Regulatory can discipline failed Europe after ' intensively ' research of collapse Lemma
Failed insurer Lemma insurance (LEI) Europe Gibraltar would be the subject of disciplinary action investigations into the collapse.
LEI officially last month was liquidated and the insurance policies rejected by curator Grant Thornton. It is currently the subject of a comprehensive study, the financial services Commission (FSC) confirmed to insurance times this week.
UK policyholders are covered by the financial services compensation scheme (FSCS), which said it would pay up to 90 percent of every allegation against slate, with no limit on the size of the claim. To 7,000 UK policyholders are influenced by the firm-collapse, according to the FSCS.
FSC head of general insurance supervision Michael Oliver said in an interview with insurance Times, that the regulator could make a statement of Lemma and any possible disciplinary measures against the company directors once the investigation, which he described as "intensive", was completed.
Other disciplinary action may follow for the drivers of The Vert insurance and insurance not Hill, who shortly after LEI last year. Both companies have also tried winding-up orders of the Supreme Court of Gibraltar after they were found to be bankrupt.
While it was only insurance company Lemma not directly affect UK policyholders, the failures of both the Vert insurance and Hill insurance companies in remarkably similar circumstances have added to fears the due diligence checks for insurance companies in Gibraltar.
The police are known for his research into the circumstances of the collapse of The Vert insurance.
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