Call for evidence on discount rate setting welcomed
The Lord Chancellor has asked for experts to contribute to a review of how the Ogden rate is set with a final decision predicted by May 2019 as the industry hopes it may settle around 1%.
The insurance sector and lawyers have welcomed the beginning of a review process into how the discount rate, also known as the Ogden rate, is determined.
Yesterday, (6 December), Lord Chancellor and Secretary of State for Justice, David Gauke, issued a call for evidence from experts about how the rate is set kicking off a process which is expected to complete in the second quarter of 2019.
A final decision is due 140 days from the Civil Liability Bill, which includes detail on the discount
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