AIG Life Limited's Brexit Statement
Did Brexit have any impact on my insurance cover with AIG Life?
Brexit did 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 was not 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. The outcome of Brexit negotiations was that a deal was not agreed to cover financial services. 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. Following the recommendations from EIOPA, some EU/EEA member states took steps to introduce regimes that applied to UK insurers since the end of the Brexit transitional period. AIG Life should be able to continue to service existing policies. We continue to monitor developments in relation to the each EU/EEA regulator.
If you are a group policyholder, or are insured under the group policy cover we provide, your cover was not 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 did not sell insurance products in the EU or EEA before Brexit. Claims continue to be paid in accordance with our policy terms and conditions.
We continue to track 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 any developments concerning EU/EEA resident customers.
EEA resident policyholders and the impact of Brexit on UK bank accounts and services
After the Brexit transitional period ended on 31st December 2020, some banks withdrew some or all of the UK banking services they offered customers living in the EEA. Your bank would have contacted you about this at the time. This may have resulted in your bank closing the account from which we collected premium payments.
If you were an AIG policyholder resident in the EEA and your UK bank closed your bank account, you would have let us know the new bank account so that we could continue to collect your premiums or make payments with respect to your policy with us. Otherwise, your policy would have been cancelled at the time for non-payment of premium.
If your bank continued to provide you with your existing UK bank account, you did not have to do anything. We continued collecting your premiums in the usual way.