Updated 8 December 2020
The UK will officially leave the EU on 1 January 2021 when the transitional period ends, due to this we have had to update our terms and conditions for all our Members.
Can my clients still apply for an income protection plan with Holloway Friendly after 1 January 2021?
Yes, as long as they are not planning to move to another country outside of the UK or Isle of Man in the immediate future.
What if my client is planning to move to move to another country outside of the UK or Isle of Man?
They should tell us before applying for income protection as our terms and conditions mean we may not be able to provide them with a plan if they do. The terms and conditions for residency are set out below and apply from 1 January 2021.
What is Holloway doing to tell Members about the changes?
At the start of December, we are sending a letter to Members telling them of the changes and how they impact their plans. There is a copy of the letter here.
What documents have been updated with these changes?
All key features documents (KFD), schedules and Intermediary product guides have been updated as well as all sales aids
What about New Members?
From the 1st December 2020 all new Members will receive the updated KFD and schedules with the Brexit terms and conditions in their welcome packs.
How Brexit might affect insurance companies?
Once Brexit is completed and the transitional period has ended on 1 January 2021, UK businesses will not have the right to automatically carry on business in the EU countries. If a deal is not reached, Holloway Friendly does not have plans to seek authorisation to transact business outside the UK and Isle of Man after 1 January 2021.
How might this affect Existing Members plans?
Unfortunately, it is not yet completely clear whether each EU country will allow UK insurers to continue to service their contracts with customers who now live in the EU. We are hopeful that many individual EU countries will allow UK insurance companies to continue collecting premiums and paying claims in the short term, but we cannot be certain that this will be the case and different countries have given different indications of what they might do.
What will Holloway do next?
We always try to ensure that we treat our Members fairly and we are contacting those known to live in EU countries already so they can consider their options. We are continuing to discuss options with industry bodies, regulators and to seek legal advice on the options that exist.
What terms and conditions have changed?
As a result of the exit of the UK from the EU, we are making some changes to the Terms and Conditions of all our plans to take account of the potential for Members starting to live outside of the UK or Isle of Man from 1 January 2021 reflecting that we will have to consider each case on its merits .
If a Member lives in the UK or Isle of Man how are they affected?
Unless they plan to move to live in another country, outside the UK or Isle of Man, they do not need to take any action.
Their plan terms and conditions have been made clearer to warn them to contact us in advance if they plan to move abroad, as we may not be able to continue with their plan on its current basis or in some circumstances at all. The terms and conditions for residency are set out below and applies from 1 January 2021.
What if a Member moves to an EU country?
This will vary by country. In some cases, Holloway Friendly may not be able to collect premiums or pay any claim they may make. We are contacting all Members individually if we know they are living in an EU country.
What if the Member travels overseas?
If they become ill or have an accident while abroad but live in the UK or Isle of Man we’ll be able to pay valid claims as before.
What should Members do?
They do not need to do anything unless they are living in an EU country or are planning to move to one. If this is the case we will have written to them.
What do the new terms and conditions look like?
TERMS & CONDITIONS – Living Outside the UK or Isle of Man
If you move abroad from the UK or Isle of Man we may not be able to continue with your cover.
You must contact us if you are thinking about moving to another country. Different countries have different approaches.
We’ll consider whether we’re able to continue insuring you on a case by case basis. Factors we’ll consider include whether the UK is able to carry out financial transactions (like collecting premiums and paying claims), as well as availability and reliability of medical records, in English, from the country you are moving to.
If you become resident in the EU from January 2021, we may be unable to collect premiums or pay claims following Britain leaving the EU, depending on the approach taken by each EU country.