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RedSands

Brexit FAQ's

RED SANDS LIFE ASSURANCE COMPANY (EUROPE) LIMITED

1.        What is Brexit?

Brexit is the potential withdrawal of the United Kingdom including Gibraltar from the European Union.

2.       Is Red Sands Life affected?

Red Sands Life Assurance Company (Europe) Limited (“Red Sands Life”) is an insurance company registered in Gibraltar under company number 101001, which means that should the United Kingdom withdraw from the European Union, Red Sands Life would be subject to the rules of trade as agreed.  The insurer Red Sands Life plans to relocate to Malta, within the EU, subject regulatory approval from the Malta Financial Services Authority. Red Sands Life intends to continue to service its existing clients living in the EU, in accordance with the recommendation published by the European Insurance and Occupational Pensions Authority on 19 February 2019, subject to guidance from the regulatory authorities in each of the relevant EU states. Our intention is to ensure that your insurance cover will remain in place, and there will be no change to your premiums and the benefits you currently enjoy under your policy. Red Sands Life distributes insurance products through various intermediaries in the 4Life Direct group of companies which trade in various European Union domiciles.       

3.       Is 4Life Direct affected?

The 4Life Direct entities are located within the European Union and will continue to provide excellent service to customers now and in the future as the business continues to expand, unaffected by Brexit. 

4.       What does this mean for clients?

There is no change to your rights, your policy cover or premiums. All benefits from the insurance policy will be paid in time. Throughout this relocation process Red Sands Life and 4Life Direct intend to continue to provide the highest levels of customer service and protection for your loved ones. There is no need to take any action.  We will keep you informed as we progress.

5.       What is Red Sands Life doing about it?

Red Sands Life plans to relocate to Malta, within the EU, subject to regulatory approval. Red Sands Life intends to continue to service its existing clients living in the EU, in accordance with the recommendation published by the European Insurance and Occupational Pensions Authority on 19 February 2019, subject to guidance from the regulatory authorities in each of the relevant EU states.  Red Sands is doing everything to protect the rights and interest of its clients.

6.       What happens to my policy?

Your policy number will remain the same and your rights, cover, premiums and benefits will not change. Throughout this relocation process Red Sands Life and 4Life Direct intend to continue to provide the highest levels of customer service and protection for your loved ones. There is no need to take any action.  We will keep you informed as we progress.

7.       What changes are being made to Red Sands Life?

Please refer to question 2 “Is Red Sands Life affected?” above for information on Red Sands Life’s Brexit plans.

8.       What changes are being made to 4Life Direct?

4Life Direct companies are registered within each country that we operate and therefore are not impacted by Brexit. 4Life Direct will continue to provide the highest levels of customer service to all clients now and in the future.

9.       Why is Red Sands Life planning to move to Malta?

Red Sands Life plans to relocate to Malta in order to remain within the EU, subject to regulatory approval. This will ensure that current and future policyholders can continue to enjoy the benefits and protection offered by Red Sands Life. The move is in response to the decision of the people of the UK to leave the European Union (EU) (commonly known as “Brexit”). The Brexit process will potentially result in the UK leaving the EU. No action is required by policyholders.

10.   Why did Red Sands Life choose Malta as its new European domicile?

Red Sands Life identified Malta as its preferred new domicile within the EU for a combination of reasons after a thorough review of possible locations. Malta is a core member of the European Union, has a stable economy, an experienced and well-respected insurance regulator and is a hub for financial services.

 

RED SANDS INSURANCE COMPANY (EUROPE) LIMITED

11.   Is Red Sands Europe affected?

Red Sands Insurance Company (Europe) Limited (“Red Sands Europe”) is an insurance company registered in Gibraltar under company number 87598, which means that should the United Kingdom withdraw from the European Union, Red Sands Europe would be subject to the rules of trade as agreed. 

For our policyholders in the European Union (excluding the United Kingdom), Red Sands Europe intends to continue to service its existing clients in accordance with the recommendation published by the European Insurance and Occupational Pensions Authority on 19 February 2019, subject to guidance from the regulatory authorities in each of the relevant EU states. Our intention is to ensure that your insurance cover will remain in place until expiry of your policy.

Our policy holders in the United Kingdom are not affected by the change as a result of bilateral arrangements in place between the United Kingdom and Gibraltar.

12.   What does this mean for clients of Red Sands Europe?

There is no change to your rights or your policy cover. All benefits from the insurance policy will be paid in time. Red Sands Europe and its various intermediaries intend to continue to provide the highest levels of customer service and protection. There is no need to take any action.

13.   What happens to my policy?

Your policy number will remain the same and your rights, cover, premiums and benefits will not change.

 

Last update: 22 March 2019