The Policyholders Protection Board (PPB) published its final Report and Accounts on Friday.
The PPB acted as an industry-funded safety net when UK insurers became insolvent. Its activies ceased on 30 November 2001 when the Financial Services Compensation Scheme took over responsibility for UK policyholder protection.
The final report applies to the period 1 March - 30 November 2001. It shows that the PPB made payments of £58.7m to policyholders in the eight month period.
It reported that £15.4m was paid to Independent Insurance policyholders after it went into provisional liquidation last June.
£29.3m was paid to policyholders of motor insurer, Drake Insurance, which went into provisional liquidation in May 2000. This brought the total payments made to Drake policyholders by the PPB to £62.6m.
The PPB paid £648,000 in respect of claims against Chester Street Insurance Holdings after the appointment of provisional liquidators in January 2001.
