The High Court has approved the FSA's application for the distribution of £655,000 to policyholders who bought insurance from unauthorised insurer CIC Insurance Company SA (CIC), through UK-based intermediary called Insureyourshop.com (IYS).
The regulator said approximately 1,700 policyholders, mainly fish and chip shops and takeaway businesses, based across the UK did not have proper insurance.
The FSA's application to the High Court was supported by CIC and IYS.
Between January and December 2003, IYS issued insurance on behalf of CIC to policyholders in the UK.
Policyholders paid a total of approximately £1,460,000 in premiums for employer's liability and material damage cover. CIC was never authorised by the FSA and was never fully incorporated in Greece.
