Brexit
What does Brexit mean for Royal London’s customers in Ireland?
Our customers’ policy terms and conditions stay the same. Your cover will not be affected by Brexit.
Royal London Insurance DAC was established as a wholly owned subsidiary business at the start of 2019. We are owned by the largest mutual life, pensions and investment company in the UK. As a subsidiary business, we are registered in Ireland and regulated by the Central Bank of Ireland.
Therefore, Brexit has no implications for our business in Ireland.
We will continue to provide financial security, value and outstanding service to our customers in Ireland.
Living outside Ireland
For customers who purchased their policy in Ireland and have now permanently relocated to a different country, you may notice a change on your bank statement related to your Royal London payments. This relates only to the name that appears on your statement. Your policy terms and conditions stay the same and your cover is not affected by Brexit.
For customers who purchased their policy in Germany, your policy transferred to Royal London Insurance DAC on 07 February 2019. Information would have been sent to you by post at the time. Your policy terms will not be affected by Brexit. You can find further information here.
For customers who purchased their policy in the UK, you can find further information here.
Here are some other frequently asked questions and answers:
1. How long has Royal London been in Ireland?
We’ve a heritage in Ireland of over 190 years and have been trading under the Royal London name since December 2014. Prior to that, we were known as Caledonian Life. You can find more information about our history in Ireland here.
2. Why was the subsidiary business created in Ireland?
January 2019 marked a milestone in Royal London Group’s history, with the opening of Royal London Insurance DAC as a new subsidiary company in Ireland.
We established our Irish business as a subsidiary so that regardless of the outcome of Brexit, we could continue to provide our products and services to our customers.
Before then, our company structure was that our business in Ireland was a ‘branch’ of the Group business in the UK. This meant that we followed the Central Bank of Ireland’s rules regarding how we conducted our business, but we were authorised by the authorities in the UK.
So, to make sure we could continue to provide valuable products and excellent service to our customers in Ireland, regardless of how the UK ultimately left the EU, the decision was made to establish a company here.
Royal London Insurance DAC is registered in Ireland, has its own board of directors and is fully regulated by the Central Bank of Ireland.
3. Why were policies transferred from the UK business to the Irish subsidiary?
Policies were transferred to our Irish business so that when the UK ultimately left the EU, it would not affect the terms and conditions of those policies or our ability to service them. The policies transferred belonged to people living in Ireland, as well as a small number of policies belonging to people living in Germany.
4. How were customers told about the transfer of policies?
Customers who were impacted by the transfer (those who took out their policy before January 2019) were contacted by post in the latter part of 2018.
This included customers who may have bought their policy under a different brand name (e.g. Royal Liver).
5. My policy payments are made from a bank account that isn’t based in Ireland. Is that ok?
Yes, we’ve reviewed our payment processes to make sure you can continue to pay your premiums as normal.
If you have any questions not answered here, please get in touch.
Call us on 01 429 3333
Email us at service@royallondon.ie