Philip Condon, the former deputy managing director of Independent Insurance, has been told to pay almost £1.3m after the final confiscation order in the fraud case was heard last week.
Condon was convicted of conspiracy to defraud, along with Michael Bright, the former chief executive, and Dennis Lomas, the former finance director.
All three were sentenced in October 2007 after the collapse of Independent in 2001. The Financial Services Compensation Scheme has paid out more than £366m to policy holders affected by the company’s liquidation.
Bright and Lomas, sentenced on two counts of conspiracy to defraud, were jailed for seven and four years respectively. Condon was sentenced to three years on one count of conspiracy to defraud.
His confiscation order was issued at Southwark crown court, London.