National supervisory authorities are required to ensure that insurance undertakings and insurance intermediaries take appropriate contingency measures to ensure the continuity of services for cross-border insurance contracts between the UK and other Member States of the EU.
It is important that customers and beneficiaries are made aware in a timely manner of the implications of these measures both for existing and for new contracts concluded before the withdrawal date. Customers should be provided with clear and non-misleading information on the contingency measures taken or planned and on their impact on insurance contracts. Also potential new customers should be properly informed about the impact on their contractual rights and on the provision of insurance services that may emerge from the withdrawal of the UK.
Furthermore, national supervisory authorities are required to monitor whether insurance undertakings and insurance intermediaries fullfil their obligations to inform their customers about the implications of the withdrawal of the UK from the EU for the services provided to their customers.
Press release
© EIOPA
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