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

31 Aug 18

Our last advisory notice on Elite/CBL NZ (dated 6th August 2018) stated that Elite had been able to agree a resolution with CBL NZ’s interim liquidator. The agreement required review and approval by the necessary authorities, including the Reserve Bank of New Zealand (“RBNZ”) and the High Court of New Zealand (“the HC”).  We understand that certain parties have lodged objections to the proposed agreement with the HC.  Elite and the interim liquidator have been assessing the objections and whether the objections can be resolved.

The HC hearing was scheduled to take place on 30 and 31 August 2018 and has been postponed until 24 and 25 September 2018 to enable further dialogue to take place.

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

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