Lloyd’s commits to honouring claims in no-deal Brexit
In the event that the UK leaves the EU with no transition or implementation period before Lloyd’s transfers the European Economic Area (EEA) business to its Brussels subsidiary, Lloyd’s underwriters will continue to honour their contractual commitments including the payment of valid claims, according to a corporate statement.
Lloyd’s is currently working on transferring all EEA business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer.
Lloyd’s expects that it will have the support of all European regulators for its approach to EEA customers. In the event that it does not, Lloyd’s will direct its underwriters, or take such other steps, to ensure that contractual commitments are met in full whilst the transfer is being completed.
Lloyd’s Brussels is authorised to write all EEA business from Jan. 1, 2019.
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