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GFSC Updated Advisory Notice on Elite Insurance Company Limited (“Elite”)/CBL Insurance Limited (NZ) (“CBL NZ”)

06 Aug 18

Our last advisory notice on Elite/CBL NZ (dated 13 April 2018) stated that Elite, which is registered and regulated in Gibraltar, had been affected by the appointment of an interim liquidator to CBL NZ.  Since that update, Elite have been actively engaged in seeking to achieve a suitable outcome for the company and policyholders with the interim liquidator in New Zealand.   Whilst these negotiations have been taking place, Elite has continued to operate a restricted payments protocol designed to ensure that creditors as a whole are treated equitably.

The complexity of the situation has meant that the negotiations have taken longer than originally envisaged to finalise.  However, Elite have now been able to agree a resolution with CBL NZ’s interim liquidator. The next stage is for the agreement that has been reached to be reviewed and approved by the necessary authorities, including the Reserve Bank of New Zealand (“RBNZ”) and the High Court of New Zealand (“the HC”). A hearing has been listed at the HC for 30 and 31 August 2018. Once approval has been received then the process of ceasing the restricted payments protocol can be commenced by Elite.

The GFSC will continue to monitor the situation closely and will provide a further update shortly.

Creditors should direct any questions to Elite at eliteclaims@armourrisk.com

For any enquiries related to the GFSC, please contact media@gfsc.gi