On foot of an update by the Administrator of CBL Insurance Europe dac (CBLIE) on 6 December 2019, which indicated a deteriorating financial position, the Central Bank of Ireland has directed CBLIE to cease making claims payments with immediate effect. The Central Bank took this action in the interest of protecting policyholders. The Central Bank will require the administrator to complete further work and provide further information in relation to the financial position of the firm by the end of January. A further update will be provided after this information has been reviewed.
CBL regulated by the Central Bank of Ireland but its authorisation was withdrawn in 2019, save to the extent necessary or appropriate for the continued appointment of the administrator and his ability to carry on the activities of an insurance undertaking in order to achieve the objectives of the administration.
The Central Bank is recommending that policyholders contact their broker to arrange alternative cover as soon as possible. If you have any queries on your policy you should contact your broker or CBL.
Further information http://cblinsuranceeurope.com/
https://www.centralbank.ie/news/article/statement-on-cbl-insurance-europe-dac
NB! After Matrix received the information we have started to investigate what they mean by saying;
The Central Bank took this action in the interest of protecting policyholders.
