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BREXIT UPDATE – LLOYD’S IMPORTANT ANNOUNCEMENT

Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexit-transfer

NRI COMMENT

NRI is a Pool of Insurers with a large number of Members that are Lloyd’s Syndicates. NRI is working with Lloyd’s and Lloyd’s Brussels (LBS) to manage the transfer of in-scope EEA (European Economic Area) insurance policies to LBS. Following the transfer, Lloyd’s syndicates who are NRI Members will reinsure Lloyd’s Brussels in respect of transferred business, in the same proportion as they currently insure those risks on a direct basis.

LBS is a newly formed licensed EEA Insurance Company established by Lloyd’s in Belgium, to enable the compliant underwriting of insurance and provision of related services in respect of EEA risks following Brexit.

Lloyd’s proposed transfer will start from the 1st July and be completed by the 30th Dec 2020. NRI will continue to be involved, as the agent of our members, and will communicate with in-scope policyholders, and their brokers (where applicable), in conjunction with Lloyd’s.

NRI has applied to form an EEA-domiciled subsidiary in Ireland, Nuclear Risk Insurers Europe (NRIE). Subject to the relevant regulatory approvals, this will be NRI’s EEA-licensed entity that will service EEA business in the future.

More details on NRIE will follow in due course.