Bankrupt insurance firms accounted for most of the claims made good on in 2004/05 by the United Kingdom fund, which secures the operations of financial services firms.
The statutory fund, titled the Financial Services Compensation Scheme (FSCS), said ?113 million (U.S. $198 million) was paid for claims relating to insolvent insurance firms, notably Independent Insurance and Chester Street.
The FSCS said insurance claims are usually handled by the appointed run-off agent and presented to FSCS for checking and payment and that 41,104 payments were made in 2004/05.
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