October Regulatory Bulletin
Our Part VII transfer is on track
As you will already be aware, Hiscox is in the process of a Part VII transfer to move all live policies and historical liabilities that could be impacted by the loss of passporting rights from Hiscox Insurance Company Limited (HIC) to Hiscox S.A. (HSA) to enable us to continue to serve our customers and claimants post-Brexit.
In August our Directions Hearing took place, and this is where the High Court approved our materials and our approach to communications. These communications are now almost complete.
Each customer has received a letter and a scheme booklet from us containing:
- a summary of the Proposed Transfer;
- a summary of our Independent Expert’s report on the impact of the Part VII on our customers;
- notice of the Proposed Transfer;
- some additional questions and answers; and
- details of how they can contact us.
Customers are able to ask questions or raise any objections they may have until the date of our Sanction Hearing, currently scheduled for 14 December 2018.
How you can find out more
Our dedicated Part VII website, www.hiscoxgroup.com/partvii, has electronic copies of all of these documents as well as:
- more information about the Part VII transfer; and,
- our full Q&As on the Part VII process and how it affects our customers.
For brokers located in the Republic of Ireland or Jersey, documentation is available on our website which will have information relevant to you.
We also have established a dedicated Part VII team to answer any questions you or your customers may have, which you can reach on 0800 7813 049 or by emailing [email protected]iscox.co.uk. You will also find some Frequently Asked Questions on our website – www.hiscoxgroup.com/partvii.
What do we need from you?
The Part VII transfer will cover all policies including quotes and renewal invitations so other than a few exceptions (where we will contact you) there is no action required this year.
The Part VII transfers EEA risks for all our customers including UK and EEA-based customers. However, post-Brexit, HUL (the service company we use to write all HIC and HSL risks in the UK) will not be able to intermediate polices for EEA customers. Therefore, we have agreed with the regulator that post-Brexit the HSA UK branch will only be used for UK customers with EEA risks. It cannot be used to write business for EEA-based customers.
For existing EEA-based customer policies, the details of when we need to take action will vary depending on the carrier currently on risk, and on the timing and nature of any transition agreement if one is made – please speak to your local underwriter for full details.
You can access all our previous Regulatory Bulletins here.