On 7 April Prudential International Assurance plc (‘PIA’) implemented changes to its business model in respect of its Belgian business. This means that PIA will no longer accept applications for new policies from 29 May 2014.
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’).
On 14 February we 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’). PIA will continue to update the relevant regulators as necessary.
All affected policyholders will be informed over the coming week or two and a copy of that communication will be issued to you at that time.
The change in business model has no impact on your clients’ existing policies with Prudential International Assurance plc (‘PIA’).
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.
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.
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 email@example.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.
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.
If you have a query you can contact Prudential International Assurance plc (‘PIA’) directly by email at firstname.lastname@example.org 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, Montague House, Adelaide Road, Dublin 2, Ireland.
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.
Your client can request servicing forms by emailing email@example.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 Montague House, Adelaide Road, Dublin 2, Ireland.
Provided we have received the relevant authorisation from your client, you can get a valuation by e-mailing us at firstname.lastname@example.org 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.
No, with effect from 29 May 2014 PIA has ceased accepting any applications for new policies from Belgian residents.
From 29 May 2014 PIA will not be accepting any new applications from Belgian residents.
Yes, we will permit Top Ups to their existing policies in line with their policy Contract Conditions.
Any applications in pipeline received by Prudential International Assurance plc (‘PIA’) before close of business on 29 May 2014 will be accepted, provided they result in a policy, or Top Up to an existing policy, being issued by 31 July 2014.
Any applications submitted for a new policy:
will fall under the new business model and will be rejected.
Any applications for new policies or Top Ups to existing policies received by Prudential International Assurance plc (‘PIA’) before close of business 29 May 2014 which are accepted and issued before close of business on 31 July 2014 will result in commission being payable to HPGB.
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.
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.
Yes. Insurance Premium Tax (IPT) will be deducted from any monies received and paid to the Belgian Tax Authority.