The Gibraltar Financial Services Commission (GFSC) has directed Enterprise Insurance Company, under section 105 of the Financial Services (Insurance Companies) Act, to cease writing any new insurance business or contracts after the company was declared insolvent.
GFSC has also issued certain directions under Section 100 of the Financial Services (Insurance Companies) Act that prohibits Enterprise from making any payments unless previously authorised by the Commission, in order to protect the assets of the company.
GFSC has said it is now taking steps to issue winding up proceedings with the cooperation of Enterprise. It is the intention to issue an application for the appointment of a provisional liquidator.
This action has been …
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