The UK’s decision to leave the European Union is likely to lead to changes in the ability of insurers to manage policies within Europe without the need for further authorisation. Currently certain UK insurers, including those that are Lloyd’s Members enjoy EEA ‘passporting’ rights to enable this however these are due to cease as a result of the UK’s exit from the EU.
Due to this change Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexit-transfer.
What does this change mean for PIB Insurance Brokers Customers
The proposed policies that transfer will be those where all or part of the risk underwritten at Lloyd’s is located in an EEA state or where the policyholder is resident in the EEA. The proposed transfer will not change the terms and conditions of any policy but will ensure that they can continue to be serviced, by Lloyd’s Brussels, compliantly post Brexit.
There is no action required of you to effect this transfer however should you have any further queries or require any additional guidance please do not hesitate to contact your usual Account Executive.