News & Warnings

Disclosure of information to customers about the impact of the Brexit

News
News article
05/09/2018

The European Insurance and Occupational Pensions Authority (EIOPA) published on 28 June 2018 an ‘Opinion on disclosure of information to customers about the impact of the withdrawal of the United Kingdom from the European Union’.

This opinion is addressed to the national supervisory authorities. It deals with the duty imposed on insurance companies and intermediaries to inform customers about the possible consequences of the withdrawal of the United Kingdom from the European Union.

In its opinion, EIOPA first indicates that customers should be made aware in due time of the implications of the Brexit for contracts existing on the withdrawal date. Clients are to be provided with clear and non-misleading information on the contingency measures taken or planned and on their impact on their insurance contracts.

Potential customers should also be appropriately informed about the impact on their contractual rights and the provision of insurance services that may emerge from the Brexit.

The opinion provides further details on these information duties. It also specifies that EIOPA, in conjunction with national supervisory authorities, will monitor how customers are informed.

The original English version of the ‘Opinion on disclosure of information to customers about the impact of the withdrawal of the United Kingdom from the European Union’.