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Is this product open for new business?
On 29th May 2014 Prudential International Assurance (PIA) implemented changes to its business model in respect of its Belgian business. This meant that PIA no longer accepted applications for new policies.
Why was this action taken?
Following a strategic review of PIA’s participation in the Belgian market, a decision was made to cease accepting applications for new policies from Belgian residents. As such a decision was also made to terminate PIA’s agreement with HPG Belgium BVBA – SPRL (‘HPGB’).
Was the regulator informed?
In February 2014, PIA wrote to the Financial Services and Markets Authority (‘FSMA’) to inform them of our decision. We also wrote to the Irish Regulator, The Central Bank of Ireland (‘CBI’).
How were clients informed?
All affected policyholders were informed following the announcement and a copy of the communication was issued to the relevant advisers.
How does this affect my clients’ policies?
The change in business model has no impact on your clients’ existing policies with Prudential International Assurance plc (‘PIA’).
Who will now be looking after my clients’ Prudential International Assurance plc (‘PIA’) policies?
PIA will now service your clients’ policies directly from its operations centre in Dublin. Any policy which is as a result of an application submitted to PIA on or after 8 April 2014, will, upon issue, be serviced by PIA directly from its operations centre in Dublin. However, your clients may wish to allow you to receive information and/or appoint you as their servicing financial adviser for their PIA policies.
Since 2014, PIA service your clients’ policies directly from its operations centre in Dublin. However, your clients may wish to allow you to receive information and/or appoint you as their servicing financial adviser for their PIA policies.
Why do my clients have to reinstruct Prudential International Assurance plc (‘PIA’) when they previously appointed me as their financial adviser through HPG Belgium BVBA – SPRL (‘HPGB’)?
Your clients’ policies are with Prudential International Assurance plc (‘PIA’) and are unaffected by the termination of PIA’s agreement with HPG Belgium BVBA – SPRL (‘HPGB’). However, with regard to the future servicing of your clients’ policies, as the agreement with HPGB has now been terminated, PIA will no longer be in a position to give effect to any previous financial adviser appointment which may have been made in relation to your clients’ PIA policies.
How can I receive information on and service my clients’ Prudential International Assurance plc (‘PIA’) policies?
In order to receive information on your clients’ PIA policies, your clients must complete a Financial Adviser Appointment Form and return it in either the pre-paid envelope which we will provide in our communication to them or by emailing a signed pdf copy of the form to pru.europe@pru-europe.com. On receipt of their signed Financial Adviser Appointment Form, PIA will record their instructions on our system. You will then be in a position to request information on their policies. To enable you to service your clients’ PIA policies you will need to enter into Servicing Terms with PIA.
How do I enter into Servicing Terms with Prudential International Assurance plc (‘PIA’)?
In order to enter into Servicing Terms with PIA you will need to complete and submit a Servicing Terms Application Form. By submitting this form you will be deemed to have accepted and agreed to be bound by our Servicing Terms. Both the Servicing Terms Application Form and the Servicing Terms will be made available in the coming week or two.
Who do I contact if I have a query?
If you have a query you can contact Prudential International Assurance plc (‘PIA’) directly by email at pru.europe@pru-europe.com or by phone on +353 1 4765211 (French) or +353 1 4765374 (Flemish) or you can submit your query by post to Prudential International Assurance plc, Fitzwilliam Court, Leeson Cl, Dublin 2, D02 TC95, Ireland.
How do you communicate with my clients?
All policyholder correspondence will be sent to your clients at their home addresses as recorded on our system. This will include Annual Statements, and any confirmation of an instruction sent to us.
How does my client submit a servicing request to you?
Your client can request servicing forms by emailing pru.europe@pru-europe.com or by phoning PIA on +353 1 4765211 (French) or +353 1 4765374 (Flemish). Your client can send any completed forms and associated and duly certified documentation directly to Prudential International Assurance plc, at Fitzwilliam Court, Leeson Cl, Dublin 2, D02 TC95, Ireland.
How do I get a valuation on my clients’ policies?
Provided we have received the relevant authorisation from your client, you can get a valuation by e-mailing us at pru.europe@pru-europe.com or phoning us on +353 1 4765211 (French) or +353 1 4765374 (Flemish), or write to us to request a valuation at any time. Your client will continue to receive their Annual Statement just after their Policy Anniversary which will detail all of the transactions on their policy for the previous policy year. The Annual Statement will also give them an up-to-date valuation on their policy.
Can we continue to sell your product?
No, with effect from 29 May 2014 PIA has ceased accepting any applications for new policies from Belgian residents.
If my clients want to take out a new contract with Prudential International Assurance plc (‘PIA’) what are their options?
From 29 May 2014 PIA will not be accepting any new applications from Belgian residents.
Can my clients continue making Top Ups to their policies?
Yes, we will permit Top Ups to their existing policies in line with their policy Contract Conditions.
What is the procedure for submitting a Top Up?
In order to submit a Top Up your clients must complete the Top Up application form and submit to us along with all other required, duly certified documentation and requirements.
Will commission be paid on Top Ups?
No. We will not be paying commission on any Top Up applications submitted on or after 29 May 2014 or any Top Up applications submitted prior to 29 May 2014 and not issued by 31 July 2014.
How do my clients pay the Premium for a Top Up?
Details of our Premium Bank Account will be made available on our website or by phone on +353 1 4765211 (French) or +353 1 4765374 (Flemish).
Will you continue to deduct Premium Tax for any future Top Ups?
Yes. Insurance Premium Tax (IPT) will be deducted from any monies received and paid to the Belgian Tax Authority.
Ⓒ Prudential International
The registered office of Prudential International is in Ireland at Fitzwilliam Court, Leeson Cl, Dublin 2, D02 TC95. Prudential International is a marketing name of Prudential International Assurance plc, a life assurance company operating from Ireland. Registration No. 209956. Prudential International Assurance plc is authorised and regulated by the Central Bank of Ireland. Prudential International is part of the same corporate group as The Prudential Assurance Company Limited. Both The Prudential Assurance Company Limited and Prudential International are direct and indirect subsidiaries respectively of M&G plc, a company incorporated in the United Kingdom. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.