BIBA urges brokers to contact the provisional liquidator of Enterprise with policy information

10th October 2016

The British Insurance Brokers’ Association (BIBA) has emailed all of its members to encourage any that have policies remaining with Enterprise Insurance in Gibraltar, to provide the provisional liquidator with details of those policies.

With the provisional liquidator announcing plans to go to the Gibraltarian courts on 26th October 2016 to ask that Enterprise be put into full liquidation and all policies ‘disclaimed’, there is little time left for brokers to make alternative arrangements for their clients.

BIBA 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.

BIBA has advised its members to email the liquidator at: it@eigplc.com 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”.

Sparkes added: “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.”

-ENDS-

Notes to editors

  1. For further information please contact:

    BIBA press office:
    Pam Quinn, Head of Communications
    020 7397 0223
    quinnp@biba.org.uk

Leighann Forsyth; Deputy Head of Communications
020 7397 0223
forsythl@biba.org.uk

 

  1. About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms.

General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.

54% of all general insurance is sold by an insurance broker and they arrange 78% of all commercial insurance business.

Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.

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BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.