FCA and insurers disagree on how to interpret Supreme Court BI ruling
Regulator says Supreme Court decision gives insurers the clarity they need to conclude their claims processes with most of their BI customers but a few issues still remain as parties make written submissions to the Supreme Court.
Insurers and the Financial Conduct Authority (FCA) are in dispute over the draft declarations issued following the Supreme Court judgment about the FCA Covid-19 business interruption test case.
According to the FCA the declarations “will be the culmination of the judgments in the test case and will declare whether the policies in the representative sample potentially cover business interruption losses arising from the coronavirus pandemic”.
Insurers, the regulator and interveners such as the
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