The liquidators of Whiteley Insurance Consultants are seeking new ownership for the firm.
One broker said the provisional liquidators PricewaterhouseCoopers (PWC) had already contacted them to see if they were interested in buying all or part of the business.
PWC said it was looking to sell Whiteley's travel book "imminently".
Whiteley, which operated under the Kingfisher Insurance Services brand, was placed into provisional liquidation last week after the FSA presented a "public interest" petition to the high court.
But PWC stressed that the provisional liquidation did not necessarily mean the company was insolvent.
An industry source said Whiteley's actions appeared to be a "typical insurance scam", adding: "If they have been doing this on travel insurance, there's a fair chance they have been doing it on other lines."
PWC said it did not believe there were any "issues" with commercial, household and motor policies issued by Whiteley.
Whiteley claimed to have approximately 1.5 million customers through the Kingfisher brand alone. PwC said the provisional liquidation could potentially leave "tens of thousands" of policyholders without cover.
FSA Solutions director Alex Peterkin said Whiteley would be a "test case" for the FSA.
"I'm sure that this opportunity to test the new rules on authorisation and client money and possible compensation so early in the regulatory regime was not something the FSA would have been looking for."
