Judicial protest over insurance claim

A company yesterday filed a judicial protest in the Civil Court against Micallef Insurance Agency Limited, as agents for Independent Insurance Company Limited in liquidation.

The protest was also filed against Micallef Insurance Agency as representatives of the liquidators, PriceWaterhouseCoopers, and the Malta Financial Services Authority.

Jamar Limited claimed it had taken out an insurance policy against theft from Independent Insurance Company Limited and had filed a claim with Independent Insurance following the theft of over Lm100,000 from its property.

However, Independent Insurance had found itself in financial difficulties and had cancelled all its policies on August 21, 2001.

The insurance company had also stopped all payments and its assets in Malta were frozen by the MFSA. According to Jamar Limited, the MFSA had substantial sums of money in its possession for it had not yet paid any of the creditors as the liquidator had not completed its job.

Jamar Limited added it was in a precarious position as it had not received confirmation as to whether its claim was accepted, nor did it know when or how much it would receive in payment.

The company concluded its protest by calling upon Micallef Insurance Agency Limited to formally declare that its claim had been accepted.

Jamar Limited also called upon the MFSA to deposit all the funds seized in court so that the ranking of creditors could commence.