Covid-19: FCA calls on insurers to pay valid claims quickly
Regulator tells firms who refuse to pay out to explain why and how they believe it represents a fair outcome for customers.
The Financial Conduct Authority (FCA) has ordered insurers to pay out claims related to the coronavirus as soon as is possible.
In a Dear CEO letter to the insurance industry, Christopher Woolard, interim chief executive officer of the FCA, detailed that for policies where it is clear that the insurer has an obligation to pay out, claims must be assessed and settled quickly.
He added that where there are “reasonable grounds” to pay part of a claim, insurers are urged to adopt an approach of
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