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Tuesday 29 September, 2020

Financial Conduct

Update on BI insurance test case appeals process

RNS Number : 4119A
Financial Conduct Authority
29 September 2020
 

Update on Business interruption insurance test case appeals process

 

The deadline for parties to the Financial Conduct Authority's (FCA) Business interruption insurance test case to file a 'leapfrog' application to appeal to the Supreme Court any aspects of the High Court's Judgment was yesterday, Monday 28 September 2020.

 

The FCA today confirms that it has filed a 'leapfrog' application to appeal to the Supreme Court. The FCA's intention has, throughout the process, been to achieve clarity on affected BI policies at speed. We believe that clarity was provided in the initial judgment handed down on 15 September.

 

The FCA therefore continues to work closely and at speed with the eight insurers and two intervenors that participated in the test case to reach an agreement in principle on a range of issues whereby an appeal process would not be required, and payments would be made on eligible claims as soon as possible. Positive discussions continue with all parties.

 

The FCA's 'leapfrog' application has been filed on a precautionary basis in the event that this agreement is not reached by close of business Wednesday. The FCA understands that seven insurer parties have made similar precautionary applications.

 

The FCA will provide an update to this situation as soon as is possible.

 

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