How will Brexit impact you if your policy was sold through AIB Great Britain or First Trust Bank

11 January, 2021

 

The UK formally left the EU on 31 January 2020.  Following the transition period, which ended on 31 December 2020, a deal was agreed between the EU and the UK.

We (Ark Life) have considered the potential implications of Brexit for our customers and our business and we will be able to continue to service your policy and pay claims.

Q. I live in Northern Ireland and my policy was sold through First Trust Bank. Will this impact my policy with Ark Life?

Ark Life is satisfied that we will be able to continue to collect premiums and pay valid claims even though Northern Ireland is no longer part of the EU.

Q. I live in the UK and my policy was sold through AIB Bank, Great Britain. Will this impact my policy with Ark Life?

Ark Life is satisfied that we will be able to continue to collect premiums and pay valid claims even though Great Britain is no longer part of the EU.

Q. Will financial compensation provided by the UK Government’s Financial Services Compensation Scheme (FSCS) still apply to my policy from 1 January 2021 (following the Brexit transition period which ended on 31 December 2020)?

The FSCS is a UK Government scheme designed to compensate customers where an insurer fails. The FSCS protection is limited and only applies in the case of an insurer becoming insolvent. This means that where an insurer fails, valid claims would continue to be paid.

It would seem that the FSCS protection does not apply to Ark Life policies, as an EU insurer, from 1 January 2021. However there are ongoing discussions between the EU and UK across a range of topics and Ark Life will monitor the outputs of these discussions with regards to FSCS.

Ark Life is subject to stringent EU solvency requirements. Ark Life’s Solvency and Financial Condition Report (SFCR) is available on our website where our solvency position is published and updated on an annual basis:  https://www.arklife.ie/uploads/2020/04/Final-SFCR-2019.pdf

Q. How will I be kept informed about the impacts of Brexit on my policy?
If any further changes are announced that we think might affect our customers, we will update our website to let everyone know about it.

Customer Services can be contacted at 00 353 1 704 1244 or email customerservice@arklifeadmin.ie