LAMP Insurance Company Limited – GFSC Website Update

Communication from the Liquidator 6 June 2019

On 31 May 2019 by Order of the Supreme Court of Gibraltar, the Official Receiver was appointed liquidator of Lamp Insurance Company Limited (“the Company”). A copy of the Order is included on this website

Consequent on the opening up of winding up proceedings, the authorisation of the Company as an insurer has been withdrawn in accordance with the provisions of section 156(1) of the Financial Services (Insurance Companies) (Solvency II Directive) Act and the procedure laid down by section 106 of the Insurance Companies Act (as amended).

Under section 156(2) and 156(3) of the Financial Services (Insurance Companies) (Solvency II Directive) Act, the Liquidator is permitted to pursue activities of the insurance undertaking so far as is necessary or appropriate for the purpose of the winding up provided that any such activities are pursued with the consent and under the supervision of the Gibraltar Financial Services Commission (“GFSC”).

The Liquidator will continue to administer and adjudicate on claims arising from insurance policies underwritten by the Company to establish the claims and quantum of such claims that may properly be admitted as insurance claims in the liquidation. However as the Company is insolvent no claims can be paid. In the circumstances, policyholders should seek advice from their broker.

The Liquidator has appointed Quest Consulting (London) Ltd of 52-53 Gracechurch Street, London EC3V OEH, United Kingdom (“Quest”) to administer claims and policyholder queries Communications in respect of policy related queries and claims should be sent to the following email address lamp@quest-group.co.uk

As the Company is insolvent, the Liquidator will almost certainly disclaim or terminate insurance policies. Until the date of termination, policies remain in force and claims should be notified in accordance with the policy terms and conditions. Any decision to disclaim policies will be communicated to brokers/policy holders as provided for under the Insolvency Act and the Order.

The Liquidator has appointed Grant Thornton Ltd of 6A Queensway, PO Box 64, Gibraltar as agent to advise and assist on matters relating to the operation and conduct of the liquidation. Communications to the Liquidator should be sent to the following email address lampinsurance@gi.gt.com

In respect of policyholders in the United Kingdom the Liquidator is in contact with the Financial Services Compensation Scheme (“FSCS”) to facilitate the processing of claims for eligible policyholders. Insurance claims once admitted by the Liquidator in respect of United Kingdom policyholders eligible for protection from the compensation scheme will be forwarded to the FSCS by Quest the appointed claims administrator.

Policyholders not resident in the United Kingdom may not be protected by an insurance compensation scheme. Valid insurance claims may be admitted as insurance claims in the insolvent estate but may only receive a distribution from the Liquidator if sufficient assets are realised. At this time, the Liquidator is unable to estimate the amount or timing of any possible distribution.

As the liquidation progresses the Liquidator will continue to post updated communications on this website.

Official Receiver
Liquidator
Lamp Insurance Company Limited

IMPORTANT PRIVACY NOTICE - PLEASE READ

NOTICE OF DISCLAIMERS

In accordance with the powers provided by Section 209 of the Insolvency Act, 2011 the Liquidator has disclaimed:

Dec 4, 2019
Oct 3, 2019
Sept 25, 2019
Sept 25, 2019
Sept 25, 2019
Sept 4, 2019
Aug 29, 2019
July 26, 2019
July 26, 2019
July 24, 2019
July 1, 2019
June 25, 2019
June 14, 2019

Relevant Materials and Orders can be viewed / downloaded from the links below:

Jun 30, 2020
April 30, 2020
Dec 31, 2019
Dec 4, 2019
Oct 3, 2019
Sept 25, 2019
Sept 25, 2019
Sept 25, 2019
Sept 4, 2019
Aug 29, 2019
July 26, 2019
July 26, 2019
July 26, 2019
July 25, 2019
July 24, 2019
July 1, 2019
Jun 26, 2019
Jun 14, 2019
May 31, 2019