London — Insurers in Britain face crunch time within weeks if the government and the EU do not allow millions of cross-border policies to continue to run undisturbed beyond Brexit. While Britain is not due to leave the bloc until March 2019, insurers say they need to know by November whether they must move contracts with EU customers out of Britain, due to the lengthy legal process involved. Britain and the EU are currently negotiating "divorce" terms. "The preferred option would be something in the negotiations that gives the regulators the appropriate political approval to start working on a mechanism to allow these existing contracts to continue operating as they are," Hugh Savill, director of regulation at the Association of British Insurers, told Reuters in an interview. Leaving contracts to operate unchanged after Britain has left the EU is known as "grandfathering". Without this, an insurer would have to move contracts for EU customers to a new EU subsidiary after 2019 for th...

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