EU watchdog says insurers must warn customers about Brexit impact on policies

Tuesday, 10 July 2018 00:30 -     - {{hitsCtrl.values.hits}}

LONDON (Reuters): Insurance companies must spell out to customers the possible impact of Brexit on cross-border policies, the European Union’s insurance watchdog has said.

The European Insurance and Occupational Pensions Authority (EIOPA) said national regulators in the bloc must remind insurers of their duty to tell customers about the impact of Britain’s departure from the EU next March.

“National supervisory authorities are required to ensure that insurance undertakings and insurance intermediaries take appropriate contingency measures to ensure the continuity of services for cross-border insurance contracts,” EIOPA said in a statement.

“Customers should be made aware in a timely manner of the implications of these measures for both existing and new contracts concluded before the withdrawal date.”