Dear  Broker  

 
 
It is with regret that we advise you that PJT Insurance Services Ltd. has ceased trading.  As an outcome of discussions between the various parties and the Financial Regulator the following is the current position:

 
 PJT Insurance Services Ltd.  effectively closed for new business on Thursday 10th December on the instruction of the Financial Regulator

• Following negotiations with a number of parties , with effect from today, the client database will be managed by O'Driscoll O'Neil Insurance Brokers.

• All brokers should immediately ascertain the position in relation to any business done through PJT Insurance Services recently, particularly any new business, renewals, alterations, claims, and account payments made.

• The phone line to PJT offices  (01 8401254) is now being staffed as of this morning ,but we would ask that you  bear in mind the volumes of enquiries that will ensue over the next few days

• All facilities previously offered by PJT Insurances are now in place through O'Driscoll O'Neil Insurance Brokers and they are now in a position to assist policyholders and members in all areas

 
The Association has been involved in addressing the issues on behalf of Policyholders and Members, has offered advice and support to the Directors of PJT Insurance Services as well as liaising with members, Insurance Companies and the Financial Regulator. The Association would like to acknowledge the role played by O'Driscoll O'Neil Ltd and support offered by other  members in an effort to assist in this difficult situation.
 
One of the key concerns has been the position in relation to cover for existing customers who have paid their premium to PJT Insurance Services.  The legal position as we understand it is set out in the Investment Intermediaries Act 1995 under Section 28, point 4.

Investment Intermediaries Act 1995 Section 28 point 4

(4) Where any payment in any form is made to or through an investment product intermediary, such that a receipt is required to be issued under section 30 of this Act, the payment shall be treated as having been paid to the relevant product producer when the investment product intermediary takes receipt of the payment (www.irishstatutebook.ie)

 

All Brokers and direct PJT Policyholders will be contacted directly by O'Driscoll O'Neil in the next few days.

Should you have any queries in relation to the above please contact Brian Mc Nelis at brian@iba.ie  or at the undernoted numbers.

 

 
 


Irish Brokers Association
 
87 Merrion Square
 
Dublin 2
 
01 661 3067