Open Closing in a 8 months
Closed Insurance Estates Preliminary Market Engagement
Descriptions
FSCS is the United Kingdom’s statutory fund of last resort for customers of financial services firms and this market sounding is specific to general insurance, FSCS may pay compensation where it is satisfied that an eligible claimant has a protected indemnity claim against an authorised insurer who is in default. In the event of an insurer failure, primary responsibility for claims handling rests with the court appointed Insolvency Practitioner. Often the period required to resolve the failed insurer’s insurance liabilities extends beyond the conclusion of any insolvency proceedings, at which point the Insolvency Practitioner is no longer appointed. This is particularly the case with ‘long-tail’ liabilities. In these circumstances, FSCS takes on responsibility for managing the claims run-off. Long-tail liabilities commonly reference chronic industrial diseases and illnesses (e.g., noise induced hearing loss, asbestosis, and mesothelioma) caused by an employee’s exposure to a hazardous working environment. Industrial disease and illness claims are technically complex to manage and present significant service, reputational and financial risks for FSCS should errors occur in the claims handling process. FSCS currently manages claims for a number of closed insurance estates. Due to the presence of asbestos related claims these insurance estates are expected to continue in run-off for the next c.20 years (based on data published by the Institute and Faculty of Actuaries, UK Asbestos Working Party update, September 2019). There is also the potential for FSCS to directly manage the run-off of other claims types including complex structural building defect claims and 3rd party motor injury claims. For more information about this opportunity, please visit the Delta eSourcing portal at: https://www.delta-esourcing.com/tenders/UK-title/VYBUYWV847 To respond to this opportunity, please click here: https://www.delta-esourcing.com/respond/VYBUYWV847
Timeline
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Tender Regions
North West
South West
North East
East of England
Yorkshire and The Humber
South East
East Midlands
West Midlands
Ireland
Wales
Scotland
Northern Ireland
London
CPV Codes
66512000 - Accident and health insurance services
66510000 - Insurance services
66512200 - Health insurance services
66000000 - Financial and insurance services
66500000 - Insurance and pension services
66512100 - Accident insurance services
Keywords
banking services
investment support
insurance coverage
loan processing
credit services
pension management
asset protection
financial consulting
risk management
economic advisory
insurance services
pension services
coverage solutions
risk protection
retirement funding
life and non-life insurance
pension fund management
financial safeguard services
insurance offerings
pension planning services
general insurance
non-life insurance
risk policies
casualty coverage
insurance contracts
policy underwriting
insurance provision
commercial insurance
personal insurance
insurance product offerings
personal accident insurance
health coverage
accident protection
medical insurance packages
injury insurance
health risk coverage
accident policy services
health plan underwriting
disability insurance
accident and medical assurance
accident policies
personal accident coverage
accidental injury insurance
accident protection services
accident claim support
accident risk covering
accident policy administration
accident insurance plans
injury risk coverage
accident insurance underwriting
health insurance
medical coverage
hospital insurance
healthcare policies
illness protection
health plan administration
medical claims
patient coverage services
health risk insurance
medical policy provision
Tender Lot Details
2 Tender Lots
Workflows
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Possible Competitors
1 Possible Competitors
