Our plans for Brexit
Casualty & General Insurance Company (Europe) Limited (‘CGICE’) is authorised and regulated by the Gibraltar Financial Services Commission. CGICE currently issues policies to customers in the UK, France, Italy, Ireland, Norway and Spain.
Based on current agreements, the UK is scheduled to leave the EU on 29th March 2019 in accordance with the European Union (Withdrawal) Act 2018.
The UK’s decision to withdraw from the EU means the UK and Gibraltar will leave the European single market. Upon withdrawal from the single market, unless a political agreement between the EU and the UK is reached, UK/Gibraltar insurers will therefore lose their right to conduct business in other EU territories.
In order to prepare for all scenarios, CGICE must assume that there will be no trade deal or withdrawal agreement between the UK and the EU prior to the 29th March 2019. We naturally hope that an agreement will be reached, but it is our obligation to prepare for all eventualities.
CGICE is well advanced in its preparations towards a regulatory framework where the EU is separate from the UK and Gibraltar. It is currently in the process of establishing a fully licenced entity in the EU to take over its business in France, Spain, Italy, Ireland and Norway, which it values enormously and see as a major source of growth for its future. We fully expect to have this new entity operational by the 29th of March 2019.
As a consequence, in the event where no political agreement has been reached beyond the current ‘hard brexit’ scenario, from 29th March 2019, CGICE will no longer issue new policies in France, Italy, Ireland, Norway and Spain from its current insurance entity. New business in these countries will be incepted from its new EU entity. CGICE will, in turn, continue to issue policies in the UK.
Existing policyholders’ rights will remain unaffected. CGICE will continue to pay claims on all policies until the expiry of the policy. We are confident that a legal framework will be setup in time by the various regulators to do so and will ensure all client’s rights remain unaffected.
Administration of the policies during the policy term will remain unchanged. Policyholders should refer to the policy document for details on how to make a claim, a complaint or any other enquiry regarding the policy.
Questions or comments
If you have any questions or comments about our Brexit plans, please contact us at firstname.lastname@example.org