My Saga insurance quote states:
Your Saga Motor Insurance Policy is underwritten by:Acromas Insurance Company Limited.
Registered number 88716 (Gibraltar). Registered address: 57-63 Line Wall Road, Gibraltar.
UK branch address: Acromas Insurance Company Limited, Enbrook Park, Sandgate,
Folkestone, Kent, CT20 3SE. Acromas Insurance Company Limited is authorised by the
Financial Services Commission, Gibraltar.
Should I be concerned they're not a UK based company and they're authorised by the
Financial Services Commission, Gibraltar?
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Below is a quote from the Financial Services Authority (FSA) website:
"A financial services firm authorised in another European Economic Area (EEA) state can offer certain products or services in the UK and other EEA countries, if it has a ‘passport’ to do so. The EEA includes the EU states, plus Iceland, Norway and Liechtenstein.
These firms are regulated in their home country and must meet standards which have been agreed across all EEA countries, but will appear on our Register as ‘EEA Authorised’.
The services or products an EEA authorised firm can offer in the UK will be detailed in the ‘Passports’ section of their record on our Register."
Acromas Insurance is listed by FSA as 'EEA Authorised'. The regulators of Acromas are listed as the FSA and FSC Gibralter.
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>>Should I be concerned they're not a UK based company <<
'The British Overseas Territories are fourteen territories of the United Kingdom which, although they do not form part of the United Kingdom itself, fall under its jurisdiction'
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Given that SAGA's quotes for the last two years have been at least 80% higher than what i eventually paid, I won't be bothering with them.
The organisation must be absolutely rolling in money though; despite several requests from me for them to stop sending me junk mail, I get at least one mailshot per month.
It saves on firelighters.....
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Had my insurance a couple years back with an outfit based in Gib. Didn't concern me, but then, never needed to claim!
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Not one of these outfits is it? :-)
tinyurl.com/7dtyohp
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Ibex Insurance is based in Gibraltar, and is used quite widely by ex-pats based in Spain. Had a policy with them a while ago, and had no problems claiming for a no-fault accident. Excess refunded after the case had gone through the normal Spanish arbitration procedure.
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My late sister lived in Gib and was accountant for a Gibraltar based travel insurance company which specialised in air travel insurance and was quite legitimate.... in fact it was behind a lot of UK based travel insurance companies .
The office was based and registered in Gib purely for tax reasons (along with many hundreds of UK companies including most of the UK betting industry).
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In fact this is the very company she worked for and according to the attached link they seem to be pretty well regulated
www.ptic.gi/regulators.htm
Last edited by: retpocileh on Fri 20 Jan 12 at 12:11
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Saga insurance by a Gibraltar based company - Auristocrat
