{"id":3267,"date":"2024-01-12T10:00:26","date_gmt":"2024-01-12T02:00:26","guid":{"rendered":"https:\/\/www.pacificprime.lat\/blog\/?p=3267"},"modified":"2024-04-30T11:47:16","modified_gmt":"2024-04-30T03:47:16","slug":"understanding-the-gbg-insurance-limited-administration-policyholder-faqs","status":"publish","type":"post","link":"https:\/\/www.pacificprime.lat\/blog\/understanding-the-gbg-insurance-limited-administration-policyholder-faqs\/","title":{"rendered":"Understanding the GBG Insurance Limited Administration: Policyholder FAQs"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Global Benefits Group (GBG) Insurance Limited, one of the most well-known international health insurance providers, entered into administration on December 21, 2023<\/strong><span style=\"font-weight: 400;\"> following a capital shortfall. This raises questions about the status of policyholders\u2019 policies and their necessary course of action.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">This <\/span><a href=\"https:\/\/www.pacificprime.lat\"><span style=\"font-weight: 400;\">Pacific Prime Latin America<\/span><\/a><span style=\"font-weight: 400;\"> article aims to clarify the situation and guide policyholders through the steps they need to take when their insurer files for bankruptcy.<\/span><\/p>\n<p><span data-sheets-root=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-1' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.lat\/compare-quotes\/step-one\/?campSource=PPMX-Blog&utm_source=blog&utm_medium=content_banner&utm_campaign=banner&utm_content=single\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-774\" src=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2022\/12\/WP-Banner-revamp-final-20221207_1.-Single-final.jpg\" alt=\"Individual health insurance blog\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n\n\t\t<script src='https:\/\/www.pacificprime.com\/assets\/js\/jquery.min.js'><\/script>\n        \n\t\t\n\t\t<link rel='stylesheet' href='https:\/\/www.pacificprime.lat\/blog\/wp-content\/themes\/readable-child\/wp-form\/css\/wp-form.css' type='text\/css' media='all'\/>\n        <style>\n            .margin-box {\n                margin: 20px 0px 30px 0px;\n            }\n        <\/style>\n        \n        <div class='margin-box'>\n            <div class='form-box'>\n                <div class='header-form'>\n                    <h3>\n                        Discover the world's top\n                        <b style='color: #ffffff'>health insurers.<\/b><br>\n                        <b style='color: #ffffff'>Compare quotes<\/b> with\n                        <b style='color: #FFC001'>a click of the button.<\/b>\n                    <\/h3>\n                <\/div>\n                <form id='form-wp-new' name='modal_form' method='post' action=''>\n                    <div class='block-input'>\n                        <div class='input-form input-form-left'>\n                            <label>Name<\/label>\n                            <input\n                                id='wp-input-name'\n                                class='input-form-wp'\n                                type='text'\n                                name='name'\n                                value=''\n                                placeholder='Your name*'\n                            \/>\n                        <\/div>\n                        <div class='input-form input-form-right'>\n                            <label>Email<\/label>\n                            <input\n                                id='wp-input-email'\n                                class='input-form-wp'\n                                type='email'\n                                name='email'\n                                value=''\n                                placeholder='Your email address*'\n                            \/>\n                        <\/div>\n                    <\/div>\n                    <div class='input-form'>\n                        <label>Phone<\/label>\n                        <input\n                            id='wp-input-phone'\n                            class='input-form-wp'\n                            type='text'\n                            name='phone'\n                            value=''\n                            placeholder='Your phone number*'\n                        \/>\n                    <\/div>\n                    <div class='btn-sbm'>\n                        <button id='wp-submit-formnew' class='btn-quote' type='submit'>\n                            GET FREE QUOTES\n                        <\/button>\n                    <\/div>\n                <\/form>\n                <script type='text\/javascript' src='https:\/\/www.pacificprime.lat\/blog\/wp-content\/themes\/readable-child\/wp-form\/js\/wp-form.js'><\/script>\n                <span id='submitIframeWpFormNew' \/>\n            <\/div>\n        <\/div>\n<h2 style=\"text-align: left;\"><strong>Why Did GBG Insurance Limited Enter Administration?<\/strong><\/h2>\n<p style=\"text-align: justify;\"><strong>GBG Insurance Limited entered administration due to the discovery of historical financial issues that resulted in a capital shortfall<\/strong><span style=\"font-weight: 400;\">. Despite efforts to sell the business, no solution was found, leading the directors to conclude that the company was insolvent and place it into administration.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>What is Administration in Guernsey?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>An administration order in Guernsey refers to an insolvency procedure where a person is appointed to oversee the affairs of a company that\u2019s insolvent or at risk of insolvency<\/strong><span style=\"font-weight: 400;\"> to either help the company continue operating or to maximize the value of its assets through a realization process.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">After GBG entered administration, the Insolvency Practitioners from advisory firm Teneo Alex Adam, Andrew Wood, and Michael Tagg were appointed as Joint Administrators of GBG and have been assessing the best course of action to progress and evaluate eligible claims.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3268\" src=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-grayscale-photo-of-people-standing-inside-a-building-overlooking-a-city.webp\" alt=\"A grayscale photo of people standing inside a building overlooking a city\" width=\"1140\" height=\"495\" srcset=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-grayscale-photo-of-people-standing-inside-a-building-overlooking-a-city.webp 1140w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-grayscale-photo-of-people-standing-inside-a-building-overlooking-a-city-300x130.webp 300w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-grayscale-photo-of-people-standing-inside-a-building-overlooking-a-city-1024x445.webp 1024w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-grayscale-photo-of-people-standing-inside-a-building-overlooking-a-city-768x333.webp 768w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-grayscale-photo-of-people-standing-inside-a-building-overlooking-a-city-1138x493.webp 1138w\" sizes=\"(max-width: 1140px) 100vw, 1140px\" \/><\/p>\n<h2 style=\"text-align: left;\"><strong>What Are the Impacts of GBG\u2019s Insolvency on My Policy?<\/strong><\/h2>\n<p style=\"text-align: justify;\"><strong>GBG Insurance Limited entering into administration means that the company won\u2019t be able to provide the coverage outlined in your policy<\/strong><span style=\"font-weight: 400;\">. Still, the impact this may have on your policy varies depending on whether you secured insurance with the company before or after it entered administration.\u00a0<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>Is My GBG Insurance Limited Policy Still Valid?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>The validity of your GBG Insurance Limited policy depends on who your insurer is<\/strong><span style=\"font-weight: 400;\">. This is because your direct insurer may not be GBG even though you\u2019re their customer. It\u2019s crucial to check your policy documentation to identify the insurance company that underwrites your policy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If your insurer is named as another company, your policy is still valid. If your sole insurer is GBG Insurance Limited, your policy is also valid, but you\u2019re no longer guaranteed to be fully covered by your policy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">While the full extent of claim payments and timing remains uncertain, GBG policyholders are encouraged to contact their insurance agent or broker to find alternative options and have their questions regarding policy documents answered.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3269\" src=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-person-writing-on-papers.webp\" alt=\"A person writing on papers\" width=\"1140\" height=\"495\" srcset=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-person-writing-on-papers.webp 1140w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-person-writing-on-papers-300x130.webp 300w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-person-writing-on-papers-1024x445.webp 1024w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-person-writing-on-papers-768x333.webp 768w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-person-writing-on-papers-1138x493.webp 1138w\" sizes=\"(max-width: 1140px) 100vw, 1140px\" \/><\/p>\n<h3 style=\"text-align: left;\"><strong>Is My Prepaid GBG Insurance Limited Policy Still Valid?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>Your prepaid GBG Insurance Limited policy remains valid if it\u2019s issued by a different provider, but you should contact the Administrator if GBG is your sole insurer<\/strong><span style=\"font-weight: 400;\">. Checking the insurer for a policy set to commence after GBG entered administration will help you understand your policy\u2019s validity.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If your policy is provided by a different party or if there is a co-insurance or fronted arrangement in place, you\u2019re still entitled to ongoing benefits. But, if your policy was intended to be solely covered by GBG, please contact the Administrators at <\/span><strong>GBGenquries@teneo.com<\/strong><span style=\"font-weight: 400;\"> for more details.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>Will the Claim I\u2019ve Submitted to GBG Be Paid?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>Your policy is still active, so please follow the standard process outlined in your policy documents if you need to make a claim<\/strong><span style=\"font-weight: 400;\">. You can do this via the <\/span><a href=\"https:\/\/portals.gbg.com\/members\" target=\"_blank\" rel=\"noopener\"><strong>GBG Customer Portal<\/strong><\/a><span style=\"font-weight: 400;\">, by sending an email to <\/span><strong>eclaims@gbg.com<\/strong><span style=\"font-weight: 400;\">, or by contacting the claims handling team at <\/span><strong>+1.866.914.5333<\/strong><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>Am I Covered by an Insurance Compensation Scheme?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>It\u2019s <\/strong><a href=\"https:\/\/www.gbg.com\/#:~:text=they%20are%20unlikely%20to%20be%20protected%20by%20an%20insurance%20compensation%20scheme\" target=\"_blank\" rel=\"noopener\"><strong>unlikely that policyholders will be protected by an insurance compensation scheme<\/strong><\/a><span style=\"font-weight: 400;\">. Still, the Joint Administrators are reviewing policy documentation and engaging with regulators to assess whether or not policyholders are covered by such a scheme.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3270\" src=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-man-standing-in-front-of-a-building.webp\" alt=\"A man standing in front of a building\" width=\"1140\" height=\"495\" srcset=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-man-standing-in-front-of-a-building.webp 1140w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-man-standing-in-front-of-a-building-300x130.webp 300w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-man-standing-in-front-of-a-building-1024x445.webp 1024w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-man-standing-in-front-of-a-building-768x333.webp 768w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/A-man-standing-in-front-of-a-building-1138x493.webp 1138w\" sizes=\"(max-width: 1140px) 100vw, 1140px\" \/><\/p>\n<h2 style=\"text-align: left;\"><strong>What Should I Do If I\u2019ve Secured Insurance With GBG?<\/strong><\/h2>\n<p style=\"text-align: justify;\"><strong>You should identify your insurer before finding alternative coverage or canceling your policy with GBG<\/strong><span style=\"font-weight: 400;\">. This is because you may not have been directly insured by GBG and aren\u2019t affected by the insolvency. If you\u2019re insured by GBG, you may choose to find alternative coverage or cancel your policy.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>How Do I Identify My Insurer?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>You may either be covered solely by GBG, GBG and Best Doctors Insurance Limited, or other insurers<\/strong><span style=\"font-weight: 400;\">. Finding the name of the insurer listed in your policy documentation is the first step you should do to understand the impact GBG Insurance Limited\u2019s insolvency has on your insurance coverage.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Your insurance policy may be underwritten by different insurers, so please refer to the following scenarios on <\/span><a href=\"https:\/\/www.gbg.com\/#:~:text=Member%20Login-,Policyholder%C2%A0FAQs,-GBG%20Insurance%20Limited\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GBG\u2019s official website<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><strong>Name(s) of insurer(s) on your policy documentation<\/strong><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><strong>Section you should refer to<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">GBG Insurance Limited<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.gbg.com\/#:~:text=Direct%20Policyholders%20FAQs\"><span style=\"font-weight: 400;\">Direct Policyholder FAQs<\/span><\/a><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">GBG Insurance Limited and Best Doctors Insurance Limited (policies issued since September 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\">, 2023\u00a0 within Latin American region only)<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.gbg.com\/#:~:text=Best%20Doctors%20Policyholders%20FAQ\"><span style=\"font-weight: 400;\">Best Doctors Policyholder FAQs<\/span><\/a><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Others<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.gbg.com\/#:~:text=Fronted%20Policyholders%20FAQs\"><span style=\"font-weight: 400;\">Fronted Policyholder FAQs<\/span><\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">For queries related to your policy documents, you can contact your insurance agent or broker. You can also access the GBG\u2019s <\/span><a href=\"https:\/\/portals.gbg.com\/members\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">online Customer Portal<\/span><\/a><span style=\"font-weight: 400;\"> for additional information. For specific questions about the administration process, you can contact the Joint Administrators at <\/span><a href=\"mailto:GBGenquires@Teneo.com\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GBGenquires@Teneo.com<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>Should I Find Alternative Coverage or Cancel My Policy?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Switching to alternative coverage and canceling your GBG Insurance Limited policy can have different impacts, so <\/span><strong>it\u2019s best to consult your insurance agent or broker to determine the most suitable course of action<\/strong><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Some insurers may allow you to transfer your policy to their network, while canceling your policy may result in a refund. However, any refunds due will rank as unsecured claims against GBG, and the amount to be paid is currently unknown.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3272\" src=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/Two-businesspeople-walking-on-sidewalk-pathway-beside-road-with-vehicles-and-high-rise-buildings-during-daytime.webp\" alt=\"Two businesspeople walking on sidewalk pathway beside road with vehicles and high-rise buildings during daytime\" width=\"1140\" height=\"495\" srcset=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/Two-businesspeople-walking-on-sidewalk-pathway-beside-road-with-vehicles-and-high-rise-buildings-during-daytime.webp 1140w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/Two-businesspeople-walking-on-sidewalk-pathway-beside-road-with-vehicles-and-high-rise-buildings-during-daytime-300x130.webp 300w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/Two-businesspeople-walking-on-sidewalk-pathway-beside-road-with-vehicles-and-high-rise-buildings-during-daytime-1024x445.webp 1024w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/Two-businesspeople-walking-on-sidewalk-pathway-beside-road-with-vehicles-and-high-rise-buildings-during-daytime-768x333.webp 768w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/Two-businesspeople-walking-on-sidewalk-pathway-beside-road-with-vehicles-and-high-rise-buildings-during-daytime-1138x493.webp 1138w\" sizes=\"(max-width: 1140px) 100vw, 1140px\" \/><\/p>\n<h2 style=\"text-align: left;\"><strong>What Are the Roles of Insurance Brokers?<\/strong><\/h2>\n<p style=\"text-align: justify;\"><strong>Insurance brokers possess the expertise to analyze the complex information regarding GBG regulations following its administration<\/strong><span style=\"font-weight: 400;\">. They can liaise with the company\u2019s representatives to help you understand the impact of the insolvency on your insurance policy without bias.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">With GBG Insurance Limited entering into administration, many policyholders have turned to insurance brokers like Pacific Prime for consultation, making us ready to offer you appropriate guidance with our comprehensive insights and obligation-free review.<\/span><\/p>\n<p style=\"text-align: justify;\"><em><span style=\"font-weight: 400;\">Are you wondering what your options are as a GBG Insurance Limited policyholder? <\/span><\/em><a href=\"https:\/\/www.pacificprime.lat\/contact-us\"><em><span style=\"font-weight: 400;\">Reach out to our team of insurance experts<\/span><\/em><\/a><em><span style=\"font-weight: 400;\"> for impartial advice today!<\/span><\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3273\" src=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/An-oval-brown-wooden-conference-table-and-empty-chairs-inside-a-conference-room.webp\" alt=\"An oval brown wooden conference table and empty chairs inside a conference room\" width=\"1140\" height=\"495\" srcset=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/An-oval-brown-wooden-conference-table-and-empty-chairs-inside-a-conference-room.webp 1140w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/An-oval-brown-wooden-conference-table-and-empty-chairs-inside-a-conference-room-300x130.webp 300w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/An-oval-brown-wooden-conference-table-and-empty-chairs-inside-a-conference-room-1024x445.webp 1024w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/An-oval-brown-wooden-conference-table-and-empty-chairs-inside-a-conference-room-768x333.webp 768w, https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2024\/01\/An-oval-brown-wooden-conference-table-and-empty-chairs-inside-a-conference-room-1138x493.webp 1138w\" sizes=\"(max-width: 1140px) 100vw, 1140px\" \/><\/p>\n<h2 style=\"text-align: left;\"><strong>Conclusion<\/strong><\/h2>\n<p style=\"text-align: justify;\"><strong>Policyholders of GBG Insurance Limited should review their policy documentation to identify their insurer and the effect of the company\u2019s administration<\/strong><span style=\"font-weight: 400;\">. While policies underwritten by other insurers remain valid, those solely insured by GBG should consult insurance brokers for alternative options.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Navigating the complexities of insurance transfers can be challenging, especially for GBG policyholders. The good news is our team of experts at Pacific Prime is well-equipped to guide you through this process, ensuring you find the most suitable coverage during this transition.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">With over 20 years of expertise in facilitating policy transfers between insurers, we, as an independent broker, offer exclusive insights and impartial advice to help you find the most appropriate alternative option tailored to your specific requirements and budget.<\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.pacificprime.lat\/contact-us\"><span style=\"font-weight: 400;\">Get in touch with us<\/span><\/a><span style=\"font-weight: 400;\"> for a <\/span><a href=\"https:\/\/www.pacificprime.lat\/compare-quotes\"><span style=\"font-weight: 400;\">FREE quote<\/span><\/a><span style=\"font-weight: 400;\"> and unbiased plan comparison service today!<\/span><\/p>\n<p><span data-sheets-root=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-6' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.lat\/compare-quotes\/step-one\/?campSource=PPMX-Blog&utm_source=blog&utm_medium=cta_banner&utm_campaign=banner&utm_content=quote\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-781\" src=\"https:\/\/www.pacificprime.lat\/blog\/wp-content\/uploads\/2020\/06\/PPMX_gen_CTA.jpg\" alt=\"Get an Insurance quote banner\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n<h2 style=\"text-align: left;\"><strong>Frequently Asked Questions<\/strong><\/h2>\n<h3 style=\"text-align: left;\"><strong>What is GBG Insurance Limited?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>GBG Insurance Limited is an insurance company operating under Global Business Group that entered administration due to insolvency on December 21, 2023<\/strong><span style=\"font-weight: 400;\">. Before the administration, the company used to offer a wide range of insurance products and services, including life and health insurance.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>Why Did GBG Insurance Limited Enter Administration?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>GBG Insurance Limited entered administration because they uncovered historical financial issues resulting in a capital shortfall<\/strong><span style=\"font-weight: 400;\">. Despite attempts to sell the business, the company couldn\u2019t find a solution, and the directors concluded that GBG was insolvent and placed it into administration.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>Is My GBG Insurance Limited Policy Still Valid?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>Your GBG Insurance Limited insurance policy will only be valid if it\u2019s provided by another party<\/strong><span style=\"font-weight: 400;\">. Policyholders who are insured solely by GBG will likely face a shortfall against claims they seek to bring in the administration, so they\u2019re highly recommended to seek alternative insurance options.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>How Long Does It Take For GBG To Process My Claim?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong>There\u2019s no set time frame for claims submitted to GBG Insurance Limited after it entered into administration<\/strong><span style=\"font-weight: 400;\">. Claims handlers on behalf GBG are working as quickly as possible to progress existing claims. Claims holders with other insurers may see a slight delay in claim payments for a short while.<\/span><\/p>\n<h3 style=\"text-align: left;\"><strong>What Can Insurance Brokers Help Me With My GBG Policy?<\/strong><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">An insurance broker can help you understand <\/span><strong>the impact of GBG Insurance Limited\u2019s administration on your policy<\/strong><span style=\"font-weight: 400;\">, explore <\/span><strong>alternative coverage options<\/strong><span style=\"font-weight: 400;\">, guide you through <\/span><strong>potential policy transfers<\/strong><span style=\"font-weight: 400;\">, and <\/span><strong>find a new policy<\/strong><span style=\"font-weight: 400;\"> that suits your preferences and budget.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Benefits Group (GBG) Insurance Limited, one of the most well-known international health insurance providers, entered into administration on December 21, 2023 following a capital shortfall. This raises questions about the status of policyholders\u2019 policies and their necessary course of action. This Pacific Prime Latin America article aims to clarify the situation and guide policyholders &#8230;<\/p>\n","protected":false},"author":41,"featured_media":3271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2,6],"tags":[770,767,2713,917,216,2711,2712,38],"class_list":["post-3267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-news","tag-ban_gen","tag-ban_sin","tag-bankruptcy","tag-expat-insurance","tag-family-insurance","tag-gbg-insurance-limited","tag-gbg-insurance-limited-administration","tag-health-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - 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