IMPORTANT INFORMATION AFFECTING GAP INSURANCE POLICY HOLDERS
DATE OF ISSUE: 12th August 2016
Enterprise Insurance Company Ltd
Enterprise Insurance Company PLC are based in Gibraltar and on Friday 22nd July the Gibraltar Financial Services Commission (GFSC) issued directions under Section 105 of the Financial Services (Insurance Companies) Act, directing Enterprise Insurance Company PLC to immediately cease accepting new contracts of insurance - this means that the Company is not authorised to issue any new insurance policies.
The GFSC has subsequently appointed Provisional Liquidator who will explore options for transfer of policies, protection of assets and any other steps that can best protect the position of policyholders, including the continued processing of claims and continued validity of policies - the Provisional Liquidator is required to report back to the court within 3 months.
What does this mean for you?
If you bought a GAP policy from Brightside before 21st July 2016 it was underwritten by Enterprise Insurance Company PLC - all polices remain valid.
What happens with my existing claim?
Enterprise Insurance Company Plc will be processing claims as usual, please refer to your policy documentation. Again you need to appreciate that Enterprise cannot make any payment against that claim at this stage of provisional liquidation.
What happens if I want to make a new claim?
Please direct any enquires to the claims number supplied in your policy documentation.
When will my claim be paid?
Once new and existing claims are assessed and approved by Enterprise Insurance Company Plc, claims will be referred to the Financial Services Compensation Scheme (FSCS) by the Provisional Liquidator. FSCS protects private individuals and small businesses with a turnover of less than £1million. Protection is 90% of what you would have recovered from the insurers.
What do I need to do next?
If you are currently paying your policy by direct debit instalments we would stress that you continue to maintain your payments, failure to do so may affect your ability to make a claim.
Is anything else likely to change?
We expect that Enterprise Insurance Company Plc will enter full liquidation very soon and we will let you know if this happens. Where can I get more information? • GFSC: www.fsc.gi • FSCS: www.fscs.org.uk