Insider Business Cyprus prepares legislation to confront no-deal Brexit

Cyprus prepares legislation to confront no-deal Brexit

The Republic of Cyprus is getting ready for the possibility of a no-deal Brexit and prepares at the same time relevant legislative texts. Legislation is currently drafted to fill gaps in the insurance and health sectors.

Priority is given to filling legal gaps in the supervision of insurance/reinsurance undertakings by providers from the United Kingdom currently operating in the Republic of Cyprus under the status of free establishment.

In the case of no-deal Brexit, providers from the UK will come under the category of those from third countries. And in order for them to continue with existing work, they will need to apply for a work permit.

However, licensing is a time-consuming and costly process and until they do get a permit these businesses will not be able to serve existing insured clients/beneficiaries. This means their clients will become trapped.

The amended bill introduces Article 422A which provides that such insurance undertakings can continue to have existing contracts in place, settle outstanding claims, collect premiums owed to them, and satisfy all obligations within the normal way of doing business for a transitional period of two years from the date the UK leaves the EU.

Similar amendments are also introduced in the provision of insurance/reinsurance undertakings distributors so as to ensure the smooth completion of existing contracts.

In the health sector, the relevant Ministry has drafted a bill harmonising the right to exercise a regulated health profession in the Republic in the event of a no-deal Brexit. Within this framework, the necessary legislation is introduced harmonising conditions and formalities governing the Registry of regulated health professions.

The bill also safeguards the right to practice the health profession in the Republic.

 

Read more:

https://in-cyprus.com/uk-will-not-automatically-deport-eu-nationals-after-brexit-verhofstadt/

Top Stories

6 thousand positive in two weeks, almost 70% of all cases have recovered

  The first two weeks of the new year have seen almost six thousand Covid-cases, according to the latest collective epidemiological data as released by...

10 thousand people vaccinated, more than 3 thousand next week

  Vaccinations against Covid-19 infection reached 10 thousand 226 as of this weekend, with a further 3 thousand 466 doses of the vaccine available next...

New case files of investors passports to be investigated next month

  A new wave of passport for citizenship cases will be delivered to authorities next month for investigation on possible criminal offences, according to Philenews...

Man catches arsonist dousing his car

  A man in Yeroskipou caught a man red handed dousing his car with liquid, which he subsequently discovered was flammable material. The incident happened...

Man bites hand of police officer checking SMS movement

  A man bit a police officer's hand as he was randomly checked for using an SMS for movement during the second week of the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...