The disgraced cyclist received $US10 million in promotional payments from SCA relating to his seven Tour de France victories.
The initial dispute between Armstrong and SCA related to a 2005 case regarding whether the firm owed Armstrong bonuses after he had won a series of Tour de France races. Armstrong repeatedly swore under oath that he had not taken performance enhancing drugs and SCA subsequently settled the matter for $US7.5 million the following year.
In 2012, the United States Anti-Doping Agency issued Armstrong with a life ban and stripped him of all seven of his Tour de France titles. The following year the Texan admitted that he had indeed taken performance-enhancing drugs.
SCA then looked to recoup the money paid to Armstrong, and following a multi-day hearing arbitrators ruled in favour of the insurance company.
"The case yet again before this tribunal presents an unparalleled pageant of international perjury, fraud and conspiracy," the arbitrators wrote in their ruling.
"It is almost certainly the most devious sustained deception ever perpetrated in world sporting history."
However, Armstrong's lawyer, Tim Herman, insisted that the matter is not yet over.
"This award is unprecedented," Herman said in a statement to USA TODAY.
"No court or arbitrator has ever reopened a matter which was fully and finally settled voluntarily. In this matter SCA repeatedly affirmed that it never relied upon anything Armstrong said or did in deciding to settle (in 2006)."