24th September 2014
The Financial Services Compensation Scheme (FSCS) is continuing to work closely with the Administrators of Millburn Insurance Company Limited (Millburn) to compensate eligible claimants as quickly as possible.
FSCS has received data from the Administrators for the majority of Millburn’s clients. We are reviewing this data in order to make compensation payments for claims relating to return of premiums.
Insurance Protection offered by FSCS
FSCS covers compulsory insurance (i.e. employer’s liability insurance and third party motor cover) in full. The Scheme covers up to 90% of the value of claims relating to non-compulsory classes of insurance with no upper limit. Millburn provided non-compulsory insurance policies.
In certain circumstances FSCS is able to compensate for the protected, unused part of the premiums a claimant has paid where the policy allows a return of premium, and where the policy has been cancelled. FSCS is aware that all Milburn policies have been cancelled by the Administrator.
Return of premiums
FSCS will make payments automatically to eligible claimants as soon as we are able to. There is no need to contact FSCS to make a claim.
We will make payments by cheque in UK pounds sterling.
We provide more information about how we calculate a return of premium claim in our Q&As about Millburn.
We will publish further updates as more information becomes available.
Link to Insolvency Practitioner site: www.begbies-traynorgroup.com