Insurers celebrate at Civil Liability Bill gaining Royal Assent
However the ABI noted that the “clock is now ticking” on the first review process into how the discount rate is determined.
Insurers have welcomed the Civil Liability Bill gaining Royal Assent.
The move follows the Bill, which aims to stop bogus or exaggerated whiplash claims, passing through the Lords on 20 November.
This now means that compensation will be capped, and settling claims without medical evidence will be banned.
The Bill also makes important changes to how the personal injury discount rate, otherwise known as the Ogden rate, should be set following the shock rate cuts from 2.5% to -0.75% in 2017.
E
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.
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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Cost-of-living crisis pushes up premium finance demand
- Video Q&A: Close Brothers Premium Finance MD Shaun Hooper
- Ardonagh strikes A$2.3bn PSC deal