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V26-277 : MUNICIPAL MUTUAL INSURANCE SCHEME OF ARRANGEMENT

The report of the Director of Central Services gave an update on the run-off of Municipal Mutual Insurance under the scheme of arrangement which the Council was party to.

As at 31 March 1998 claims of £280,213 had been settled and £141,114 were estimated as outstanding in respect of this Council's former insurances. This gave an estimated total claims settled and outstanding of £421,327. All but the first £50,000 were liable to clawback if the scheme was triggered.

The company had strengthened its financial position during the past year and disposed of its significant remaining property assets, and Directors considered that a solvent run-off could be anticipated.

RESOLVED

That the further report on the run-off of Municipal Mutual Insurance be received, and the contingent liability of £371,327 at 31 March 1998 under the scheme of arrangement be noted.


Volume 26 Minute 277

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