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 Monument Life Insurance 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 will not be reached between the EU and the UK prior to the UK’s proposed withdrawal from the EU on 31 October 2019.

To address this, Monument Life Insurance DAC has applied to enter the UK’s Temporary Permissions Regime. This regime, as currently proposed by the UK, will enable Monument Life Insurance DAC to continue to operate and service policies in an identical manner for a period of three years post-Brexit.  During this initial three year period post Brexit, Monument Life Insurance DAC will engage with all relevant regulatory authorities and, in due course, establish a third-country branch in the UK in order 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 in the event of a no deal Brexit, which will enable the continuation of the servicing and provision of benefits associated with insurance policies of UK resident policyholders and beneficiaries for a period of 15 years. Monument Insurance DAC and Monument Assurance DAC 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.