FSA warning over unauthorised commercial insurer
The Financial Services Authority has issued a consumer alert, after receiving a tip off in early December of an unauthorized insurer selling commercial policies including employers' liability.
The regulator has confirmed up to 2 200 policies have been sold by CIC Insurance Services through UK underwriting agents, which are estimated to have cost £3.75m in premiums. At present, the FSA has found CIC trading under two names, one suffixed with SA and based in Greece, and the other ending with the letters AVV, thought to be domiciled in the Caribbean island of Aruba, although this location remains unconfirmed.A statement from the FSA read: "CIC Insurance Company SA claims to be based in
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