Extension of the settlement period of European Risk Insurance Company hf. insurance portfolio
30th January 2017
The Icelandic Financial Supervisory Authority , FME, has today sent a letter to the Resolution Board of the European Risk Insurance Company hf. (ERIC) extending the settlement period of ERIC´s insurance portfolio for one year, i.e. from February 12th 2017 to February 12th 2018.
New legislation on Insurance Activities, Act no. 100/2016, effective from October 1st 2016, state in article 174, paragraph 3, that provisions of the repealed Act on Insurance Activities no. 56/2010, are in effect as it relates to Resolution Boards appointed on the basis of Act no. 56/2010.
ERIC´s Resolution Board was appointed in accordance with article 91 of Act 56/2010. As stipulated in article 91. a., paragraph 3, of the same Act, settlement of the insurance portfolio shall, if possible, be concluded within three years from the appointment of the Resolution Board. However, the Financial Supervisory Authority can extend the settlement period twice for one year at a time.
On the bases of the cited paragraph 3 of article 91. a., cf. article 174 of the current Act on Insurance Activities no. 100/2016, the Financial Supervisory Authority extends the settlement period of ERIC´s insurance portfolio for one year, i.e. from February 12th 2017 to February 12th 2018.
For further information please contact firstname.lastname@example.org
Premium refunds made to customers of the European Risk Insurance Company hf. (ERIC)
6th January 2016
The Financial Services Compensation Scheme (FSCS) has issued premium refunds to more than 2,600 European Risk Insurance Company (ERIC) policyholders. FSCS is working with ERIC to determine the payment details of the remaining policyholders so payments can be issued.
FSCS calculates compensation at 90% of the unused premium and will pay this by cheque.For further information please contact email@example.com or the FSCS Customer Services Team by email at firstname.lastname@example.org
European Risk Insurance Company hf. (ERIC)
Information relating to the Winding up proceedings.
Important information regarding European Risk Insurance Company hf
As from the 5th of February 2014 ERIC ceased accepting new business, including requests for renewals and for extensions of cover.
The Financial Supervisory Authority in Iceland, Fjarmalaeftirlitid (“FME”), revoked ERIC’s operating licence on the 12th of February 2014 as the company no longer complies with the provisions of Act No. 56/2010 on insurance activity with regards to minimum solvency requirements and has surrendered its licence to operate as an insurance company, as provided in the first paragraph of Article 90 of the cited Act.
The FME has appointed a three person Resolution Board, according to Article 91 of the Act on Insurance Activities, which comprises the following persons:
- David A. Einarsson, Chartered Accountant
- Erla S. Arnadottir, Supreme Court Attorney
- Pall Johannesson, District Court Attorney
For claims notifications or information please use this email address: email@example.com
For general enquiries please use this email address : firstname.lastname@example.org
To contact the Resolution Board please use this email address: email@example.com