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Author Topic: MCE gone bust / Into LIQUIDATION?  (Read 3149 times)

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Offline Scotty001

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MCE gone bust / Into LIQUIDATION?
on: 22 Nov 21, 09:34:13
Heads up for anyone with mce or looking for mce to renew / quote,

I spotted a post on fb about people getting correspondence advising mce is going / gone bust

A quick Google search brought up these links

https://www.insuranceage.co.uk/insight/7900466/fscs-confirms-mce-insurance-company-has-failed

https://www.fca.org.uk/news/news-stories/mce-insurance-company-limited-enters-administration

https://www.fscs.org.uk/making-a-claim/failed-firms/mce-insurance/

Their website is still up and offering quotes,

As mce's parent company is
Gibraltar based, I'm not too sure how this affects the UK arm. But it may be worth your in estimation before handing over your hard earned. / seeing where you stand if you have a current policy.
Last Edit: 22 Nov 21, 09:37:58 by Scotty001

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Offline Fliz

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Re: MCE gone bust / Into LIQUIDATION?
Reply #1 on: 22 Nov 21, 10:26:45
Well done Scotty001 for posting this issue. I knew nothing about this happening to mce.

Many years ago my car insurer went bust, my cover was terminated so I had to find new cover pretty quickly. Cannot remember exactly how long I had to find replacement insurance but it wasn’t long.My broker sent me a letter informing me the date my insurance cover would end.

#2

Offline whyhaveone

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Re: MCE gone bust / Into LIQUIDATION?
Reply #2 on: 23 Nov 21, 09:24:15
Last week there was an article in MCN saying they weere changing their insurer and so were not issueing new policies for the moment. Obviously there was more to it.

From the second link provided by Scotty  :828: :
"Existing insurance policies remain in force and are valid. If you are a policyholder of the company then your policy will continue to be administered by the UK broker MCE UK."

This link has more info re the above. https://www.kroll.com/en/mce-insurance-company-limited
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Offline MattR

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Re: MCE gone bust / Into LIQUIDATION?
Reply #3 on: 23 Nov 21, 09:27:35
I'm guessing that the UK broker arm will continue and simply use other insurance companies  :027:

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Online Steve CJ

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Re: MCE gone bust / Into LIQUIDATION?
Reply #4 on: 06 Dec 21, 08:02:43
Latest from MCE

We contacted you on Friday 3rd December to advise that we had been notified by the administrators of Green Realisations 123 Limited (Formerly MCE Insurance Company Limited) that we would no longer be able to process any midterm adjustments on live policies.

Following this email communication we have been contacted by the administrators to advise this decision has been reversed and midterm adjustments can be processed.

Based on this we can continue to process midterm adjustments on your policy should you need to.

Your policy will remain on cover and continue to run up until your lapse date. You will still be able to make a change, access your documents or make a claim on your policy until then.

Please accept our apologies for any inconvenience this may have caused.

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Online Steve CJ

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Re: MCE gone bust / Into LIQUIDATION?
Reply #5 on: 12 Jan 22, 12:56:11
Policy is being cancelled by them early. Great  :023:

Your Policy is Ending on
31/01/2022
 
Green Realisations 123 Limited (formerly MCE Insurance Company Limited) (In Administration) (“the Company”)
 
This communication is provided to you by the Joint Administrators of the Company and contains important information which affects your insurance policy.
 
Andrew Stoneman and Geoffrey Bouchier of Kroll were appointed Joint Administrators of the Company on 19 November 2021 by Order of the Supreme Court of Gibraltar. Both are licensed to act as Insolvency Practitioners. Andrew Stoneman is licensed in Gibraltar while Geoffrey Bouchier is licensed in England and Wales.
 
Please read this communication in full as it requires you to take action.

   Intention to Disclaim your Insurance Policy
Your policy of insurance is underwritten (or is provided to you) by the Company, which is in Administration.  The Company’s permission to write insurance was suspended on 5 November 2021.
Due to the financial position of the Company, the Joint Administrators intention is to disclaim all motor bike and scooter insurance policies as at 24:00hrs (being midnight) on Monday, 31 January 2022. 
This means that when your policy of insurance is disclaimed, your insurance policy will cease or, in other words, end.
This means that you will need to seek and put in place alternative insurances prior to your policy being disclaimed on 31 January 2022. 
Up until your policy is disclaimed, and on the basis that you are fully complying with the terms and conditions of your policy of insurance, your policy will remain valid.  No adjustments will be permitted to your policy from today except for administrative adjustments which do not affect the risk associated with the policy of insurance – such as correction to the spelling of a name for example.
 
________________________________________
Am I eligible for a refund?
If you paid for your insurance policy in one lump sum at the commencement of your policy of insurance or your paid monthly amount includes insurance cover for the period after 31 January 2022, you are likely to be eligible for a refund for the unused portion of your insurance policy by the Financial Services Compensation Scheme (“FSCS”), subject to eligibility and their compensation rules.  The FSCS may write to you separately. You can find information on the FSCS on their website at https://www.fscs.org.uk/what-we-cover/insurance/ and https://www.fscs.org.uk/making-a-claim/failed-firms/mce-insurance/         
   
________________________________________
Claims
Claims arising from insurance policies issued by the Company prior to and up to the date policies are disclaimed will continue to be handled by MCE Insurance Limited (“MCE UK”). MCE UK handled claims for the Company prior to the Joint Administrators’ appointment as well as providing other services.

Their contact details are shown below:
via Live Chat on the website (www.mceinsurance.com)
email: info@mceinsurance.com
Customer Experience Team: +44 193 335 1361.
 
MCE UK is not in Administration and is a separate business to that of the Company.
MCE UK and the Joint Administrators will liaise with the Financial Services Compensation Scheme in relation to eligible insurance claims.
 
________________________________________
Arranging new insurance
Please contact your broker MCE UK to arrange alternative cover or if you are not sure, it’s very important that you talk to an expert about replacement cover for the future, please contact an insurance broker who specialises in motor insurance policies.   If needed you can use the British Insurance Brokers’ Association’s “Find Insurance”-service. You can find this at  https://insurance.biba.org.uk/find-insurance or you can phone them on 0370 950 1790.
 
________________________________________
Additional Assistance 
If you believe your circumstances warrant additional consideration, or have specific needs in the way we communicate with you, please let us know – contact details above.
 
________________________________________
What happens Next?
The Joint Administrators will contact you again to remind you of the intention to disclaim on 31 January 2022.
The Joint Administrators will also provide you with a copy of the notice of disclaimer in due course for your records.
 
Yours faithfully
For and on behalf of
Green Realisations 123 Limited (formerly MCE Insurance Company Limited)





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Offline whyhaveone

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Re: MCE gone bust / Into LIQUIDATION?
Reply #6 on: 13 Jan 22, 04:17:22
That's a complete pain!  :003:
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Online Steve CJ

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Re: MCE gone bust / Into LIQUIDATION?
Reply #7 on: 13 Jan 22, 06:28:16
It is a pain. now i gotta get something with my no claims on from them i presume to get a new policy 6 months before it should end.

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Offline Scotty001

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Re: MCE gone bust / Into LIQUIDATION?
Reply #8 on: 14 Jan 22, 11:49:19
Do you have anything from last year showing your ncb?  It may be that you loose the 6 months with mce as ncb are given in 1 year incriments.and I can't see them saying they will just round it up.

If you don't but do have the name of  your old insurance Co and policy number, you may be able to contact the insurance company and see if they will send a copy.
If not then you can obtain your ncd record from the MIB (not to be confused with the Will  Smith Men In Black) under a freedom of information request.

https://www.mib.org.uk/managing-insurance-data/requesting-your-data 

Scroll down to items 1,3 or 5 and pick which best suits your request. The downside is it can take a Callander month (but could be longer based on how many people may be contacting them as a result of mce.)

In all honesty I can't see why the new insurance company need us to send in proof of ncb when it's already at their fingertips and they already check it themselves
,Dare I say, if you sent in a document saying you had 10 when you only have 1, I bet they will be getting in touch with you very quickly to say you lied, we checked, we're keeping your money And cancelling your policy under fraud.
So why ask us to send proof when they check what you submitted on the mib database and is the proof of ncd.

Just in case and not teaching you to suck eggs but, MIB is a national database that any claims, fraud, cancelled policies....... are recorded to by every insurance company, it also has how many years no claims you have.  Every vehicle insurer update the database and also cross check what you have told them against what is held on file for you (it's basically an "experian" credit report but for your vehicle insurance history).
Last Edit: 14 Jan 22, 11:52:44 by Scotty001

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Online Steve CJ

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Re: MCE gone bust / Into LIQUIDATION?
Reply #9 on: 15 Jan 22, 01:06:14
Thanks i've just got a new policy to start when this ends. so will see if i get the 6 months i still had to run back. wont hold my breath though

 



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