FCA urges insurers to take action on BI claims payments
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
The Financial Conduct Authority (FCA) has called on insurers to speed up the process of paying pandemic-related business interruption (BI) claims.
In a letter to providers published on 25 August but sent to firms on 28 April, FCA director Matt Brewis stated that BI claims payments were not made in a timely manner and in line with the BI Insurance test case judgment.
He further warned that in cases where insurers were not meeting the FCA’s expectations, it would use the full range of its
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