News

FCA rejects insurers’ defences for ‘adopting unduly restrictive meanings’

By 2020-07-07T08:47:00

legal paperwork

The regulator states that insurers failed to take into account that policyholders were, in the main, unsophisticated purchasers of insurance

On Friday 3 July, the FCA published its response to the eight defence documents submitted by the insurers involved in its upcoming test case, which seeks to determine liability across 17 business interruption (BI) policy wordings.

In the 35-page response, the FCA said that “the defences are, in general terms, rejected” due to “restrictive meanings” and for failing “to take account of the relevant matrix and the true nature of the insurance provided”.

Read more…

You need to register to continue reading the rest of this article and more for free.
(If you’re already registered, please sign in here.)

REGISTER NOW FOR FREE

We’re glad you’ve chosen Insurance Times as your source for industry news and hope you’ve been enjoying reading articles from our award-winning team of journalists.

Gain access to more of our exclusive, breaking stories, interviews and news analysis as it happens. Registering is quick, easy, free, and will also have the additional benefits:

  • Uncover Secrets: Dive deep with exclusive annual reports, fueled by expert insights.
  • News That Matters: Award-winning coverage & analysis, delivered to your inbox.
  • Stay Ahead, Your Way: Daily or weekly - choose your news rhythm.
  • Own Your Learning: Curate your knowledge with a personalized library.

Register for FREE now and Keep Reading

Stay on top of the insurance game with our subscription! Get unlimited access to over 80,000 articles, in-depth analysis, exclusive reports by industry experts, and our Five-Star rating system to compare companies and find the best fit for your business needs - view subscription options.