Please note that in certain countries, policyholders with certain insurance types may be eligible to claim compensation from their local Guarantee Funds/Compensation Schemes, namely for certain policies in Ireland, the United Kingdom and Denmark. For all other policies written by CBLIE, it is unlikely that policyholders will be eligible for compensation given the nature of the risk insured.
The Joint Liquidators will work with the respective Guarantee Fund/Compensation Scheme to process the claim. Please contact your claims handler in the first instance in order to process your claim.
For further information on the compensation schemes that may be applicable for your policy, please see the links below:
United Kingdom Compensation Scheme – Financial Services Compensation Scheme (UK)
French Policyholders:
Following a review of the French compensation scheme, it has been confirmed that there will be no compensation available to French policyholders.
Italian Policyholders:
Following a review of the Italian compensation scheme, it has been confirmed that there will be no compensation available to Italian policyholders.
Other Policyholders:
We consider it is unlikely that policyholders in other jurisdictions will be eligible for compensation given the nature of the risk insured by CBLIE. We recommend policyholders should seek independent advice on this matter from their local insurance broker.
UNITED KINGDOM COMPENSATION SCHEME – FINANCIAL SERVICES COMPENSATION SCHEME (UK)
To be able to claim compensation with Financial Services Compensation Scheme (FSCS) you must be eligible under the FSCS compensation rules, which are set by the UK financial services regulators: the Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority (“PRA”).
You may claim compensation with FSCS if you meet all the FSCS criteria for eligibility.
The FCA and PRA also place limits on the amount of compensation that is payable.
Please contact your local claims handler in the first instance in order to process your claim. The Joint Liquidators, together with your local claims handler, will work with the FSCS to process the claim.
For further information, please see:
THE DANISH GUARANTEE FUND
The Danish Guarantee Fund may provide compensation for claims that have not been covered as a consequence of the liquidation.
Claims must be notified to the Danish Guarantee Fund as soon as possible and no later than six months after the liquidation order on 12 March 2020, i.e. no later than 11 September 2020.
Please contact your local claims handler in the first instance in order to process your claim. The Joint Liquidators, together with your local claims handler, will work with the respective Danish Guarantee Fund to process the claim.
For further information about the claims covered by the Danish Guarantee Fund, please see:
IRISH INSURANCE COMPENSATION FUND
The Insurance Compensation Fund is primarily designed to facilitate payments to policyholders who are individuals in relation to risks in the State where an Irish authorised non-life insurer goes into liquidation.
The cap on the amount to be paid out of the Fund in the event of a liquidation is 65% of the claim or €825,000 whichever is the lesser.
A sum due to a commercial policyholder may not be paid out of the Fund unless the sum is due in respect of a liability to an individual.
Please contact your local claims handler in the first instance in order to process your claim. The Joint Liquidators, together with your local claims handler, will work with the Irish Insurance Compensation Scheme to process the claim.
For further information on the Insurance Compensation Fund, please see: