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This work covers what happens when an insurance company becomes insolvent, including the protection of policyholders, the handling of claims against the failed insurer, and any restructuring or administration mechanisms that may apply. It involves advising on regulatory processes under the Financial Services and Markets Act, coordinating with the Prudential Regulation Authority and the Financial Conduct Authority, and liaising with the Financial Services Compensation Scheme. It also covers potential policy transfers, asset distribution, and the steps needed to recover or settle valid claims.
Policyholders rely on a regulated framework to protect their interests when an insurer fails. The solicitor explains the protections available under the FSMA regime, including the role of the FSCS, and what happens to outstanding claims. They coordinate with regulators, administrators or liquidators, and with claims handlers, to identify valid policy rights, oversee transfers or novations of policies where possible, and support clients through the process of proving a claim and recovering payments where feasible.
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