Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

What it means is that in the absence of any change here, if one has bought an insurance product from a company that is based in either of those jurisdictions and if a disorderly Brexit were to take place without any change, it would lose the ability to sell those products in Ireland. However, in the Brexit omnibus Bill that we are bringing forward, we have a section allowing a three-year window within which products that have been made available from those two jurisdictions would still be operable here in Ireland.

My message to consumers who may have those products is when our legislation is passed, there will be a three-year window during which their current rights and protections will be maintained, but people need to be aware that after the three-year window there may be choices they have to make to ensure their home or business continues to be insured in the future.