Lloyd’s Insurance Company in Brussels: Information now available on Crystal
Lloyd’s is setting-up a new European insurance company, located in Brussels, to ensure the market is able to write risks from all 27 countries in the European Union and three in the European Economic Area after the UK leaves the European Union. Preliminary information about the Lloyd’s Insurance Company in Brussels is now available on Crystal to members of the Lloyd’s market.
On 23 June 2016, the United Kingdom (“UK”) voted to leave the European Union (“EU”). As part of Lloyd’s response to Brexit, Lloyd’s announced that it will be setting-up a new European insurance company, located in Brussels, to ensure the market will be able to write risks from all 27 EU and three European Economic Area countries after the UK has left the EU.
The intention is for the Lloyd’s Insurance Company in Brussels to be ready to write business for the 1 January 2019 renewal season, subject to regulatory approval.
Lloyd’s will remain actively engaged with the market to ensure that the Lloyd’s Insurance Company in Brussels is an effective solution for the market to carry on business without interruption when the UK leaves the EU.
Information now available on Crystal
To provide a central location for Brexit-related information, a new section is now available on Crystal. “Europe (Lloyd’s Insurance Company SA)” is now an option in the ‘Select a country’ panel on the main Crystal search page. The information in the Europe (Lloyd’s Insurance Company SA) Crystal report is based on the intended structure, authorisations and operation of Lloyd’s Insurance Company in Brussels, all of which may be subject to change.
Until the company is operational, this Crystal report will be used to provide updates to the market on developments when information becomes available. Significant updates or additions to the report will appear as a ‘What’s New item’, which displays both on the Crystal ‘What’s New’ pages and as a banner in the Europe (Lloyd’s Insurance Company SA) page. The monthly Lloyd’s Regulatory Communications newsletter collates all of the What’s New items; in order to receive this newsletter, users must have access to Crystal’s secure content (see below).
It is important to note that Lloyd’s Insurance Company in Brussels will not be operational until mid-2018 and will not write any business incepting prior to 1 January 2019. Lloyd's current trading rights in the EU remain unchanged until the UK leaves the EU and the market should refer to the country-specific Crystal reports for current trading rights.
The information contained in the “Europe (Lloyd’s Insurance Company SA)” report is secured content; this means only members of the Lloyd’s market with the appropriate level of access can view it.
How to access secure Crystal content
Secure content on Crystal requires users to have an active Lloyds.com account with the appropriate permissions. Gaining access to Crystal secure content is a two-step process:
- Create a Lloyds.com account and then
- Request access to Crystal and the Risk Locator Tool business tool.
Step-by-step instructions are available for your reference.
Once you have completed both steps and if you are a Lloyd’s market participant, you will be given the relevant access to this secure content on Crystal and be added to the distribution list of the monthly Lloyd’s Regulatory Communications Newsletter.
Please contact the Brexit team at Brexit@lloyds.com.