From: RegTech Analyst
The courts of Gibraltar has placed Elite Insurance Company into administration.
The company closed all its business with immediate effect in July 2017, according to Insurance Age.
As part of the administration process it is no longer paying claims ,according to the publication.
However, while the company was authorised and regulated by the Gibraltar Financial Services Commission (‘GFSC’), it also operated in the UK under the EU’s freedom of services basis.
As such, the Financial Conduct Authority has also told UK policy holder, “If you are an Elite policyholder, you should note that your policy remains in force and is currently still valid, however you should contact your broker in the first instance to seek advice on what you should do, and the options available for arranging alternative cover. It may be considered prudent to take out alternative cover with another insurer.”
Edgar Lavarello of PwC Gibraltar and Dan Schwarzmann of PwC UK were appointed as joint administrators by the Gibraltar court.
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