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Insurance Ireland welcomes legislation to ensure Irish policyholders protected in the event of a no-deal Brexit

 

 

 

 

  • Three-year run-off regime proposed for pre-Brexit insurance contracts to continue to be serviced from certain UK based insurers
  • Since 2016 Insurance Ireland has called for action to ensure policyholders are protected in the event of a no-deal Brexit & published a position paper with policy solutions
  • Legislative announcement builds on industry preparation to ensure policyholders maintain the benefits of their insurance cover in the event of a no-deal Brexit

 

17 January 2019. Insurance Ireland has welcomed the announcement of draft legislation to allow certain UK authorised insurers to continue to service existing insurance contracts with Irish policyholders in the event of a no-deal Brexit.

  

It has been recognised that the vast majority of UK based insurance companies servicing the Irish market have taken appropriate action to ensure the continued servicing of contracts, however, given the complexities of Brexit, certain inbound providers may not have had sufficient time to implement their plans ahead of the 29th of March.

 

It has been announced today that a temporary run-off regime will allow contracts from certain insurers, that have not implemented appropriate contingency plans, to continue to service existing policies for a period of three years post-Brexit.

 

Kevin Thompson, CEO of Insurance Ireland said, “Ensuring customers maintain the benefits of their insurance cover in the event of a no-deal Brexit has been an industry priority since the UK’s referendum. It is recognised that the vast majority of UK based insurance companies servicing the Irish market have taken appropriate action to ensure the continued servicing of contracts, however, given the complexities of Brexit, certain inbound providers may not have had sufficient time to implement their plans ahead of the 29th of March.

 

“The Irish Government’s announcement of draft legislation for a temporary run-off regime for certain UK based insurers will allow for existing insurance contracts to be serviced for three years. This is an important solution for the limited number of policyholders who may have been affected and it follows the recommendations proposed in our position paper on ensuring contract continuity.

 

Kevin concluded, “As the possibility of a no-deal Brexit increases, it is critically important that industry and Government continue to work together to avoid any detrimental impacts that could arise. This is a welcome development for customers and it builds on insurers’ preparations to protect their policyholders in the event of a no-deal Brexit.”

  

Contact:

 

John Byrne

 

Insurance Ireland

 

Tel: 01 644 7781 / 087 938 3852

 

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