High Court gives Lloyds green light for transfer plan

Lloyd’s of London has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about a proposed transfer. 

This announcement follows a previous confirmation that Lloyd’s would be transferring its existing European business, which will be affected by the loss of passporting rights following Brexit, from Lloyd’s members to Lloyd’s Brussels.

Its Part VII strategy includes detailed plans to ensure customers understand the transfer process, as well as providing assurance of the validity of their policies being transferred to the European branch. 

Lloyd’s will now notify customers of the Part VII transfer from the middle of June, with customers receiving a letter that outlines the details of the transfer.

Customers will also be supplied with a link to a webpage that provides an explanation of the proposed transfer, the Scheme document,  the Independent Expert’s report on the impact of the transfer on policyholders and a formal legal notice of the proposed transfer.

In addition, they will be directed to a set of FAQs, and will be able to ask questions or raise any objections they may have until the date of the sanctions hearing, which is scheduled for 1 October. 

Sonja Rottiers, Lloyd’s Brussels CEO, said: “This is another key step in ensuring that, despite Brexit, Lloyd’s customers across the EEA can continue to benefit from the financial security of the Lloyd’s market and their existing policies can continue to be serviced by Lloyd’s Insurance Company S.A., including the payment of valid insurance claims.”

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