns. The Bank did not disclose the letter’s existence until yesterday, as it was worried that making it public earlier might have triggered panic among policyholders. At issue are cross-border insurance contracts that will no longer be binding when Britain withdraws from the European Union. Without a legal remedy, European insurers will no longer be able to collect premiums or pay out on claims in the UK, and vice versa. At the moment, so-called passporting rules mean that policies are respected across EU…

Source: The Times December 06, 2017 00:10 UTC