Today, the Financial Services Compensation Scheme (FSCS) announced that it had made its first compensation pay-outs to those who have suffered from the May 2019 collapse of LAMP Insurance Company Ltd:[i]
‘FSCS has today made its first compensation payments to policyholders of Lamp Insurance’.
In edition 276 of BC Disease News (here), we reported that LAMP, the specialist after-the-event insurance provider, had successfully made an application to the Supreme Court of Gibraltar for voluntary liquidation.
Working with the appointed Liquidator, the FSCS pledged to protect individual and small business policy holders for 90% of the unexpired value of their premiums – we confirmed this in the subsequent edition (here).
Shielding action, initiated by FSCS, is picking up speed quicker than anticipated and will continue to be part of an ongoing process:
‘FSCS continues to work with the liquidator and others to facilitate the payment of protected claims and policy refunds.’
[i] ‘FSCS begins compensating LAMP policyholders’ (28 June 2019 Insurance Times) <https://www.insurancetimes.co.uk/news/fscs-begins-compensating-lamp-policyholders/1430795.article?utm_source=adestra&utm_medium=email&utm_term=&utm_campaign=21043> accessed 28 June 2019.