Enterprise Insurance Company Liquidation Update

Enterprise customers have been receiving letters from the Liquidators appointed by the Supreme Court of Gibraltar.

Published: 9th December 2016

Enterprise customers have been receiving letters from the Liquidators appointed by the Supreme Court of Gibraltar.

Grant Thornton have sent the letters as part of their statutory obligation to notify customers that winding up proceedings have now begun, in accordance with the Financial Services (Insurance Companies) (Solvency II Directive) Act.

Currently only motor insurance policies and teacher absence policies have been disclaimed, or cancelled. This took effect at midnight on 27th October 2016 and other types of insurance, including GAP insurance, “are likely to be disclaimed in the near future”.

GAP Insurance Policy Holders

Contact to GAP policy holders has seemingly lacked clarity, caused confusion to policy holders prompting a number of people to believe that their policy had been cancelled. Due to the confusion about the validity of GAP policies, a further statement has been issued by Motorway Direct, the administrators of Enterprise GAP and Motor Warranty policies, to try to clear up the position:

For clarification, whilst it is likely that the Liquidator will eventually disclaim all non-compulsory EIC Insurance products, both Grant Thornton and FSCS have confirmed that EIC policies arranged through Motorway Direct plc and/or its subsidiaries are still valid, with claims continuing to be administered by Motorway Direct plc under the compensation scheme until further notice.

Enterprise has underwritten policies in several European countries. Advice has been issued stating that anyone in the UK needing to make a claim on their policy should report the claim as they normally would per their policy documents.

More information and relevant contact details can be found at Enterprise Insurance Company.

Published: 9th December 2016
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