Important Communication Regarding Enterprise Insurance Company PLC

Important Communication Regarding Enterprise Insurance Company PLC

Please be aware that on 22 July 2016 the Gibraltar Financial Services Commission (GFSC) issued instructions that Enterprise Insurance Company PLC (EIC) must cease issuing any insurance policies with immediate effect. This includes both new business and renewals.

Due to the lack of detail available at present we are unable to provide as full a briefing as we would like, but are able to confirm the following:

The GFSC is working with EIC to ensure the protection of their policyholders and has applied for the appointment of a provisional liquidator to carry out a more detailed assessment of the situation. The GFSC have issued statement on their website and this can be viewed at

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

The statement includes the following advice for policyholders:

I am an existing policyholder, what happens to my policy?
Your policy is still in force. The current position does not terminate the contracts of insurance. More information will follow as and when further steps are taken

As an existing policyholder, do I need to take any action?
As existing policies remain in force no action is required at this stage.

Can I cancel my motor policy with EIC? Do I have the right to a refund of my premium?
The terms and conditions of your existing policy remain applicable. Please see your 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 note that their policies are still in force until further notice.

I have an existing claim, what happens to this?
The status of your claim will be considered following the appointment of a provisional liquidator.

I want to make a new claim, what should I do now?
Please direct any enquiries to the claims number in your policy documentation.

Please be assured that EIC are covered by the Financial Services Compensation Scheme (“FSCS”) who are currently reviewing the situation. Please visit the following link for the latest updates:
http://www.fscs.org.uk/news/2016/july/update-for-customers-of-enterprise-insurance-company-plc/

Yours Sincerely,

Chris Patterson
Group MD