LONDON (Reuters) – British and European Union regulators have agreed to continue to cooperate on supervising insurers if Britain leaves the European Union without a broader transition deal on March 29, the Bank of England said on Tuesday.

The agreements cover “supervisory cooperation, enforcement and information exchange” between Britain, national regulators in the EU and the European Insurance and Occupational Pensions Authority.

“EU and UK insurance markets will remain interconnected in any scenario and therefore continued cooperation with our EU counterparts is of the utmost importance,” said Andrew Bailey, chief executive of Britain’s Financial Conduct Authority.

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