What is an Ultimate Beneficial Owner?

Where a policy is arranged in the name of a business, we are required to establish whether that business has an Ultimate Beneficial Owner (UBO). This is any person who:

• holds (directly or indirectly) more than 50% of the shares, or
• holds (directly or indirectly) more than 50% of the voting rights in the business, or
• has the right (directly or indirectly) to appoint or remove a majority of the board of directors of the business, or
• is able to ensure the affairs of the business are conducted in accordance with their wishes.