I am a UK, Gibraltar, Isle of Man or Channel Island resident policyholder of STM Life. What will happen to my policy?
We will shortly invite you to transfer your policy to LCA. In order to do this we will require your written agreement.
Subject to your consent, it is expected that the proposed transfer of your policy to LCA shall take place before 29 March 2019 (the effective date of Brexit).
Will my insurance contract be affected by the transfer from STM Life to LCA?
No. There will be no material change to the way in which you, as a policyholder, will be treated after the transfer. There will be no changes to the premiums, benefits, terms and conditions or administration of policies as a result of the transfer.
From a legal and technical perspective, the responsible insurer will change from STM Life to LCA, and the insurance obligations currently contained in your STM Life cell will transfer to an equivalent LCA cell. To maintain consistency for policyholders, the transferring policies will, as far as possible, retain the same policy and cell reference numbers.
After the transfer, policy claims and surrenders will be paid by the LCA cell, rather than the STM Life cell to which your insurance contract was originally assigned.