Help Category: Brexit

What changes are being proposed because of Brexit?

AND-E proposes to transfer the registered office of its existing insurance company from the UK to Luxembourg. This will enable the company to continue to operate from its existing branches across Europe and from a new UK branch.

AND-E is also in the process of establishing a new insurance company in the UK with the intention that it will be the insurer of our new and renewing UK customers.

After the Brexit restructure the AND-E group will have three licenced insurers:

  • Aioi Nissay Dowa Insurance UK Limited in the UK (ANDI UK),
  • Aioi Nissay Dowa Insurance Company of Europe SE in Luxembourg (ANDIE), and
  • Aioi Nissay Dowa Life Insurance Europe AG in Germany (ANDLIE).

For any questions, email us at brexit-uk@aioinissaydowa.eu

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Why are changes being made to the business?

In light of the UK’s decision to leave the EU (“Brexit”), the Aioi Nissay Dowa European group (AND-E) has been restructuring to ensure that its customers receive uninterrupted insurance cover and services in the UK and across Europe post Brexit.

The AND-E group has European policyholders as well as UK policyholders. In case there is a no-deal Brexit, the group has decided to establish a European insurance company for European policyholders and a UK insurance company for UK policyholders.

Why Luxembourg?
Luxembourg is a core member of the European Union, has a stable economy, an experienced and well-respected insurance regulator and is a hub for financial services in general.

For any questions, email us at brexit-uk@aioinissaydowa.eu

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When is the transfer happening?

Subject to approval by the Local Regulator, the transfer proposal will become effective from the date on which the Company is registered by the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés de Luxembourg) (the “Effective Date”), it is anticipated that the Effective Date will be on or about 1 March 2019 at 00:00:01am (Luxembourg time) being 11.00.01pm 28 February UK time.

For any questions, email us at brexit-uk@aioinissaydowa.eu

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How will the company transfer to Luxembourg?

ANDIE is a European public limited-liability Company regulated under EU law and registered in the UK, also known as a Societas Europaea (SE). ANDIE converted to an SE (company number SE000119) on 6 August 2018.

Under Article 8 of the European Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE), an SE is allowed to transfer its domicile from one EEA Member State to another and remain the same legal entity. In this way existing legal contracts that the SE is party to remain valid, including policyholders’ insurance contracts.

Luxembourg is a core member of the European Union, has a stable economy, an experienced and well-respected insurance regulator and is a hub for financial services in general.

For any questions, email us at brexit-uk@aioinissaydowa.eu

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How does the transfer impact customer policies and claims?

The proposed transfer will have no impact on the cover provided by the current policy. Any claims which a policyholder may have made, or may make, under their existing policy or policies will be handled in the same manner and by the same AND-E contact before and after the transfer.

The duration of the policy and any associated no-claims discount will be unchanged.

For any questions, email us at brexit-uk@aioinissaydowa.eu

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Will there be any changes to the premiums?

No. The proposed transfer will not in itself result in any change to the premiums payable on existing policies.

For any questions, email us at brexit-uk@aioinissaydowa.eu

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Will I need new policy documents?

No. The terms and conditions the of policies will stay the same. Customers will not need any new insurance documents for existing policies as a result of the proposed transfer.

For any questions, email us at brexit-uk@aioinissaydowa.eu

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Will the same people continue to deal with my policy?

Yes, all contact details and customer service phone numbers will remain the same.

For any questions, email us at brexit-uk@aioinissaydowa.eu

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How is my data being handled/protected?

Policy data remains within the AND-E group and so is subject to all of our existing data privacy and data protection practices. We take customer data extremely seriously and abide by the data privacy and protection regulations that exist in each jurisdiction where we operate.

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Will policyholders have access to a Financial Services Compensation Scheme (FSCS) and Financial Ombudsman Scheme (FOS)?

If a customer is a UK policyholder then they will continue to have access after the Proposed Transfer to both the Financial Services Compensation Scheme (FSCS) and Financial Ombudsman Scheme (FOS).

If a customer is an existing EEA policy holder their eligibility for access to the UK’s Financial Services Compensation Scheme (FSCS) will remain following the proposed transfer, until their policy expires. Customers right of access to any existing ombudsman service in their country of residence will not change and  they will gain the additional right of access to the ombudsman in Luxembourg.

For any questions, email us at brexit-uk@aioinissaydowa.eu

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