Disclosure of Information about the impact of the withdrawal of the United Kingdom from the European Union - Customer Notification
The United Kingdom (UK) is scheduled to leave the EU on 29 March 2019. Arachas is working to ensure that whatever the outcome of the Brexit negotiations between the EU and the UK, our policyholders are not adversely affected and can continue to access the full range of policy covers and claims handling services.
Arachas is regulated by the Central Bank of Ireland to act as a retail intermediary in the Irish market and has the ability to passport its services to the United Kingdom. Our regulatory status will not be affected by Brexit.
It is important to note that a majority of our insurance providers are insurers which are regulated in Ireland and therefore not impacted by Brexit.
For other insurers, their ability to provide their services cross-border between the United Kingdom and the remaining European Union Member States will change and depend on the contingency measures adopted. We have received communications from some impacted insurers of their Brexit strategy. One example is that of any insurer/syndicate operating under the Lloyd’s of London Group. They have formal arrangements in place to transfer its regulatory arrangements from the UK to Brussels with effect from 1st January 2019. For ease of reference, we are making all such insurer updates available to our customers on our website, www.arachas.ie.
For all other insurers/providers who have not yet communicated their Brexit strategy, Arachas has requested updates from them in relation to their ability to continue to provide services post 29th March 2019.
Where any such provider advises us that they will no longer be able to offer services to Arachas customers, Arachas will actively seek alternative providers and products to ensure a continuity of service for our customers. This may see us engage in a range of strategies, from a potential portfolio transfer of books of business to new providers or in moving policies to a new provider on a case by case basis, depending on the specificities of the individual contract.
We will actively keep in touch with our customers as further communication becomes available to us. If you require more information at this stage, please contact our compliance team located in our Dublin office.