Central Bank Response To Brokers – ZENITH INSURANCE

Please note the Central Bank’s response to the IBA’s enquiry to them re. clarification from their circular to brokers regarding Zenith Insurance departure from the Irish market:

‘I refer to your email to Bernard Sheridan (below) which has been passed to me for response.  The Central Bank understands that Zenith Insurance plc (“Zenith”) will continue to sell private car policies to Irish customers until February 2017 and that existing motor insurance policies remain valid until the next renewal date and claims will continue to be processed as normal.  The Central Bank’s aim in this communication is to remind firms that relevant consumers must be fully informed of the underwriter’s plans, as this is key information under the Code. 

Specifically, the information regarding Zenith’s withdrawal from the private car insurance market should be conveyed to customers at the following times:

For new business – to potential new customers at quotation stage prior to a new policy being incepted.

For renewal business – to existing Zenith customers at renewal offer stage prior to a policy being renewed.

At mid-term alteration – where a Zenith customer is making a mid-term alteration to an existing policy.

I trust this provides the necessary clarification.’

 

Brian McNelis ACII

Director General Services 

Irish Brokers Association

87 Merrion Square

Dublin 2