On 21 April 2023, the Financial Conduct Authority (FCA) published a consultation paper (CP23/8) (CP) on proposed rule changes to address issues identified within the multi-occupancy building insurance market which are leading to poor outcomes for leaseholders. Background Over the past few years, the cost of building insurance to residential leaseholders and other property owners … Continue Reading
Through a series of statements released on May 1, 2020, the Financial Conduct Authority (FCA) made clear its expectations of the insurance sector in light of coronavirus (COVID-19). The FCA: Proposes to seek clarity on whether a sample of wordings in business interruption policies do, in fact, provide coverage for COVID-19, via a declaratory judgment in … Continue Reading
The usually predictable world of portfolio transfers received a jolt on 16 August when Mr Justice Snowden declined to exercise his discretion to sanction the proposed insurance business transfer of a £12.9 billion book of in-payment annuities from The Prudential Assurance Company Limited (“Prudential”) to Rothesay Life Limited (“Rothesay”). This is believed to be the … Continue Reading
