Enterprise Insurance Enter Liquidation

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By Ben Scott
Marketing Manager

Important Communication Regarding Enterprise Insurance Company PLC

On the 22nd of July 2016, the Gibraltar Financial Services Commission (GFSC) intervened in the operations of the Enterprise Insurance Company PLC and issued directions under section 105 of the Financial Services (Insurance Companies) Act to cease the issuing of any insurance contracts (policies) with immediate effect. This direction applies to both New Business policies, and Renewals.

Section 105.(1) The Commission may, at the request of a licensed insurer or on any of the grounds set out in subsection (2), by notice in writing, direct that the insurer shall not enter into new contracts of insurance or contracts of any description specified in the direction

As of yet Connect Insurance are unable to provide a full briefing regarding this regrettable situation due to a lack of details available, however we would like to reassure you that we are doing everything possible to protect our clients. We are able to confirm that the GFSC is working with Enterprise to ensure the protection of their policyholders, and has applied for the appointment of a provisional liquidator to conduct a more thorough assessment of their standing.

Formal Notification of Provisional Liquidator Appointment

Provisional Liquidator Intent To Disclaim All Contracts

FAQ

I am an existing policyholder, what happens to my policy?

Presently your policy remains in force, however if the Provisional Liquidator has their disclaimer upheld then your insurance will be terminated on October 26th. If you have not replaced your business elsewhere and your policy is cancelled on the 26th as a result of the disclaimer, you will be left uninsured.

As an existing policyholder, do I need to take any action?

You will now need to find alternative cover with another insurance company commencing on the 26th of October in order to be fully covered. Contact us now regarding this if you haven’t already heard from ourselves.

Can I cancel my motor policy with EIC? Do I have a right to a refund of my premium?

All terms and conditions of existing policies remain applicable; check you policy documentation in relation to cancellations. Individual policyholders should take their own advice as to their next course of action, taking into account the provisions of local compensation schemes. Individual policyholders should remain aware that their policies remain in force until further notice. If you cancel your policy and are entitled to return of premium, please proceed with this claim with Enterprise Insurance Company Plc. Enterprise cannot make any payment at this stage.

I have an existing claim, what happens to this?

If you haven’t already submitted a claim, please submit your claim to Enterprise Insurance Company Plc. Enterprise Insurance Company Plc will be processing claims as usual, please refer to your policy documentation.

I want to make a new claim, what should I do now?

Please direct any enquiries to the claims number in your policy documentation.

Connect Insurance would like to take a moment to reassure our clients that Enterprise Insurance are covered by the Financial Services Compensation Scheme (FSCS) who are already reviewing the situation as it unfolds. For more information on FSCS or the standing of their review, please check out their updates available here

Thank you to our clients for being patient with us during this period of uncertainty.

Sources: http://www.fsc.gi/fsc/EnterpriseStatement.htm

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