Insurance Companies
FINANCIAL SERVICES ACT 2019
APPLICATION FOR TRANSFER OF GENERAL INSURANCE BUSINESS
LAMP INSURANCE COMPANY LIMITED
(IN LIQUIDATION)
TO
EIFLOW INSURANCE LIMITED
NOTICE TO POLICYHOLDERS AND INTERESTED PARTIES
TAKE NOTICE THAT the Official Receiver, as Liquidator of Lamp Insurance Company Limited (In Liquidation), with registered office at 6A Queensway, Gibraltar, GX11 1AA (“Lamp”), proposes to transfer to EIFlow Insurance Limited of First Floor, Grand Ocean Plaza, Ocean Village, Gibraltar (“EIFlow”), certain After the Event (ATE) insurance policies of Lamp policyholders based in the United Kingdom with risks insured by Lamp (the “Transferring Policies”) subject to the prior approval of the Gibraltar Financial Services Commission and the consent of the supervisory authorities of the United Kingdom (the “Proposed Transfer”). The Liquidator has appointed Grant Thornton Limited of 6A Queensway, PO Box 64, Gibraltar, as agent to advise and assist on matters relating to the operation and conduct of the liquidation.
NOTICE IS HEREBY GIVEN pursuant to Section 438(4) of the Financial Services Act 2019 (the “Act”) to all policyholders of Transferring Policies and any person with an interest in a Transferring Policy that said policyholders and persons are entitled to make written representations concerning the Proposed Transfer to the Gibraltar Financial Services Commission. Such representations must be made and received by the Gibraltar Financial Services Commission before the expiration of Sixty (60) days from the first publication of this Notice and may be made in writing either by post at: Gibraltar Financial Services Commission, Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar or by email to: lampinsurance@gfsc.gi. The Gibraltar Financial Services Commission will not determine Lamp’s application for approval of the Proposed Transfer in relation to the Transferring Policies until it has considered any such representations made to it.
NOTICE IS ALSO HEREBY GIVEN THAT the Proposed Transfer will be undertaken by way of a Portfolio Transfer Instrument to be executed between Lamp, Grant Thornton Limited and EIFlow. Upon taking effect, the Portfolio Transfer Instrument will operate to transfer the Transferring Policies, including rights, liabilities and obligations thereunder, from Lamp to EIFlow, subject to certain exceptions The Portfolio Transfer Instrument will not however take effect until the Gibraltar Financial Services Commission has granted approval to the Proposed Transfer and the supervisory authorities of the United Kingdom have provided their consent.
TAKE FURTHER NOTICE THAT a copy of a statement setting out particulars of the Proposed Transfer (the “Statement of Particulars”) may be obtained free of charge by emailing lampinsurance@gi.gt.com. Copies of the Statement of Particulars shall also be available for inspection for a period of no less than thirty (30) days from the date of publication of this Notice at:
(i) the offices of the Gibraltar Financial Services Commission at Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar;
(ii) the offices of the Liquidator’s agent, Grant Thornton Limited, situated at 6A Queensway, PO Box 64, Gibraltar; and
(iii) the offices of Quest Consulting (London) Limited, situated at 52-54 Gracechurch Street, London, United Kingdom, EC3V 0EH.
Dated: 30 April 2020
Freddie White, As agent for the Official Receiver in the capacity of Liquidator of Lamp Insurance Company Limited (In Liquidation)