The European Insurance and Occupational Pensions Authority (EIOPA) issued today a one-page guide targeted for consumers that have a life insurance policy or pension from the United Kingdom (UK) and living in the European Union or considering moving residence from the UK to the EU. The fact that the UK left the European Union on 31 January 2020 and a transitional period runs until 31 December 2020, might have an impact on how the policies and pension of consumers are serviced in the future.
EIOPA draws the attention of consumers to three simple steps to follow to help them to get to know how Brexit could affect their life insurance policy or pensions and how they can protect themselves from possible scams.
The guide will be translated to all the official languages of the European Union.
Note: The guide does not address other types of short-term insurance e.g. car insurance. For any questions about those policies, consumers are advised to contact their insurer or intermediary in the first instance.