Arnold Clark Insurance (Malta) Limited (the “Transferor”)Notice ID: GLA1729540
Arnold Clark Insurance (Malta) Limited (the “Transferor”)
a company registered and incorporated under the laws of Malta and authorised by the Malta Financial Services Authority (the “MFSA”) is authorized under the Insurance Business Act [Cap 403] (the “Act”) to carry on the business of general insurance in Malta and was permitted to cease to carry on general business of insurance by the MFSA on the 9th April 2019 with effect from 21st March 2019 subject to the conditions of such permission and the provisions of the Act. Fortegra Europe Insurance Company Ltd (the “Transferee”), is an insurance undertaking registered and incorporated under the laws of Malta and authorised by the MFSA in Malta under the Act, to carry on the business of general insurance in classes 3, 8, 9 , and 16 (as described in the Third Schedule of the Act and Annex I of Directive 2009/138/EC). The Transferor and Transferee are pleased to announce that they have reached a preliminary agreement for the transfer of all the rights and obligations relating to the Class 16 Monthly Vehicle Replacement Insurance (“VRI”) general insurance business of the Transferor to the Transferee. The transfer will take place in Malta and remains subject to approval of the MFSA. The transfer will become effective from 11.59 pm on the last day of the calendar month in which MFSA approval is received (“Effective Date”). In this respect it is hereby announced that on the 17 October 2019 an application was made to the MFSA in accordance with article 33 of the Act for the approval of the transfer of all the rights and obligations relating to the Class 16 Monthly VRI general insurance business of the Transferor to the Transferee, by means of a portfolio transfer. This transfer shall not alter the contractual rights and responsibilities of policyholders under Monthly VRI policies issued by the Transferor, which policies will be assumed by the Transferee, with the exception of some minor enhancements to the terms and conditions including updated complaints procedures, claims procedures, cancellation clause and data protection notice, which will be set out in the written notice to policyholders.. The same applies to any existing and future claims relating to the Monthly VRI policies, which will be assumed by the Transferee in full respect of the rights of policyholders and third parties. A copy of the Statement of Particulars setting out summary particulars of the agreement will be available for viewing on the website of Arnold Clark Automobiles Limited at www.arnoldclark.com. The Transferor and the Transferee trust that holders of Monthly VRI insurance policies of the Transferor should find that the transfer of business is carried out in a clear and transparent manner and with full respect and preservation of their rights pursuant to such policies. Every interested policyholder and every other person who claims an interest in a Monthly VRI policy issued by the Transferor is reminded that he may wish to seek professional advice on this matter. Moreover every interested policyholder and every other person who claims an interest as aforesaid is entitled to make written representation in connection with the proposed transfer, which representation should be addressed to the MFSA by e-mail to email@example.com or by telephone to +356 2144 1155, within a period of 30 days from the date of publication of this notice. The MFSA shall not determine the application to approve the transfer until after considering any representations made to it before the date specified above.