In a letter to insurers, FCA executive director Sheldon Mills, urges firms to reassess and settle valid BI claims.
Ashwin Mistry slams those attacking brokers and warns that the Orient Express ruling could leave some sectors uninsurable.
Brokers say national press coverage has led to confusion and a massive increase in client calls as they await communication from insurers on how to proceed.
Following the Supreme Court business interruption ruling last week, Jonathan Swift argues brokers need not join their insurer partners in suffering Murder By the Orient Express, but instead play an important role in helping policyholders understand what…
Providers pledge to review claims and contact customers after the Supreme Court sided with the FCA and policyholders in the final verdict over payment of BI claims arising from Covid-19.
The Supreme Court concluded the Covid-19 business interruption dispute by substantially ruling in favour of policyholders.
The court also concluded that the Orient Express case, which insurers relied on during the hearing, was wrongly decided and should be overruled.
Specialists outline worries for insurance space following FCA survey which showed 4,000 financial services firms are at risk, but Biba flags vaccine as a reason for hope.
Survey shows that 43% of brokers used furlough scheme while 19% accessed other forms of government support when coronavirus pandemic hit.
Brokers have just three weeks to respond to the watchdog as it zones in on Covid-19 response, product value and customer service.
The FCA has said that no judgment will be handed down before January 2021.
The regulator is asking for comments by 18 January 2021 and says it does not expect this aspect of the BI court case to be affected by Supreme Court BI appeals.
Ignite Systems MD Toby MacLachlan discusses what can go wrong after the FCA signalled its intent to ban dual pricing practises in the home and motor insurance markets earlier this year.
Expert compliance panel at Broker Exchange deliver some hard truths to delegates about the burden of current and future regulation
Partners& has launched a cyber risk management offering in collaboration with a trio of sector specialists CFC underwriting, CPP Group and Mitigate Cyber.
Judges pledge to work quickly but there is no certainty on when policyholders and insurers will get a decision on the business interruption appeal as hearing concludes.
The action group put forward its arguments on the last day of the Supreme Court BI test case hearing.
The Superme Court hearing of the business interruption test case continued for the third day as lawyers compared coronavirus to the Great Storm of 1987.
Insurers and the regulator set out their starkly differing views on the use of trends clauses on day two of the ongoing business interruption test case hearing at the Supreme Court.
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on 16 November as insurers began their appeal of the September judgment handed down in the FCA’s business interruption test case.
The hearing in the FCA's business interruption test case starts on 16 November and will be heard by the same judges that oversaw the Orient Express case, which insurers have been relying on during the court proceedings.
The case, brought by the FCA on behalf of policyholders, will be heard for four days from 16 November.
The FCA warned insurers and brokers that any assessments must be completed by 3 December.
Insurer apologises over 2018 announcement with the potential to mislead the market in a “serious but not intentional” breach.