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Report: RSA shelves plan to change subsidiary status in Ireland after Brexit vote

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Report: RSA shelves plan to change subsidiary status in Ireland after Brexit vote

RSA Insurance GroupPlc dropped plans to change RSA Insurance Ireland Ltd.'s status from a separatelycapitalized and regulated subsidiary in Ireland to a branch operation of theBritish insurer, following the Brexit vote, TheIrish Times reported July 16.

RSA was scheduled to go before Ireland's High Court on July 5 toseek permission to transfer its Irish unit's activities to U.K.-based , the paper noted.

If the transfer had gone through, the company would not have beenrequired to be separately capitalized in Ireland or to set up its own board,and could have used the U.K.'s EU passporting rights to provide services inIreland from the U.K.

Meanwhile, AvivaPlc Group CEO Mark Wilson said the insurer will look into whetherit needs to reverse its branch structure in Ireland following the Brexit vote,the paper noted. The company changed the status of its life insurance businessin Ireland to a branch in 2015.