NI ECONOMY WANTS TO HEAR YOUR INSURANCE ISSUES AND FCA ISSUES DRAFT GUIDANCE TO INSURERS

NI ECONOMY WANTS TO HEAR YOUR INSURANCE ISSUES AND FCA ISSUES DRAFT GUIDANCE TO INSURERS

03 June 2020

ASSOCIATION OF BRITISH INSURERS TO BRIEF NI ECONOMY COMMITTEE- YOUR FEEDBACK NEEDED

 

The Northern Ireland Economy Committee is set to be briefed by the Assistant Director of the Association of British Insurers next Monday 8th June.

 

As a result of this, the Committee are requesting industry feedback on the specific insurance issues being experienced by businesses in light of the COVID-19 crisis, in order to inform their line of questioning and form the structure of the briefing.

 

Hospitality Ulster has been in conversation with a wide range of members from all types of hospitality business since the beginning of the pandemic, dealing with problems like claiming from insurance policies etc.

 

As a result, we are aware that there are issues being experienced province wide.

 

If you would like to help the NI Economy Committee by giving feedback or telling them about your experience, please CLICK HERE to email HU.

 

Make sure to include 'INSURANCE BRIEFING' at the top of your email, and please feel free to give as us much detail as possible to pass on.

 

The deadline for your feedback is 12 midday, this Friday (5th June).

 

 

FCA GUIDANCE TO INSURANCE COMPANIES

 

The Financial Conduct Authority (FCA) have published draft guidance for insurers and intermediaries, outlining their expectations when handling claims and complaints for business interruption policies during the test case brought by the FCA.

 

The guidance highlights the steps firms should be taking to:

 

  • Identify potential implications of the test case on their decisions to reject claims
  • Keep policyholders informed about the test case and its implications for policies, claims and any settlement offers
  • Treat policy holders fairly when the test case is resolved

 

To read more CLICK HERE