Enterprise Bill gets tough on claims payment times
The Enterprise Bill proposing to penalise insurers for late payment of claims unless there is a good reason for a delay.
Insurers will be forced to pay claims in a "reasonable" amount of time or be penalised under the terms of the Enterprise Bill which due to come before the House of Lords in October.
A joint announcement by The Department for Business, Innovation and Skills and The Treasury stated: "Late payment is a major problem for businesses. Where a business has suffered a loss such a fire or flood, it is likely to rely heavily on insurance."
Currently there is no legal obligation for insurers to pay claims
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