From the 1^st Jan 2021 unless you have a registered European entity with permissions to conduct regulated insurance business you are no longer able to sell new business OR review OR renew any policies with an EU contract address- effectively all regulated activities.

Options:

Renewal of existing clients

As each EU/EEA client approaches renewal, we could take on the client direct and pay a commercial transfer commission (termed “introducer fee”) of 15% to yourself.  The renewal terms will be issued directly from April International Care France (existing product) to the client and a new direct terms of business attached. We will only pay the introducer fee on the year 1 renewal (at the point it switches over to us).

We would not be able to include you in any communications between the client and us as effectively you aren’t able to give any advice or support the renewal process without the European license.

In addition and in-line with GDPR unless you obtain consent from the client, you would not be able to follow up with the client at a later stage because their data is no longer valid to you once the business relationship ends.

New Business

New business opportunities must again be dealt with by a broker with the ability to sell within Europe if the contract holder has a European address.

These leads can be passed to us and upon confirmation of sale we will pay an introducer commission of 15%.

Again, we would not be able to include you in any communications between the client and us as effectively you aren’t able to give any advice of support the sales process without the European license.

Note

If at any point you set up a European entity and are able to transact in Europe, these clients can be returned back to yourself with the relevant permissions from the client and we will resume commission payments.

Alternative

An alternative to the above would be to form a partnership with a European broker who has the facility to sell within Europe and contract a commission split.

April International own Medibroker who are being set up in France (Medibroker Europe) and will have the appropriate authorisation to conduct business in the EU. We would be happy to initiate talks in which a 50% commission split is agreed.

All correspondence/renewal/new business arrangements would be conducted by Medibroker Europe and written into the agreement would be an option that with the clients consent the business could return to the original broker if regulations changed following an agreement between the EU/UK and/or the broker obtained the appropriate licenses to conduct business in the EU.

For more information, contact

Amanda BARRETT

Amanda.Barrett@april-international.co.uk

Mob: +44 (0) 77 7606 5328