Brokers must make arrangements with clients before liquidation of Enterprise

The British Insurance Brokers’ Association (BIBA) has encouraged its members to notify the provisional liquidator of any policies it has remaining with Enterprise Insurance in Gibraltar before it goes into liquidation.

The provisional liquidator plans to go to the Gibraltarian courts on October 26 to ask that Enterprise be put into full liquidation and all policies ‘disclaimed’, leaving brokers with little time to make alternative arrangements for their clients.

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