Enterprise Insurance - which has 14,000 customers in Ireland - is being closed down.

The Gibraltar based company announced last night that it's insolvent and it's now taking steps to wind up its operations across Europe.

The Central Bank says while it does not have regulatory control over the company, it will work with authorities in Gibraltar to ensure all Irish motor policyholders are notified of the closure.

Charlie Weston is Personal Finance Editor with the Irish Independent: