The Financial Services Compensation Scheme (FSCS) has paid over £2 million in return of premium motor claims to thousands of Enterprise policyholders in the UK following the insurer’s collapse.
The FSCS said it has been paying return of premium claims either directly to policyholders or through their broker or finance company. So far, it has made around 29,500 payments on claims.
“We have been working hard to pay out compensation to motor policyholders in good time and will continue to do so in the coming weeks,” said FSCS chief executive Mark Neale.
Based in Gibraltar, Enterprise Insurance was declared insolvent on July 22. No policies have been accepted by the company since then.
According to FSCS, the insurer’s failure affects about 46,000 customers in the UK with motor insurance policies.
The liquidator, Freddie White of Grant Thornton, recently announced that he had cancelled Enterprise motor policies on October 26.
White disclaimed motor and teacher absence policies first and will go on to terminate non-motor policies in the coming weeks.
FSCS said it will keep on cooperating with the liquidator to see how to best compensate UK policyholders.
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