DIRECT INSURANCE AGREEMENT BETWEEN THE UNITED KINGDOM AND Switzerland Accompanying decision of the parties to the DIA of the United Kingdom-Switzerland During the transition period, EU-third country agreements, such as bilateral agreements between the UNITED KINGDOM and Switzerland, shall remain applicable to the United Kingdom. Nothing changes between Switzerland and the United Kingdom during this period. In order to ensure the continuity of current regulations in the financial sector, Switzerland and the United Kingdom signed an agreement on direct insurance other than life insurance (UK-Swiss DIA) on 25 January 2019. Like the insurance agreement with the EU, this agreement allows non-life insurance companies (e.g. B home insurers and tour operators) to operate branches in the other country. In the field of taxation, there is a double taxation agreement (DBA) between Switzerland and the United Kingdom. The DBA has been revised several times, most recently by a protocol of amendment that entered into force on 19 July 2019. The Federal and UK Financial Market Supervisors participated in the work of the “Mind the Gap” strategy and took the necessary steps to ensure existing mutual rights and obligations at supervisory level (e.g. B by adapting prudential cooperation agreements). On 23rd June 2016 British voters voted in favour of leaving the European Union (EU).
This decision entered into force on 31 January 2020 on the basis of the Withdrawal Agreement negotiated between the EU and the UK. The transitional period provided for in the Withdrawal Agreement expires on 31 December 2020. Thereafter, the UK will no longer be part of the EU`s internal market and customs union and will no longer be bound by EU law. This is why the Federal Council launched its “Mind the gap” strategy in October 2016 in order to best guarantee and, where appropriate, develop the existing mutual rights and obligations between the two Länder. . . .