The Icelandic Financial Supervisory Authority made the move after issues with minimum solvency requirements
Unrated insurer European Risk Insurance Company (ERIC) has had its operating licence withdrawn by the Icelandic regulator.
Iceland’s Financial Supervisory Authority withdrew the licence on 12 February as it said ERIC could no longer comply with regulatory provisions relating to ‘minimum solvency requirements’.
The insurer’s website now has a copy of the notice on its homepage with details of an email address for notifying claims.
The news comes after ERIC stopped writing UK business earlier in February after writing a letter to brokers, seen by Insurance Times, informing them it was “unable to accept any new business, renewals or requests for increase in cover under existing programmes”.
ERIC was unavailable for comment at the time of publication.