Tuesday, August 09, 2016

IMPORTANT NOTICE FROM QUOTAX

Important Notice.

We are receiving correspondence from Quotax Insurance Services regarding Motor Insurance Policy with Enterprise Insurance Company (EIC) written through Orbit Underwriters Agencies. 

On the 22nd July 2016 it was announced that the Gibraltar Financial Services Commission (GFSC) have issued notice of direction to EIC to cease entering into any new contracts of insurance in order to protect the interests of their existing policyholders. 

GFSC have issued court proceedings to have EIC managed by an independent and skilled insolvency specialist and the Gibraltar Supreme Court appointed a Provisional Liquidator.  

The Provisional Liquidator will be managing the Company’s affairs under supervision of the GFSC. He will be working with Enterprise staff and claims operations to ensure that the insurance business continues to operate. This includes managing and processing all claims; this applies to claims arising each of the counties that Enterprise operates in. 

We understand that the Provisional Liquidator will also contact all policyholders to notify them of his appointment and what happens next. 

We confirm that all policies remain valid. Enterprise motor insurance policy holders can still legally drive under these policies. If an accident occurs and a claim is made, Enterprise cannot make any payment against that claim at this stage. We reiterate that this situation does not in any way cancel or terminate any existing contract of insurance. 

Whilst claims will be processed, Enterprise is not able to pay any claims at this stage. In those counties where compensation schemes operate, claims will be considered by those schemes. In the unfortunate event of you needing to make a new claim please direct any enquiries to the claims number in your policy documentation. 

As a direct result, we are no longer able to issue any new policies on behalf of EIC or offer renewals on any existing EIC contact. When your policy falls for renewal, we will obtain quotes from our large panel of Specialist insurers in order to obtain you the best terms possible. 

We at Quotax would like to reassure our policyholder that EIC are a member of the Financial Services Compensation Scheme (FSCS), whereby if insurers are unable to meet their obligations, the FSCS provide protection for the customer. We regret that in general the FSCS can only pay claims once they are sure that the firm cannot pay their own claims. This means the liquidator needs to do their due diligence before they can declare the firm in default and pay claims. 

Below is the link to FSCS website explaining the level of protection under the scheme:-

http://j.mp/2aX57Mg 

The FSCS can be contacted directly on either 0800 678 1100 or 020 7741 4100 

The GFSC, has also provided a helpline number which is:- 350 200 40284

Policy holder’s queries can also be directed to enterprisepolicyholders@fsc.gi

As soon as we receive more information from Enterprise Insurance Company PLC, we will update you. We will also post any news relating to this on our website www.quotax.net. Meanwhils is you have any concerns and are considering cancelling you policy please contact us on 020 8691 9691 and we wilI discuss the options available to you. 

Thank you for being patent with us during this period of uncertainty. 

 

Yours sincerely 

 

Quotax Insurance Services