Regulatory Alerts2020-06-17
Added · Updated
Finalised Guidance: Business interruption insurance test case
Insurers and insurance intermediaries must review relevant non-damage business interruption policies underwritten before 17 June 2020 to determine if claims may be affected by the test case, completing this review by 8 July 2020. Firms are required to notify policyholders with outstanding or declined claims by 15 July 2020 and publish general updates about the test case promptly after 17 June 2020. The guidance mandates that insurers continue handling claims in line with current approaches for those who have already accepted claims or determined their policies respond to the pandemic, while ensuring fair treatment and balanced communication for all potentially affected policyholders during the proceedings.