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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Covéa bolsters personal lines leadership with McCann and Midgley in new roles
Covéa Insurance has created two new roles, adding Jamie McCann as head of personal lines and promoting Jade Midgley to head of trading for personal lines.
Allianz revamps commercial management as Nick Hobbs exits after 25 years
Nick Hobbs is to leave Allianz UK after 25 years with the insurer, stepping down from his roles as chief distribution officer and chairman of Allianz Engineering Inspection Services.
Analysis: Are employee benefits the new diversification frontier for GI brokers?
This year, Top 100 UK brokers Jensten, Lloyd & Whyte and Clear have all joined amii, a trade body representing intermediaries advising on health insurance, protection and wellbeing services, while others have acquired in this space. Sam Barrett looks at why firms more closely associated with general insurance broking are branching out to capitalise on opportunities in the employee benefits market.
Insurance complaints up 10% but stay below recent highs
Complaints about insurance and protection rose 10.1% in the second half of last year, the only product group to post an increase.
Biba 2026 Countdown: QBE’s Janine Bowler
Janine Bowler, Manchester interim head of trading at QBE, recommends Salut wine bar for an external catch up and is looking forward to the buzz when the event opens on Wednesday 13 May.
Qlaims adds household loss recovery insurance on Acturis
Managing general agent Qlaims has launched household loss recovery insurance on Acturis, in a move it claimed gives brokers easy access to its product.
Allianz U-turns on dropping LV brand with deal extension
Allianz has reversed its plans to shift away from the LV brand and has struck a new multi-year deal to continue using it for home, car and pet insurance.
Beazley shareholders give near unanimous approval paving way for Zurich takeover
Beazley shareholders have given the green light for the £8.1bn Zurich deal, with 99.9% of votes cast in favour clearing the way for the transaction to go ahead.