We are committed to keeping our clients updated on Brexit developments.
The negotiations in relation to the United Kingdom’s withdrawal from the European Union are ongoing. The Prudential Regulation Authority and the Bank of England are working together with other European regulators to ensure that there is minimal disruption to policyholders.
Based on current understanding, we will continue to service you and all our policyholders and claimants as normal in the event of a “no-deal” Brexit.
We will keep this page on our website updated and outline any contingency measures that we feel are appropriate to protect our policyholders as soon as additional information becomes available.
If you have any questions on how Brexit may affect your policy, please email email@example.com.
RESTRUCTURE OF OUR BUSINESS
On 15 March 2018, the High Court of Ireland approved the transfer of the life assurance businesses of Augura Life Ireland, Union Heritage Life and Harcourt Life Assurance to Harcourt Life Ireland dac. The transfers subsequently took effect on 31 March 2018. Utmost Holdings Ireland’s group previously comprised of a number of life assurance companies. To simplify our business, we transferred all the policies from a number of companies into a single company within the group, Harcourt Life Ireland dac. The companies impacted are outlined below:
UTMOST HOLDINGS IRELAND group companies
Where can I find out more information?
Within our document library there are links to a number of documents that provide more details about the transfer, including the application to the High Court and the subsequent Court Hearing Order confirming approval.
You can also view the Independent Actuary’s Report, in respect of the scheme of transfer. As legally required in a transfer of this type in order to safeguard the interests of all policyholders impacted, an Independent Actuary, Ms Rosemary Commons (Willis Towers Watson) was appointed to review the terms of the transfer. The report concludes that, subject to the points listed in section 11 of her report, “There is no material adverse impact on the security of benefits for any group of policyholders as a result of the proposed Scheme; and no group of policyholders will suffer any reduction in reasonable benefit expectations as a result of the proposed Scheme”.
If you have further questions that we have not covered please contact us and we will be happy to help.