These funds, coming directly from the FSCS, will benefit around 250 general insurance firms.
Loretta Minghella, FSCS chief executive, said: “This refund reflects the continuing recoveries we have secured from the estates of general insurance providers who have gone bust, as well as lower than expected claims volumes and compensation payments."
Coming before the FSCS funding system changes in April, the refund will only apply to the general insurance contribution group (A3).
