Communication regarding BREXIT
As there is continuing uncertainty regarding the UK’s future relationship with the EU, we wish to take this opportunity to outline the plans which Allianz are currently progressing to ensure that we navigate through Brexit with minimal disruption to our customers in Northern Ireland.
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The Current Situation - October 2019
The Allianz p.l.c. (Allianz) business in Northern Ireland is currently written from Dublin on a freedom of establishment / freedom of services basis under EU law which is more commonly referred to as ‘Passporting’. The prudential regulation of all our business is the responsibility of the Central Bank of Ireland currently. If there is a hard Brexit, then this ‘Passporting’ arrangement will no longer apply in respect of the UK. Positively, Allianz have confirmation from the Prudential Regulatory Authority (PRA) in the UK that we will be automatically entered into a Temporary Permissions Regime (TPR) which will allow us to continue to write business and pay claims in Northern Ireland directly even in the event of a hard Brexit.
Allianz are in the process of applying for a Third Country Branch (TCB) to the PRA in order to continue to write business in Northern Ireland following Brexit, no matter when this happens. This could be following the TPR in a hard Brexit scenario or following an orderly exit in the event that there is a withdrawal agreement. If our TCB application is successful, we will continue to write business in Northern Ireland subject to PRA prudential regulatory oversight. If our TCB application is unsuccessful we will arrange for the transfer our business to a sister Allianz UK entity via a Part VII Portfolio Transfer *. However, under either Brexit scenario, this milestone will only materialise in a number of years. In the short term, Allianz will be able continue to write business and pay claims in Northern Ireland irrespective of the ongoing Brexit negotiations outcome.
* A Part VII Portfolio Transfer is a legal mechanism to transfer the contractual obligations of an insurer of a set of policyholders to another authorised insurer. Portfolio Transfer schemes in the UK generally require High Court and Regulatory approval. If approved, this would mean that the contract of insurance or claim that you currently have with Allianz would transfer to another Allianz Group company that is already authorised to write insurance business within the UK. All other terms and conditions of your policy would remain unaffected and unchanged by this transfer. As noted above, if this situation were to arise, we will contact all affected customers in advance.
If you have any questions regarding Brexit, and how it may impact you insurance with Allianz, please do not hesitate to contact us on 02890 828 828.
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