The Financial Services Compensation Scheme said it would petition the House of Lords for permission to appeal further over a test case involving Independent Insurance and other insolvent insurers, it ...
The Financial Services Compensation Scheme said it would petition the House of Lords for permission to appeal further over a test case involving Independent Insurance and other insolvent insurers, it was reported.
At stake is tens of millions of pounds of legal costs incurred by corporate policyholders of insolvent insurers, the Financial Times said today.
Although the case arose from the collapse in 2001 of Independent Insurance, it could have a wider impact.
City law firm Davies Arnold Cooper won a challenge to the FSCS, the industry body that compensates consumers when insurers go under, that it would cover Independent's private policyholders for 90% of their claims-related legal costs but would not stretch the deal to cover corporate policyholders. This could land the FSCS with a bill of up to £60m.
DAC was acting on behalf of Independent policyholder GeoLogistics.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
