Covid-19: Industry welcomes "firm and pragmatic" FCA message on BI claims
Sector responds to the regulator's Dear CEO letter calling on insurers to pay valid claims quickly.
Insurance industry bodies have broadly welcomed the clarity on business interruption claims for SMEs provided by the Financial Conduct Authority (FCA) in its letter to the sector yesterday (15 April).
In the letter, Christopher Woolard, interim chief executive officer of the FCA, ordered insurers to pay out BI claims related to the coronavirus as soon as possible.
In addition, firms who refuse to pay out were told to explain why and how they believe it represents a fair outcome for consumers.
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