Independent Insurance Company Ltd
JANUARY 29, 2003

The Malta Financial Services Authority (“the Authority”) refers to the three Notices, that it published last year in the local press, with regard to Independent Insurance Company Ltd (“IICL”) which is in provisional liquidation.

The Authority wishes to remind all ex-policyholders and claimants of IICL that:

(a) As previously advised Mr. DY Schwarzmann and Mr. MC Batten both of PricewaterhouseCoopers of Plumtree Court London were appointed as Joint Provisional Liquidators of IICL by the English High Court of Justice on 17th June 2001.

(b) Micallef Insurance Agency Ltd (“Micallef”) of 34/11 Strait Street Valletta has been appointed to run-off the Malta operations of IICL is in the process of determining all liabilities, including claims and return premium, which IICL have incurred in Malta. Micallef will agree payments of claims with the prior approval of IICL.

(c) The Authority confirms that it will eventually release funds of IICL maintained in Malta and which are held by the Authority in terms of law towards the payment of approved fees, claims, return premiums and other liabilities in respect of IICL’s business in Malta. Payment of these liabilities will be made once all claims have been agreed to ensure that the funds available are distributed equitably among all bona fide creditors.

(d) If the funds of IICL held in Malta are insufficient to meet all payments due to policyholders and claimants, pro-rata payments will be made