AIG Life Limited's Brexit Statement
Will (deal or no deal) Brexit have any impact on my insurance cover with AIG Life?
A deal or no deal Brexit will not affect the cover we provide to the majority of our customers.
If, when you took out cover with AIG Life you were, and you continue to be, a British citizen or living permanently in the UK, the insurance we provide will not be affected by Brexit.
If you took out cover with us in the UK and have since moved to live permanently in a country within the European Union (EU) or European Economic Area (EEA), the insurance cover may be affected depending upon the view taken by the regulator in your country of residence and the outcome of Brexit negotiations. The European Insurance and Occupational Pensions Authority (EIOPA) published recommendations to EEA regulators in the event of a no deal Brexit, which included reference to this. AIG Life expects to be able to continue to service existing policies assuming the recommendations are adopted by the regulators. We continue to monitor developments on the outcome of Brexit negotiations.
If you are a group policyholder, or are insured under the group policy cover we provide, your cover will not be affected by Brexit.
We are a company registered and established in England and Wales, authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Our policies are subject to English and Welsh law, to the jurisdiction of the courts of England and Wales and provide that customers have the right to refer complaints about us to the UK Financial Ombudsman Service. We do not sell insurance products in the EU or EEA, apart from Gibraltar. Claims will continue to be paid in accordance with our policy terms and conditions.
We continue to track the negotiations and developments politically in the UK and EU and follow the guidance given by our regulators to ensure that we continue to meet the commitments we have given to our customers. We will provide updates on our website on any developments concerning EU/EEA resident customers as soon as further information becomes available.
December 2020 update for EEA resident policyholders and the potential impact of Brexit on UK bank accounts and services
After the Brexit transition period ends on 31st December 2020, some banks are withdrawing some or all of the UK banking services they currently offer customers living in the EEA. Your bank may have already contacted you about this. This may result in your bank closing the account from which we collect premium payments.
If you’re an AIG policyholder resident in the EEA and your UK bank is closing your bank account, you’ll need to let us know your new bank account so that we can continue to collect your premiums or make payments with respect to your policy with us.
If your bank will continue to provide you with your existing UK bank account, you don’t have to do anything. We’ll continue collecting your premiums in the usual way.
If you’re not sure whether your bank account is going to be closed, we recommend contacting your UK bank to confirm what services it will offer you after 31 December 2020.