BIBA and CII react to FCA business interruption stance

'Step in the right direction'

Adam Saville
clock • 2 min read

FCA intends to seek legal clarity to resolve contractual uncertainty around business interruption insurance

Insurance industry bodies have welcomed the decision from the Financial Conduct Authority (FCA) to test the wording of certain BI contracts in court, following disputes regarding claims related to the coronavirus pandemic. Christopher Woolard, the interim chief executive of the FCA, said claims must be assessed and settled quickly. "Our intended court action is designed to resolve a selected number of key issues causing uncertainty as promptly as possible and to provide greater clarity for all parties, both insured and insurers," Woolard said. "It is clear that decisive action is appr...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Implications of the PRA's 2025 life insurance stress test

Implications of the PRA's 2025 life insurance stress test

A regulatory shift

Sheikh Yasir
clock 01 November 2024 • 4 min read
Industry reacts: Autumn Budget 2024

Industry reacts: Autumn Budget 2024

Missed opportunities for health

Cameron Roberts
clock 31 October 2024 • 5 min read
Autumn Budget 2024: OBR predicts rise in IPT haul

Autumn Budget 2024: OBR predicts rise in IPT haul

Rate unchanged by Chancellor

Cameron Roberts
clock 31 October 2024 • 2 min read