By: 10 October 2016
BIBA tells members to contact liquidator of defunct Enterprise Insurance before 26 October deadline

The British Insurance Brokers’ Association (BIBA) has emailed all of its members, encouraging them to provide the provisional liquidator of Enterprise Insurance in Gibraltar with any remaining policy information they have with the now defunct insurer.

The Supreme Court of Gibraltar appointed Frederick David John White of Grant Thornton to be the provisional liquidator back in July when the company was declared insolvent.

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

BIBA has advised its members to email the liquidator at 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”.

“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.”

Since going out of business, any open claims with Enterprise have been managed by the provisional liquidator with the support of the Financial Services Commission in Gibraltar and in dialogue with the UK Financial Services Compensation Scheme (FSCS).