Questions & Answers
What does the proposed transfer mean to me?
Apart from changing the insurer of the EU/EEA cover in your policy to Aviva Insurance Ireland DAC, there won’t be any change to the operation of your policy as a result of the transfer.
In particular, the transfer won’t have any effect on:
- if you took your policy out in the UK, any cover provided under the policy for risks in the UK or elsewhere in the world other than the EU/EEA;
- the terms of your policy;
- any payments you make or receive under the terms of your policy;
- the way you or your broker contact us; or
- the level of service you receive.
The transfer may, however, mean that your policy may no longer qualify for protection under the UK Financial Services Compensation Scheme. You can find more information in the following question.
Will the Financial Services Compensation Scheme (FSCS) still apply to my policy?
The FSCS provides protection for policies provided by UK companies in the event of them becoming insolvent. If the transfer goes ahead:
- If you took your policy out in the UK or through Aviva Insurance Limited’s former branches in France and Belgium, and if you were eligible for protection under the FSCS scheme, that protection will continue.
- If you took put your policy in Ireland, your policy will no longer qualify for protection under the FSCS unless you have risks situated in the UK. However, the equivalent scheme in Ireland, the Insurance Compensation Fund (ICF), applies to risks situated in the Republic of Ireland and if you were eligible for protection under this scheme, that protection will continue.
- In other cases, your policy will no longer qualify for protection under the FSCS. The equivalent scheme in Ireland, the Insurance Compensation Fund (ICF), only applies to risks situated in the Republic of Ireland. It will not apply to any EU/EEA cover under your policy unless the risk is situated in Ireland, for example a property in Ireland.
This view is based on the FSCS rules currently in force, and could change if those rules are changed in the future. The ICF operates in a similar manner to the FSCS and provides compensation to consumers and small businesses in the event of insurer insolvency. You can read the qualifying requirements for compensation and the limits in paragraph 10.31 of the Independent Expert’s report.
The Independent Expert’s opinion is that Aviva Insurance Ireland DAC will be sufficiently capitalised after the transfer and is unlikely to experience financial difficulties which could require FSCS or ICF compensation. His view is that the actual detriment to policyholders from losing access to the FSCS is minimal and that the risk of Aviva Insurance Limited losing the right to continue to provide insurance cover to transferring policyholders will have a more material adverse impact.
Is my policy safe? Will I lose any benefits?
The Independent Expert does not expect the security of your policy to be materially adversely affected by the proposed transfer.
Apart from the change to the provider of your policy to Aviva Insurance Ireland DAC, there will be no change to the terms and conditions of your policy as a result of the transfer.
Can I still refer a complaint to the Ombudsman?
If the transfer goes ahead, you’ll be able to refer any future complaints about the conduct in Ireland of Aviva Insurance Ireland DAC to the Financial Services and Pensions Ombudsman in Ireland or, in the case of policies taken out in the UK, to the Financial Ombudsman Service in the UK. In addition, you will still be able to refer complaints that relate to Aviva Insurance Limited’s conduct in the UK prior to the proposed transfer to the UK’s Financial Ombudsman Service.
What effect will this have on how you handle my policy?
- You’ll still have the same type of policy and it will keep the same policy number
- The administrative arrangements for your policy won’t change as a result of the transfer
- How you contact us by phone or in writing won’t change
- If you took out your cover in Ireland, or elsewhere in the EU/EEA, the company providing your policy will change to Aviva Insurance Ireland DAC
- If you took out your policy in the UK, the company providing the cover for EU/EEA risks will change to Aviva Insurance Ireland DAC
- Any options on your policy are not changing
Will my payments change?
Any payments made to or from us won’t change as a result of our proposal and you don't need to do anything. The transfer won’t affect your direct debit arrangements although the name appearing on your bank statement may be slightly different to what it is today.
Will your contact details change?
No. If you need to contact us, please contact us in the usual way.
If I am worried about my policy or want to speak to someone, who can I contact?
If you have any questions about your policy please call your usual number or contact your broker.
My policy is already managed in Ireland. Why are you transferring it to another company in Ireland?
If your policy is managed in Ireland, it will currently be insured through the Irish branch of the UK insurance company Aviva Insurance Limited. Companies based in the UK (including us) are likely to lose the right to have European branches and to offer insurance covering risks in the EU/EEA in the same way as they do now.
Aviva Insurance Ireland DAC will also provide cover for EU/EEA risks written in the UK market. This provides continuity of cover and certainty for customers who could be affected by these changes.
I don’t have a policy with Aviva. Does this apply to me?
You may have a policy with another company which is underwritten by Aviva Insurance Limited and we need to tell you about our proposals. There will be no changes to the way your policy is handled and you will still contact the provider of your policy on the same phone numbers and at the same address as before.
I have a claim in progress. Will that be affected by the proposed transfer?
I have a UK motor policy with European breakdown cover. Will that policy transfer?
No. If your vehicle is registered in the UK, it will continue to be insured by Aviva Insurance Limited as this is still classed as cover in the UK.
If your vehicle is registered in Ireland, your policy will transfer.
I have a travel insurance policy covering me for travel to Europe. Will that policy transfer?
If you took out your policy in the UK, it will continue to be insured by Aviva Insurance Limited as this is still classed as cover in the UK.
If you took out your policy in Ireland, your policy will not transfer. It was provided by Aviva Direct and is underwritten by a third party company and not by Aviva Insurance Limited.
I have a UK home insurance policy which covers a holiday home in France. Will that policy transfer?
Only the EU/EEA part of the cover (the holiday home) will transfer to Aviva Insurance Ireland DAC. The way you contact us and the service you receive will be the same for both parts of the policy.
Will the transfer happen mid term or at renewal?
The transfer is expected to take place on 1 February 2019, which for most policies will be mid term.
Will new policy wording including new company details be issued when the transfer happens either mid term or at renewal?
All documents issued after the transfer takes place will reflect the situation after the transfer, including renewals and mid -term changes from that date onwards. However, there is no need to reissue existing policy documents.
Is my personal information safe?
If the transfer takes place, Aviva Insurance Ireland DAC will become the data controller for personal information for those policies that are transferring. Aviva Insurance Ireland DAC will have the same duty to respect your confidential and personal information as we had before the transfer and the way we protect and use your confidential and personal information won’t change. Aviva Insurance Ireland DAC is governed by the General Data Protection Regulation in terms of its rights and responsibilities in relation to data protection. You can find more information about How Aviva Insurance Ireland DAC uses personal information at https://aviva.ie/privacy/
Will you cover my expenses for independent advice if I want it?
We’re unable to cover any costs for personal legal or financial advice.