1-2 of 2 results for subject:"Alpha Insurance"
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To ask the Chancellor of the Exchequer, what assessment he has made of the effect on Alpha insurance customers of the decision by the Financial Services Compensation Scheme to award only premium insurance refunds to those people following the bankruptcy of that company.
To ask the Chancellor of the Exchequer, what assessment he has made of the effect on Alpha insurance customers of the decision by the Financial Services Compensation Scheme to award only premium insurance refunds to those people following the bankruptcy of that company.
The Financial Services Compensation Scheme (FSCS) protects customers when a financial services firm fails, and is independent from government and industry. It is accountable to both the Financial Conduct Authority and Prudential Regulation Authority for the effective operation of the scheme.
Her Majesty’s Treasury has conducted no formal assessment of the effect on the customers of Alpha insurance of the decision taken by the FSCS to award return of premium refunds following its insolvency. The rules setting out the operation of the scheme allow for premium refund compensation, where a suitable replacement provider cannot be found to take on the policies of an insolvent firm.
To ask the Secretary of State for Transport, if his Department will take steps to help taxi drivers who have been affected by the bankruptcy of Alpha Insurance to seek (a) reimbursement and (b) alternative insurance providers.
To ask the Secretary of State for Transport, if his Department will take steps to help taxi drivers who have been affected by the bankruptcy of Alpha Insurance to seek (a) reimbursement and (b) alternative insurance providers.
The taxi and private hire vehicle drivers affected are likely to be protected by the Financial Services Compensation Scheme (FSCS) and, as Alpha Insurance was based in Denmark, some may also be protected under the Danish insurance guarantee scheme. The FSCS are working with the Danish parties to put in place the appropriate arrangements for claims to be handled.
We are aware that a number of brokers are working with affected policyholders to arrange alternative cover. All drivers must make sure that they have appropriate insurance in place before driving their vehicle.