Refunds of premium

ERIC is working with the FSCS on creating a mechanism for refunding legitimate claims for return of premium. For further information please see the latest newsletter from the FSCS (information regarding refunds can be found on page 5):

http://www.fscs.org.uk/uploaded_files/half_year_outlook_november.pdf

The Company will post further updates on this website as soon as there is further information regarding refunds.

Cancellation of policies

The ERIC Resolution Board decided to send out letters of cancellations to all policyholders with a valid policy on September 30, 2014.

This decision was made in order to protect the interests of the insured and any potential future claimants, in addition to minimising potential future claims which might not be applicable and/or do not qualify for Financial Services Compensation Scheme (FSCS) cover which would result in their becoming an unsecured creditor in the ERIC liquidation and receiving a dividend once the moratorium period has expired.

A letter was sent out to policyholders on August 30, 2014, outlining the situation. Cancellations will take effect on midnight on September 30, i.e. the last full day of cover will be September 30,  2014.

We are working with the FSCS to develop a process to facilitate compensation to eligible policyholders directly. The policyholders should therefore have no need to contact ERIC or the FSCS directly for the unused premium. If they have received our initial letter their details will be on record and will subsequently be receiving a cheque for the amount.

FSCS will provide an update in due course on how this process will work; you can check their website for updates at this address: www.fscs.org.uk and by searching ‘European Risk Insurance Company’. You do not need to contact the FSCS at this time.

For more information on the FSCS involvement, please see their website: http://www.fscs.org.uk/news/2014/april/fscs-protection-for-european-r-wuyr4td1y/index.html

If you have a valid policy with ERIC and have not received a cancellation letter please contact us at info@erichf.com

We will provide further updates when we have information on when the FSCS will start refunding policies.

Further details will be posted updates on this website in due course, and we suggest you consult the website regularly. If you have any queries regarding your Policy ERIC can be contacted at: +354 518 5300.