Regulatory AlertsProduct value and coronavirus: guidance for insurance firms
The Financial Conduct Authority issued this guidance requiring insurers and intermediaries to assess whether coronavirus has materially affected the value of their non-investment insurance products. Firms must prioritize reviews where contractual benefits cannot be delivered or where reduced risk renders products of little utility, considering actions such as alternative benefits or premium adjustments. The regulator expects these product-level assessments to be completed by December 3, 2020, with ongoing monitoring to ensure fair customer treatment during the pandemic.
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