Important Notice In Relation to Elite's French Business
The Joint Administrators of Elite Insurance Company Limited (in administration) (Elite) refer to Article A310-1 of the French Insurance Code, which is effective from 1 January 2021 following the end of the Brexit transition period provided for in the UK-EU Withdrawal Agreement. The Joint Administrators also refer to the related press release issued on 4 January 2021 by the Autorité de Contrôle Prudentiel et de Résolution.
It should be reminded that:
Elite’s business in France has been in run-off since 4 July 2017;
Elite is in administration since 11 December 2019 further to the Order of the Supreme Court of Gibraltar, which appointed the Joint Administrators; and
the Gibraltar Financial Services Commission (the GFSC) withdrew Elite’s authorisation to write new insurance contracts on 1 February 2019.
In addition, with effect from (and including) 15 September 2020, and in accordance with the laws of Gibraltar, the Joint Administrators disclaimed all French construction policies provided by Elite. As a result of the disclaimer, all of the French construction policies, which represent almost all of Elite’s business in France, were terminated.
The Joint Administrators will continue to manage the affairs of Elite in accordance with the laws applicable to the administration proceedings.
This notice follows previous press releases regarding Elite’s administration proceedings, with particular reference to the one dated 16 September 2020 on the ACPR website, and anything not expressly modified by this notice continues to remain valid for all purposes in the absence of further written communications from us.
Further information can be found on the GFSC’s website, www.fsc.gi, and on the website used by the Joint Administrators www.pwc.co.uk/elite-insurance.
