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
At present, work is underway to secure a withdrawal agreement between the UK and EU in advance of 29th March 2019, which if achieved would mean then you can expect no change to your current insurance policy with Allianz.
If there is no withdrawal agreement agreed, the Bank of England has committed to putting measures in place to allow insurance companies to continue providing protection. On this basis, Allianz expects to be in a position to maintain your insurance policy and pay claims irrespective of the outcome of the Brexit negotiations between the UK and EU.
In addition to the above, Allianz are also engaging directly with the UK Prudential Regulatory Authority (PRA) with a view to obtaining a licence to continue our existing operations in Northern Ireland which would again mean that there would be no change to your insurance policy.
‘Hard Brexit’ Scenario
In the unlikely event of a ‘Hard Brexit’; where the UK and EU are unable to reach an agreement on their future relationship; and in the event that our application for a licence is then unsuccessful, Allianz would seek approval to carry out a Portfolio Transfer of our Northern Ireland insurance business to another Allianz company based in the UK. If this situation were to arise, we will contact all affected customers in advance.
A 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.