RiverStone Managing Agency
Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.
Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexit-transfer.
Brexit and RiverStone UK Notice (“Notice”)
As a result of the UK’s decision to leave the European Union (Brexit), RiverStone Insurance (UK) Limited (RIUK), an English insurance company, may lose ‘passporting rights’, which presently permit RIUK to conduct cross-border business into the European Economic Area (EEA) without the requirement for additional licences. The potential loss of passporting rights and when precisely that may occur, is dependent on terms of any equivalent trading arrangements that can be agreed between the UK & EU Parliaments prior to 31 December 2020, being the end of the current transitional period.
- policies taken out with RIUK by policyholders in the EEA cannot be renewed; and
- RIUK will be under the supervision of the UK’s Prudential Regulation Authority and Financial Conduct Authority but will not be under the supervision of any EU supervisory authority.
Despite the potential loss of passporting rights, RIUK is committed to continue paying valid claims to claimants, cedants and policyholders post Brexit wherever they are in the EEA. The loss of passporting rights therefore should not adversely or materially impact any claimants, cedants and policyholders in the future.
We will update this Notice as our plans progress over the coming months. If in the meantime you have any queries or concerns regarding this Notice, however, please do not hesitate to contact us here.