Tender Details

Country: United Kingdom
Summary: Closed Insurance Estates Preliminary Market Engagement
GBT Ref No: 119114741
Deadline: 10 Jun 2025
Financier: Self Financed
Purchaser Ownership: Government
Tender Value: GBP 10000000
Notice Type: Tender
Document Ref. No.:
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Description:
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 Asbest...
Documents:

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Closed Insurance Estates Preliminary Market Engagement - Uk Tender

The FINANCIAL SERVICES COMPENSATION SCHEME, a Government sector organization in United Kingdom, has announced a new tender for Closed Insurance Estates Preliminary Market Engagement. This tender is published on UkTender under GBT Ref No: 119114741 and is categorized as a Tender. Interested and eligible suppliers are invited to participate by reviewing the tender documents and submitting their bids before the deadline on 2025-06-10.

The estimated tender value is GBP 10000000, and full details, including technical specifications and submission requirements, are provided in the official tender documents. Ensure all submissions meet the criteria outlined to be considered for evaluation.