The FSA has issued a warning for consumers holding policies from CIC Insurance Company SA or CIC Insurance Company AVV.
It said policyholders may not have enforceable insurance cover. In the case of EL cover this could put firms in breach of the Employers' Liability (Compulsory Insurance) Act .
The FSA said it was currently aware of around 2,200 policyholders who may be affected, involving an estimated £3.75m in premium.
Policyholders are advised to make alternative arrangements with an authorised insurer as a matter of urgency, said the FSA.
The news comes only a month after the FSA warned that 40,000 Tribune Risk and Insurance Services policyholders were without cover.