The Financial and Capital Market Commission (FCMC) said Balva had “failed to carry out the necessary improvements” and was “incapable to ensure fulfilment of the regulatory requirements, that is, the levels of provisions and capital adequate to its business volumes.”
Balva must now appoint a liquidator and agree with the FCMC how it will deal with its debt. Options for covering its debts includes selling business to another insurer or cancelling the policies and refunding customers part of their insurance premium.
Its other option is to transform into a new company that does not deal with insurance.
Balva is obliged to continue to meet policy requirements for the time being.
The FCMC barred Balva from writing new business in April because the insurer did not give it enough information about its activities in the UK.
If your policy is with BALVA and you have any concerns please contact us now.
Trust the Specialists…
- NDML Ltd has been looking after the late night leisure industry since 1998.
- In House Installment Premium Facility.
- In House award winning claims team ensuring a robust defense when fighting those spurious claims on your behalf.
- We are the only brokers in the UK to be endorsed by Best Bar None.
- Winners of the UK Claims Excellence Insurance Awards 2013 for our Customer Service.
Contact us now to discuss how we can help your business.
Email email@example.com or telephone 0113 205 4319.