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ACGLP - Arch Capital News Story

$25.36 0.1  0.5%

Last Trade - 13/05/21

Sector
Financials
Size
Large Cap
Market Cap £11.24bn
Enterprise Value £13.94bn
Revenue £6.43bn
Position in Universe 692nd / 6856

Pay business insurance claims or face enforcement, UK watchdog says

Fri 22nd January, 2021 3:51pm
LONDON, Jan 22 (Reuters) - Insurers will face enforcement
action and be "named and shamed" if they don't pay up as soon as
possible on business insurance claims following a landmark court
ruling, Britain's Financial Conduct Authority said on Friday.
    The Supreme Court earlier this month ruled that many
business insurance policies should cover losses caused by
coronavirus lockdowns, and the FCA said insurers should now make
pay up as soon as possible.
    "Where we see that insurers are not meeting the expectations
set out here, we will use the full range of our regulatory tools
and powers to ensure they do so," the FCA said in a letter to
CEOs of insurers published on Friday.

 (Reporting by Huw Jones; Editing by Hugh Lawson)
 ((huw.jones@thomsonreuters.com; +44 207 542 3326; Reuters
Messaging: huw.jones.thomsonreuters.com@reuters.net))
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