Note to our Policyholders regarding UK withdrawing from the EU on 31st December 2020
1. There will be no change to the administration of your existing policy.
2. Your policy will be dealt with in the same way as before.
3. There is no need for you to sign any additional documentation.
For further information on changes to your policy after 31st December 2020, please read the letter below provided by HSF health plan Group Chief Executive, Paul Jackson:
As a valued customer, we are writing to update you in relation to our proposals to ensure continuity of service and insurance cover for you once the United Kingdom (“UK”) formally withdraws from the European Union (“EU”) and becomes a third country from an EU perspective at 23.00 hours on 31 December 2020.
HSF health plan Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK. In Ireland HSF health plan, as a Third Country Branch will be regulated by the Central Bank of Ireland (“Central Bank”) for conduct of business rules and permits HSF health plan to write new insurance business in Ireland post Brexit. In fact, HSF health plan has carried out health insurance business since 1949 through a branch in Ireland.
The branch is part of the same charitable group as HSF health plan which is owned by the Hospital Saturday Fund. The address and contact details of the Third Country Branch will remain the same as our existing Irish branch and your HSF health plan point of contact will remain unchanged. There will therefore be no change to the administration of your existing insurance policy and your policy will be dealt with in the same way we do so today, without the need for you to sign any additional documentation.
HSF health plan is obliged to contribute to the Financial Services Compensation Scheme (FSCS) in the UK which pays compensation to customers where a regulated firm is unable, or likely to be unable, to pay valid claims made against it. As an Irish policyholder, the change to Third Country Branch status post Brexit means that you can no longer avail of the protection under the UK FSCS. The equivalent scheme in Ireland is the Insurance Compensation Fund, however the policy we provide to you is excluded from the scope of the Insurance Compensation Fund.
We would like to take this opportunity to thank you for your continued support and business throughout the period of uncertainty surrounding Brexit. As a valued customer, we hope that this information has been useful to you.
All the profits made by HSF health plan are channelled to its parent charity, The Hospital Saturday Fund, through which grants are made to all kinds of medically associated charities in the Republic of Ireland and throughout the United Kingdom each year. In fact, we have made donations to assist 102 Charities for specific Covid-19 issues such as PPE and support helplines on top of our normal grant making for the year. The Hospital Saturday Fund has been in existence since 1873 and it has been supporting local communities for almost 150 years.
If you would like to discuss your cover or any points raised in this letter, please call 1890 451 451 or email us at email@example.com
Group Chief Executive