The FSCA’s current position on Contingent Business Interruption Insurance
11 February 2021 | Compliance - Regulatory | Financial Sector Conduct Authority (FSCA) (was FSB) | Financial Sector Conduct Authority
1. Purpose
This Communication sets out the FSCA’s current position on certain aspects of CBI insurance cover as well as its expectations of non-life insurers and policyholders in respect of CBI claims, in order to ensure that the processing of these claims is not unduly delayed and in line with the legal certainty that has been obtained in recent judgments.
2. Position regarding legal certainty
Following recent discussions with the non-life insurers with CBI cover exposure, it was confirmed that they hold the view that legal certainty has been obtained. Insurers have proceeded to review previous and current claims to make sure that claims decisions are in line with the recent court judgments.
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