Gefion update 29 June
On 26 March 2020 Gefion Insurance, who are based in Denmark have been ordered by the Danish Financial Services Authority (DFSA) to stop taking on new policies. This meant that they are now unable to sell policies to new customers or process the renewals of existing customers.
On 24 June 2020 Gefion have now been ordered by the DFSA to stop processing any mid-term adjustments (MTAs). These are things like a change of address or change of vehicle.
Gefion backed insurers are as follows:
- Bollingtons (Anjuna)
- Policy Plan
You’ll find the name of your insurer in your policy documents or your welcome pack.
The effects on Gefion backed insurers
Brightside have been monitoring this situation for many months and have taken some decisions to lessen the impact of any Gefion insolvency issues on our customers:
- We removed any Gefion backed insurers from our panel towards the end of 2019 meaning that no new business customers were offered an insurance policy from this insurance group.
- We removed Gefion backed insurers from our renewals panel.
The good news is that all our customers who have policies with the above insurers do not need to do anything as a result of this. Existing policies are unaffected including the claims process, should you need to claim.
What if you need to make a MTA?
If you need to make a change to your policy during its lifetime and you have insurance with one of the insurers listed above, we will have to “rebroke” you to another insurer. This means you will have to take out a new insurance policy with a new insurer, which would provide cover for one year. This would also mean that you would incur any relevant cancellation and administration fees.
We’re monitoring the situation on an on-going basis and will of course keep our customers fully informed if anything changes.