Brexit – UK Customers
Glennon is well prepared to provide ongoing service and advice to its clients after the UK leaves the European Union (EU).
Currently, the UK is due to leave the EU on the 29th March 2019. There are wide ranging implications both for Insurers and Insurance Intermediaries who have been able to smoothly transact insurance business between Ireland and the UK for many years.
At the 29th March 2019, there are currently two distinct Brexit scenarios envisaged:
- A Withdrawal Agreement is agreed between the UK and EU. We understand that this means that the current status i.e. the smooth transaction of insurance contracts between Ireland and the UK, will continue as before until the end of 2020.
- The UK leaves the EU without a deal. In such circumstances, the UK will become a third country that sits outside the EU and both Insurers and Insurance Intermediaries may have difficulties in the smooth transaction of cross border insurance business between Ireland and the UK.
If the no deal scenario occurs, the UK Prudential Regulatory Authority (PRA) has put in place a Temporary Permissions Regime (TPR) which enables Irish based Insurance Companies and Insurance Intermediaries to continue to transact business in the UK as before for a period of up to 3 years. We confirm that Frank Glennon Ltd has applied for and been approved under this TPR.
We have written to all of our UK customers separately to advise how their Insurer is managing the “no deal” scenario and highlighting if their policy is likely to be impacted.
In the event of a no-deal Brexit taking place, UK motorists driving in the EU and if stopped by law enforcement authorities will need to be able to produce a Green Card as evidence of insurance cover. We are putting procedures in place to enable us to supply Green Cards to our motor insurance customers who intend to drive in the Republic of Ireland or elsewhere in the EU. We recommend contacting us in advance of your journey to allow sufficient time for us to produce this document and issue it to you in the post. You can send a request to us at GreenCard@Glennons.ie or contact us by telephone at +353 (0)1 707 5800.
In the event of a Withdrawal Agreement being agreed between the UK and the EU, or if Brexit is delayed, then you will not need a Green Card.
If you have any queries please Contact Us!