§ Mr. SheermanTo ask the Chancellor of the Exchequer what steps he is taking to protect consumers who insured their motor vehicles with Drake Insurance plc and who have now had their policies cancelled. [132087]
§ Miss Melanie JohnsonThe courts have sanctioned the appointment of a provisional liquidator to manage the affairs of Drake Insurance plc. There is also statutory provision for the protection of certain policyholders under the Policyholders Protection Act 1975.
The provisional liquidator and the Policyholders Protection Board, together with some commercial interests, are working to secure the best outcome for policyholders.