The insurance claim process can be frustrating, and in some cases, difficult to navigate. As a policyholder, it is your right to receive compensation when you suffer a loss that is covered by your insurance policy. One of the insurance companies that have gained attention recently is Acasta European Insurance.
Acasta European Insurance is a European-based insurer that was founded in 2016. The company offers a wide range of insurance products that covers commercial and personal services. Acasta was domiciled in Malta and provided services in different countries such as Norway.
In 2020, Acasta announced that it was in voluntary liquidation, following the inability to obtain additional funding from its investors. This decision left policyholders with numerous concerns, most of which were focused on how their claims would be handled.
If you had an insurance policy with Acasta European Insurance and are wondering about your compensation options, read on to understand your rights and the steps you can take.
Is Acasta European Insurance compensation Available?
Yes. Policyholders still have the right to receive compensation for losses that were covered by their insurance policy with Acasta European Insurance. The process may be complicated, but you have options. One option is to file a claim with the Malta Financial Services Authority (MFSA).
The MFSA established a compensation scheme, similar to the UK’s Financial Services Compensation Scheme, that allows policyholders to receive compensation if they meet the eligibility criteria. The compensation covers the premiums paid by policyholders, and up to 90% of the claim amount.
The compensation scheme applies to claims that were made before August 6, 2020, the date when Acasta was declared in liquidation. To be eligible for compensation, the claim must be backed by evidence, and the loss suffered must have been covered by the policy.
What Can You Do to File an Acasta European Insurance Claim?
If you have incurred a loss and believe that you are entitled to compensation under your insurance policy, take these steps:
1. Review Your Insurance Policy
Your insurance policy is your contract with Acasta European Insurance. It provides details on the coverage you are entitled to, the terms and conditions, and the steps you need to take to make a claim. Review your policy, paying keen attention to the exclusions, coverage limits, and deductibles.
2. Collect Evidence
You will need to provide evidence to support your claim. The evidence required may vary depending on the type of claim you are making. However, in general, you may need to gather documents such as medical reports, photographs, repair quotes, and receipts.
3. Notify the Liquidator
The liquidator is in charge of winding up Acasta European Insurance’s affairs, including handling claims. Notify the liquidator by submitting a claim form that outlines your claim’s details and the evidence you are relying on to support it. The liquidator will review the claim and determine the amount of compensation you are entitled to.
4. File a Claim with MFSA
If the liquidator rejects your claim or does not respond within 30 days, you can file a claim with the Malta Financial Services Authority. The MFSA will review your claim and determine whether you are eligible for compensation under the scheme.
5. Seek Legal Advice
If you are having difficulties getting compensation, consider seeking legal advice. A lawyer who specializes in insurance claims can help you understand your rights and options, and guide you through the claims process.
Conclusion
Acasta European Insurance’s liquidation has left many policyholders wondering about their compensation options. However, it is essential to understand that you may still be entitled to compensation, albeit through a carefully crafted process. If you are thinking of making a claim, review your policy, gather evidence, notify the liquidator, and file a claim with the MFSA, as a last resort. Consider seeking legal advice if you are encountering challenges in the process.