International Portfolio Bond policies
In the light of Brexit, the UK’s proposed exit from the EU on 29 March 2019, Zurich Life Assurance plc (we) is monitoring developments closely, and we are confident that whatever happens, we will continue to deliver the service you expect from us.
We would like to bring to your attention how we believe Brexit may impact your Zurich International Portfolio Bond (Zurich IPB) policy on the basis of the applicable law and consultation papers as at 15 December 2018.
Our understanding is that we do not need a UK insurance licence in order to continue to operate the Zurich IPB under our current operating model post-Brexit. Therefore, we are not proposing to make any changes to how your Zurich IPB policy is serviced as a result of our planning for Brexit. This means that no changes are planned for our claims management procedures or to other customer services which we provide to you. We are also not proposing to transfer any Zurich IPB policies to another insurance provider as part of our planning for Brexit. This means that, post 29 March 2019, we will continue to underwrite your Zurich IPB policy and we will continue to be authorised and regulated by the Central Bank of Ireland. Your policy will continue to be governed by English law.
We are part of Zurich Insurance Group, a global insurer that has been successfully managing cross border business for many years, and is headquartered in Zurich, Switzerland where it was founded in 1872. We participate in the UK's Financial Services Compensation Scheme (FSCS). This currently means that you may be entitled to compensation from the FSCS if we are unable to meet our obligations to you.
If you want more information on the FSCS, you can contact the FSCS helpline on 0800 678 1100 or on +44 207 741 4100, visit the FSCS website at www.fscs.org.uk or write to the FSCS at the following address: PO Box 300, Mitcheldean, GL17 1DY. The impact of Brexit on the FSCS is likely to depend on the terms on which the UK departs from the EU. Although the position is not yet final, it appears from the latest UK consultation papers that following a ‘no-deal’ Brexit, your Zurich IPB policy would not qualify for protection under the FSCS. If on the other hand there is a Brexit transition period agreed, then FSCS arrangements are likely to remain in place during the transition period.
We do not offer or provide tax advice and so you will need to obtain independent tax advice on any tax questions you may have in relation to Brexit and your Zurich IPB policy.
For queries relating to Brexit and your Zurich IPB policy please email: email@example.com