The UK voted to leave the European Union (EU) and with that also the European Economic Area (EEA) on March 29, 2019 ('Brexit') which date is now extended until October 31st 2019. Under these circumstances ZIP Benelux wants to continue reassuring its customers and brokers, and reconfirm that all its policies which cover a UK risk will remain valid and applicable. No actions need to be taken and we will continue to monitor developments.
Zurich Insurance plc Belgium Branch and Zurich Insurance plc the Netherlands Branch ('ZIP Benelux') are both branches of the same legal entity Zurich Insurance plc ('ZIP') established in Dublin, Ireland, which is regulated by the Central Bank of Ireland ('CBI'). ZIP is authorized to underwrite risks in the EU/EEA, either via the principle of Freedom of Service (FoS) or via the principle of Freedom of Establishment (FoE) via the branch network it has across the EU/EEA.
Anticipating the Brexit, ZIP has applied with the UK Prudential Regulation Authority (PRA) and with the Financial Conduct Authority (FCA) to be authorized to continue its activities as a Third Country Branch (« TCB »).
In the meantime, ZIP will benefit from the UK Temporary Permission Regime (« TPR ») which, if no withdrawal agreement will be agreed between the UK and the EU, will allow ZIP to continue to operate for a duration of 3 years, i.e. until March 29th 2022.
With these measures in place ZIP and its branches, incl. Zurich Insurance plc Belgium Branch and Zurich Insurance the Netherlands Branch, can continue covering insurance risks in the UK.