Brexit

Brexit: Our Approach and What It Means For Our UK Based Customers

As the negotiations continue in relation to the UK’s proposed withdrawal from the European Union (“Brexit”), Monument Assurance dac, Monument Insurance dac and Laguna Life dac (the “Monument Companies”) want to reassure our UK resident policyholders and beneficiaries that we will continue to offer you the same security and service that you have today following Brexit.

As a result of Brexit, there will be no change to the:

• Terms of your policy
• The manner in which we collect premiums or issue benefit payments
• The contact details for our Customer Service Teams
• Your rights, as a UK Customer, to refer complaints to the Financial Ombudsman Service for investigation.

You do not need to do anything to continue to enjoy the security and benefits of your current policy with the Monument Companies post-Brexit.

Our Approach:

It is possible that an agreement permitting insurance companies established and regulated in the remaining 27 EU member states to carry on insurance business in the UK post-Brexit is not reached between the EU and the UK prior to the UK’s proposed withdrawal from the EU on 31 October 2019.

To address this, Laguna Life DAC has notified the PRA that it wishes to be treated in accordance with the UK’s Temporary Permissions Regime. This regime, as currently proposed by the UK, will enable Laguna Life DAC to continue to operate in an identical manner for a period of three years from exit day.  During this initial three year period following exit day, Laguna Life DAC will engage with all relevant regulatory authorities to continue to service and support all our UK resident policyholders and beneficiaries beyond the expiry of the UK’s Temporary Permissions Regime.

Monument Insurance DAC and Monument Assurance DAC will enter into the UK’s Financial Services Contracts Regime, which will enable the continuation of the servicing and provision of benefits associated with insurance policies for a period of 15 years. Monument will continue to monitor ongoing regulatory developments to ensure we can continue to service and support all our UK resident policyholders and beneficiaries beyond the expiry of the Financial Services Contracts Regime.