The Chairman of the London and International Insurance Brokers’ Association, Roy White, has welcomed Lloyd’s announcement that the market will honour valid claims in the event the UK leaves the European Union with no transition or implementation period.
White stated that LIIBA welcomes the publication of the Lloyd’s statement of intent with regard to the “payment of claims in the event that the UK leaves the EU without a transition or implementation period.”
Lloyd’s had announced that it was working towards the transfer of all European Economic Area business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer.
However, in the event that the UK leaves the European Union before then with no transition or implementation period, its underwriters will continue to honour their contractual commitments including the payment of valid claims.
“Having the fair treatment of customers front and centre of the market’s focus is exactly right, and the support of the FCA in this position illustrates the importance of maintaining confidence in the market through this period of uncertainty,” added White.
