FSCS to refund £42m to insurance firms

Around 300 general insurers will benefit from the refund, which is a result of significant recoveries made from general insurance estates, and lower than anticipated compensation payments to the general insurance A3 sector. The FSCS also announced that, based on current information, it is unlikely to need to raise a levy on the general insurance contribution group during 2006/7, because of a short-term reduction in the funding requirements for sector compensation claims during 2005/6 and into 2006/7. Since 1 December 2001, recoveries amounting to over £300m have been made from the estat...