Gibraltar regulator denies accusations from MCE
MCE criticised the regulator earlier this week after its Gibraltar-based insurance arm went into run-off.
The Gibraltar Financial Services Commission (GFSC) has stated that it “strongly denies” recent accusations made against it by MCE Insurance.
Earlier this week MCE accused the regulator of applying capital add-ons to financial structures that it had previously “either proposed and or approved, then subsequently worked with MCE to implement”.
The dispute follows MCE’s Gibraltar-based insurer arm, MCE Insurance Company, going into run-off on 5 November.
Accusations
The GFSC said in a statement:
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Bravo strikes MGA deal to offer members drone cover
Bravo Networks has teamed up with MGA Moonrock Drone Insurance to offer its members cover for this growing sector.
Biba Conference 2024 countdown: MGAA’s Mike Keating
Mike Keating, CEO at the Managing General Agents Association, recommends lots of sleep beforehand and refers us to his lawyer concerning his evening activities.
Biba weighs in with “grave concerns” on FCA ‘name and shame’ proposals
The British Insurance Brokers’ Association has called on the Financial Conduct Authority to consider the risk of the damaging impact its proposal to name firms at the start of an investigation could have and flagged the danger of serious injustice for innocent businesses.
FCA warns on Tempcover clone
The Financial Conduct Authority has issued a warning of fraudsters trying to scam people by pretending to be short-term car insurance specialist broker Tempcover including on TikTok.
Committee calls out FCA response to concerns on investigation transparency proposal
The House of Lords Financial Services Regulation Committee has hit out at the Financial Conduct Authority, demanding a specific response to its request for a delay in proposals to name firms under investigation.
MGA ARMD on track to hit 12,000 policy target after broker-only pivot
ARMD is on track to hit its target of 12,000 products sold this year with plans to launch on Acturis in July, according to co-founder Alan Hickman.
People Moves: 29 April – 3 May 2023
Follow for the latest insurance personnel moves.
My Insurance Downtime: LexisNexis’ Tony Pinch
Tony Pinch, who heads up sales to brokers and MGAs for LexisNexis Risk Solutions, offers us a window into his life outside of insurance including juggling playing football and golf, the love of a hard back thriller and why Nando’s is an under-rated romantic meal destination.
Most read
- Wakam receives PRA approval for new £500m GWP UK insurer
- Aviva’s David Martin on the art of the possible
- Brokers push for more from RSA/NIG