Enterprise Insurance Company plc (Enterprise) is a Gibraltar incorporated company and, therefore, the Enterprise liquidation is being carried out under the laws of Gibraltar. The situation around the Enterprise liquidation is an evolving one and so I propose to set out the position as it currently stands. You will appreciate that the liquidation of an insurance company is a legally complex and time consuming process. In general terms, under the Statute of Limitations, claimants are given two years following an accident to make an initial claim.
It should be noted that the decision to appoint a Provisional Liquidator to Enterprise on 25 July 2016 does not terminate or cancel contracts of insurance. However, claims under such contracts will not be paid until the assets and liabilities of the company have been ascertained which means it could take several years for some cases to be settled.
As of 3rd October 2016, the website of Enterprise Insurance states that a hearing has been set for 26 October at which the Provisional Liquidator will report to the Supreme Court of Gibraltar. The Provisional Liquidator will recommend that a liquidator be appointed and then it will be a matter for the Court to decide whether it agrees with such an appointment.
Persons who have a query or a claim should contact their broker or Enterprise on telephone number 00 350 200 50150 or info@eigplc.com.
In relation to your query regarding whether persons may resort to the Motor Insurers' Bureau of Ireland, the High Court has issued a decision in the Law Society of Ireland v The Motor Insurers' Bureau of Ireland case to the effect that the MIBI's liability under the 2009 Agreement extended to situations of insurer insolvency (subject to each individual claim being deemed eligible) and that decision was endorsed by the Court of Appeal. The case is currently the subject of an appeal to the Supreme Court however and is, therefore, sub judice. That appeal is due to be heard on 24 October 2016.
The Insurance Compensation Fund (ICF) provides for payments to meet the liabilities of insolvent insurers in certain cases where it is unlikely that claims can be met otherwise than from the ICF. Management and administration of the ICF is under the control of the President of the High Court acting through the Office of the Accountant of the Courts of Justice. Under the Insurance Act 1964, in a liquidation all ICF payments are subject to a limit of 65% of the amount due or €825,000, whichever is the lesser. In addition, claims by bodies corporate or unincorporated bodies are not covered by the ICF, except where there is a liability to or by an individual.
