After the collapse of Enterprise Insurance in Gibraltar, the British Insurance Brokers’ Association (BIBA) has issued an urgent message to its members.
An email has been sent encouraging brokers that have policies remaining with the ill-fated company to provide the provisional liquidator with details of those policies.
The liquidator has announced plans to go to the Gibraltarian courts on October 26 in an effort to place Enterprise in full liquidation with policies “disclaimed”. As such, there is little time remaining for brokers to establish alternative arrangements for their clients.
In a statement, BIBA outlined that it has been liaising with the provisional liquidator, the Financial Services Compensation Scheme (FSCS) and the FCA since Enterprise was put into provisional liquidation, to support its members’ activities to find alternative protection for their clients. Now it is advising its members to email the liquidator at:
[email protected] requesting access to a portal set up specifically to collect policy data and the liquidator’s team will respond with a secure link to the portal.
David Sparkes, head of compliance and training at BIBA, said: “Once a liability has been recognised formally against the assets of Enterprise Insurance by the provisional liquidator, the FSCS may start the process of assessing levels of compensation owed.
“Whilst we have obviously sent this message to BIBA members, it is important that all brokers with Enterprise policies, particularly those acting in a wholesale capacity for other brokers, take action.”
Related links:
Brokers told to find new cover for Enterprise clients
Third of insolvent insurer’s clients still without cover
