Getting ready for Brexit
We know many of our clients are thinking about what’s going to happen when the UK leaves the European Union (EU). We’re already working behind the scenes to make sure there is minimal disruption to you.
Background to Brexit
The UK is due to leave the EU on 29 March 2019. At the moment, we use EU passporting rights to carry out insurance business in Ireland as part of the EU Single Market. When the UK leaves the EU, we may not have those rights anymore—unless they are included as part of transition arrangements, or the UK and EU come to another arrangement to maintain access to the EU Single Market.
How we’re reducing disruption to you
We are in the process of applying to the Central Bank of Ireland for direct regulation. We’ve taken the view that this course of action is the best one for our clients. The insurance policies already in place as well as those for new clients will continue to be offered by Irwell Insurance Company Limited through passporting arrangements if they form part of the transition arrangements. If they don’t form part of any transition arrangements, we will replace all insurance contracts to an insurer located within the EU with which we have already reached an agreement in principle.
We will keep informed as our application progresses. If you have any questions in the meantime, please contact compliance@peninsula-ie.com
