Closed Insurance Estates Preliminary Market Engagement
- Published
- 13 May 2025
- Lots
- 1
- Notice number
- 020724-2025
- Reference
- ocds-h6vhtk-0511ad
- Official source
- Official source
CPV codes
- 66000000Financial and insurance services
- 66500000Insurance and pension services
- 66510000Insurance services
- 66512000Accident and health insurance services
- 66512100Accident insurance services
- 66512200Health insurance services
Description
FSCS is the United Kingdom’s statutory fund of last resort for customers of financial services firms and this market sounding is specific to general insurance, FSCS may pay compensation where it is satisfied that an eligible claimant has a protected indemnity claim against an authorised insurer who is in default. In the event of an insurer failure, primary responsibility for claims handling rests with the court appointed Insolvency Practitioner. Often the period required to resolve the failed insurer’s insurance liabilities extends beyond the conclusion of any insolvency proceedings, at which point the Insolvency Practitioner is no longer appointed. This is particularly the case with ‘long-tail’ liabilities. In these circumstances, FSCS takes on responsibility for managing the claims run-off. Long-tail liabilities commonly reference chronic industrial diseases and illnesses (e.g., noise induced hearing loss, asbestosis, and mesothelioma) caused by an employee’s exposure to a hazardous working environment. Industrial disease and illness claims are technically complex to manage and present significant service, reputational and financial risks for FSCS should errors occur in the c…
Official publications
- FTS · 020724-2025 · 13 May 2025
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Frequently asked questions
- Who is the buyer of this tender?
- The contracting authority is Financial Services Compensation Scheme (United Kingdom).
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