Zurich Intl restricts distribution
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Zurich International Life is cutting its distribution to clients following a strategic business review.
From December 4, the firm will only accept new business for policyholders and lives insured who are resident or have an address in Bahrain, the Channel Islands (Jersey and Guernsey), Hong Kong, the Isle of Man, Qatar, Singapore, Taiwan, the United Arab Emirates and the UK.
Business in these countries must be signed, negotiated and introduced by an intermediary licensed to conduct insurance activities. The Taiwan branch will accept business from November 28.
ZIL says it will not accept any business from US or Japanese nationals, irrespective of residence.
Earlier this year, Money Marketing reported that ZIL was cutting its distribution to clients in Asia and Australia and across the European Union. Existing business written with ZIL by advisers is not affected by the latest changes.
In a note to advisers this month, Zurich says: “Zurich believes that the increasing complexity of regulation elsewhere requires resource which is no longer in proportion to the benefits derived from accepting business from these countries.”
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