Independent Insurance's liquidator PricewaterhouseCoopers (PWC) has vowed its run-off company, Aurora Corporate Services, will abide by General Insurance Standards Council (GISC) regulations, writes Christine Seib.
GISC chief executive Chris Woodburn said liquidators Dan Schwarzmann and Mark Batten had expressed their desire to retain Independent's GISC membership. “Our interest is to make sure policyholders are treated fairly in the liquidation process,” Woodburn said.
“We've had a number of productive meetings with the liquidators, who're quite content that we should undertake a monitoring visit to ensure it' s conducting its business properly in three months' time.
“It's a very positive and welcome step,” he said.
Independent joined the GISC in April and went into provisional liquidation in June.
The GISC has been criticised for not warning the industry of the insurer's instability, but Woodburn said this was because some brokers confused the regulatory body with a trade body.
“Our regulatory scope is conduct of business, not prudential oversight,” he said. “We've tried to make these points very clearly to those who wrote to us.”