Blue Swan Insurance (Jersey) Limited - 7 April 2006
Public Statement - Blue Swan Insurance (Jersey) Limited – RC 87071*
This statement is made in order to warn potential policyholders and others against dealing with unauthorised insurance business, and to advise existing policyholders of Blue Swan Insurance (Jersey) Limited of the current financial status of the company
The Jersey Financial Services Commission (the “Commission”) has issued this public statement under Article 43(2) of the Insurance Business (Jersey) Law 1996, as amended (the “Law”).
The Commission wishes it to be known that, subsequent to its previous Public Statement issued on 6 February 2006 that advised of the closure of the company to new business:
1. The Directors of Blue Swan Insurance (Jersey) Limited have taken the decision to apply to the Royal Court in Jersey to seek approval for the winding up of the company and the appointment of a liquidator. A preliminary hearing took place at the Royal Court on Friday 31 March 2006, and a second hearing has been scheduled for Friday 28 April 2006.
2. The Directors of Blue Swan Insurance (Jersey) Limited have issued the following Public Statement:
“This notice contains information of particular importance to any person holding a policy of insurance issued by or on behalf of Blue Swan Insurance (Jersey) Limited (“the Company”).
The Company is presently experiencing serious financial difficulties, which the Directors of the Company believe has been caused by premium income having been diverted from the Company. As a result, the Board of Directors of the Company have instigated a police investigation and have also resolved to apply to the Court for an order in respect of the winding up of the Company and the appointment of liquidators.
All holders of policies issued by or in the name of the Company which have not yet expired must assume that any claim which is made at any time in the future may not be met in full by the Company and that such policies do not provide indemnity in respect of any of the risks covered by the policy. Policyholders should therefore regard themselves as unlikely to be fully insured in respect of those risks.
The Company advises all policyholders in the strongest possible terms to contact their broker in order to arrange replacement insurance cover immediately.
All policyholders who have already submitted claims need take no further action at this time.
Further announcements will be made in due course.”
7 April 2006