MCE slams Gibraltar regulator after insurer arm goes into run-off
MCE condemns GFSC for applying capital add-ons on its Gibraltar-based insurance company, which went into run-off on 5 November.
MCE Insurance has criticised the Gibraltar Financial Services Commission (GFSC) for applying capital add-ons to Green Realisations No 123 (GR), formerly MCE Insurance Company, which it stated has led to an “orderly and solvent” filing for administration.
As previously reported, MCE’s Gibraltar-based insurer arm went into run-off on 5 November, with CEO Julian Edwards stating that the move followed difficulties with complying with Solvency II requirements.
MCE said in a statement: “MCE UK
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