U.K.’s FSA Moves to Assure Travel Coverage

August 20, 2001

The U.K.’s Financial Services Authority, which regulates Britain’s insurance industry, took further steps recently to assure the viability of travel insurance policies issued by U.K. companies and brokers.

Following the announcement last May by Lloyd’s that policies issued by The Management Company may not be valid, and its offer of replacement coverage, a number of other brokers have been questioned on travel insurance polices.

According to a report in London’s Financial Times the FSA recently forced Whiteley Insurance Consultants in the northern city of Leeds to assure coverage of potentially worthless policies it has been issuing under the name of Kingfisher Travel for the past year.

Whitely reportedly has now arranged replacement coverage with a London-based unit of American International Group which is retroactive to policies issued from last November, and will remain in force until the end of October.

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