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Insurance Regulation & Accounting

UK avoids Rome 1 delay

The UK will fall into line with other European member states when new choice of law rules for goods and services including insurance, known as Rome 1, take effect from the end of this year. The UK opted out of original negotiations at the European Commission after expressing concerns about several proposals in May 2006. However, the government decided to opt back in after several revisions to the text and a UK consultation in July 2008. The European Commission adopted a decision to extend Rome 1 Regulation to the UK at the end of December 2008. As a result, the Rome 1 Regulation will come into force on 17 December 2009 along with other EU member states despite the UK’s two-year absence from negotiations.

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