This Sub-scheme covers claims for compensation that arise following the failure of an authorised insurer. There are currently 26 general business insurers in insolvent run-off with protected claims, and two small life assurance firms.
The FSCS will safeguard policyholders if an authorised firm is unable to meet claims against it, for example if it has been placed in provisional liquidation or administration.
To find out whether an insurance firm is authorised, please refer to the PRA's Firm Check section on their website.
The Financial Conduct Authority website includes a searchable database of all firms authorised and regulated by the FCA and the Prudential Regulation Authority (PRA).