Risk retention levels of Brazilian firms affecting UK financial services
Trade barrier summary
Brazilian insurers and reinsurers had to keep a minimum 50% risk retention of their written premiums (meaning they can only reinsure themselves on up to half of their written premiums). Department for Business and Trade (DBT) fed into the public consultation which led to new legislation reducing this to 10%, creating a level playing field between Brazilian and overseas businesses.
Sectors affected
- Financial and professional services
Resolved
Yes - March 2023
Date reported
11 May 2020
Last updated
21 November 2023
Public ID
PID-GA7XXB
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