26th September 2014
Policyholders who recently received a notice of cancellation letter from the European Risk Insurance Company (ERIC) Resolution Board1 are advised to contact their insurance broker if they require further information or advice regarding the cancellation of their policies.
Some policyholders who are entitled to a return of premium, might be eligible for compensation from the FSCS. The Scheme is continuing to work with the ERIC Resolution Board to develop a process that will allow eligible policyholders to obtain compensation as a result of the cancellation of their cover.
FSCS will publish updates on how this process will work on its website as soon as we are able to. There is no need to contact the FSCS in the meantime.
1 The Resolution Board was appointed on 12 February 2014 by the Icelandic Regulator, the Financial Supervisory Authority (FME), to assume all the powers of ERIC’s board of directors and to manage ERIC’s affairs in consultation with the FME.