Aviva Transfer of Life Assurance Business to UK

[OLD MONEY]

I have an AVC Fund invested with Aviva Irl. I got notification from them today that they intend transferring all of their Irish policies to an Irish Branch of Aviva UK.There is an accompanying booklet with the letter, explaining that it won`t affect my policy terms and conditions.
Should I be worried ?

 

[MrEarl]

Hello,

The company are doing the same in respect of their Life & Mortgage Protection customers ...

I find myself wondering, are there "softer" regulatory requirements in the UK for this business than here in Ireland (possibly in terms of level of reserves required, reporting requirements etc), hence facilitating a slightly easier time for Aviva if they bring the Irish business into the UK company ?

Obviously, an underlying concern would also be that there may be future job losses coming from Aviva once they move this business back into the UK company.

 

[mmcd]

On page 22 of Actuary's report it states "credit risk is increased as a result of the transfer" but he covers over this by stating now part of a larger company with larger assets.
Food for thought!

 

[Conan]

My understanding is that to date the Irish arm of Aviva operated as a Company in its own right (albeit a subsidiary of Aviva UK). The proposal now is to turn the Irish organisation into a Branch of the UK Company. This is similar to how Standard Life in Ireland operates (as a branch of Standard Life UK). It will mean (I think) that UK investor compensation rules apply (which I think are more generous that the Irish rules).
Other than that I don't think the change is significant.