The Financial Services Compensation Scheme (FSCS) is stepping in to help customers of Gable Insurance as the troubled firm is now in default.
The FSCS said it is working with Gable’s liquidator, Batliner Wanger Batliner Rechtsanwalte, on the best way to compensate consumers who have a claim.
Gable sold various policies that may qualify for FSCS protection, including motor insurance and general liability insurance.
“FSCS protects the UK consumers of firms that passport in from Europe,” the compensation body previously said.
It has also advised Gable customers to contact their brokers and put alternative insurance in place before their policies expire on December 16.
Gable stopped writing new business in July and entered administration in October. The Financial Market Authority (FMA), Liechtenstein’s industry regulator, appointed PwC as the European non-life insurer’s special administrator.
Also last month, PwC informed the Liechtenstein Court about Gable’s over-indebtedness. The consultancy giant then met with the insurer’s shareholders on November 11.
During the meeting, parent company Gable Holdings refused to provide additional capital to cover the insurer’s over-indebtedness.
On November 17, Gable went into liquidation after PwC sought a winding-up order for the troubled insurer.
Related stories:
Gable enters liquidation
FSCS vows to protect Gable customers in UK
