In IVASS Bulletin No. 2/2021, the Italian Insurance Supervisory Authority announced that: “the UK Supervisory Authority, Prudential Regulation Authority, has communicated its approval to the partial transfer of the non-life insurance portfolio, including contracts for policyholders residing in Italy, from the Society of Lloyd's, based in the United Kingdom, to Lloyd's Insurance Company S.A., with effect from 30 December 2020”.
Furthermore, IVASS has also clarified that “the transfer does not trigger the termination of the transferred contracts, although policyholders having their habitual domicile or, in the case of legal persons, their registered office in Italy, may withdraw from their contracts within a period of sixty days from the publication of this notice”.
This article is for information purposes only and is not, and cannot be intended as, a professional opinion on the topics dealt with. For further information please contact Michele Zucca, Anthony Perotto and Guido Foglia.
