The General Insurance Standards Council (GISC), two insurers and a Lloyd's processing and settlement company are on a blacklist compiled by accident, sickness and unemployment (ASU) insurers.
Sourc ...
The General Insurance Standards Council (GISC), two insurers and a Lloyd's processing and settlement company are on a blacklist compiled by accident, sickness and unemployment (ASU) insurers.
Sources have leaked to Insurance Times a list allegedly put together regularly by at least five creditor insurers and shared with brokers.
The document released last week lists the GISC, AXA Insurance, Zurich Financial Services and Ins-sure as companies whose employees will not be provided with ASU cover. Creditor insurers contacted by Insurance Times deny knowledge of the list
Other companies on the list include Enron, Arthur Andersen, Consignia, Prudential, Railtrack, Thomas Cook Travel, ABN Amro, Dyson, Marconi, Merrill Lynch, Reuters, Rolls-Royce, Sherwood International, Transco, NTL and KPMG Consulting.
The GISC was put on the list on 20 December 2001, eight days after the Treasury announced it would transfer insurance regulation to the Financial Services Authority (FSA).
AXA was put on the list on 29 November 2001, three weeks after it emerged the insurer was to make 100 managers redundant.
AXA had already cut about 1,600 staff from its workforce over the previous two years.
Zurich joined the list on 7 December 2001, one day after news broke that an outsourcing deal with IBM had collapsed, leaving hundreds of Zurich's IT staff facing redundancy.
Ins-Sure was put on the list on 22 November 2001, the same day it was revealed that it was to make more than 80 staff redundant.
Norwich Union leads the creditor market, but its creditor consultant Rod Revell said he had never heard of such a list.
