Prudential International Assurance Brexit Update
Keeping you up to date on Brexit
On 29th March 2019, it is expected that the UK will no longer be a member of the EU. Negotiations over the terms of the UK’s withdrawal from the EU are ongoing. Regardless of the outcome, we’re committed to having a plan to make sure we keep your client’s policies running smoothly.
The Prudential Assurance Company Limited (PAC) in the UK has implemented plans to transfer some of its policies to Prudential International Assurance (PIA) in Ireland. These policies were originally taken out in PAC Poland, PAC France, PAC Malta or an ELAS policy originally written in Germany or Ireland. It is expected that post-Brexit these policies could no longer operate under the Freedom of Establishment and Freedom of Services rules available through EU law, and so they are being transferred to PIA through a UK High Court sanctioned Part VII process. This came into effect from 1st January 2019.
PIA in Dublin can maintain its passporting rights into the UK post-Brexit, given that the UK government implemented a statutory instrument on 6thNovember 2018 to provide a temporary permissions regime up to March 2022 for EEA firms operating in the UK.
This means that PIA, as an EEA firm, can continue to sell to customers based in the UK until March 2022 regardless of the outcome of Brexit negotiations.
Where can you get more information?
Our most up to date information will be available on www.pru.co.uk/brexit.