The United Kingdom (the ‘UK’) left the European Union (the ‘EU’) on 31 January 2020 with a withdrawal agreement. The UK and the EU are currently in a transition period as they negotiate their future relationship and try to reach a trade deal. The UK must abide by EU rules during this transition period. This transition period is proposed to last until 31 December 2020. During the transition period there will be no change in how Utmost PanEurope dac carries out its business, as it will still be able to operate on a freedom of services basis in the UK. Existing product features, including claims payments, will continue to function as normal.
Based on our current understanding, life assurance policies issued by Utmost PanEurope dac to individuals habitually (permanently) UK resident at the time of policy commencement will continue to be entitled to compensation under the Financial Services Compensation Scheme during the transition period.
The Prudential Regulation Authority and the Bank of England are working together with other European regulators to ensure that there is minimal disruption to policyholders. Based on our current understanding, we will continue to service you and all our policyholders and claimants as normal in the event of a ‘no-trade deal’ Brexit.
The Isle of Man has signed an agreement with the UK that preserves free trade between the UK and the British Crown Dependencies and thus the position in respect of existing and new Utmost Limited policies will remain unaltered.
We will keep our website updated and will outline any contingency measures that we feel are appropriate to protect our policyholders as soon as additional information becomes available.
If you have any questions on how Brexit may affect your policy, please email email@example.com or telephone +353 (0) 46 9099 700.
This statement was issued on 1 February 2020.