FCA Business Interruption Insurance Test Case - FOS decisions
This one-hour webinar will focus on a number of various decisions made on complaints referred to the FOS following claims that have been turned down by insurers with the FOS considering the judgment of the Supreme Court in its decisions.
It will also provide an update following the judgment was handed down on 15 January 2021 to include insurer statistics on claims payments and on the Supreme Court’s Declarations (still awaited).
20,347 claims have been settled now costing insurers £757m (as at 14 June to incl interim payments) but the FCA originally considered some 370,000 insureds have bought this cover from around 60 different insurers and the FOS does not appear to be over-stretching the reach of the judgment.
At the same time it will remind brokers, all of whom will have arranged these policies for clients, to encourage them to robustly reassess their advice process under ICOBS and their overriding professional duty to clients thus ensuring they are not blamed for having sold policies that have not fully catered for the needs of clients (and indeed brokers may be facing negligence actions right now). Plus we will look at whether you need covid to be covered under your PI policy going forward and what could happen if you don’t.
By attending this webinar delegates will be able to identify:
- FOS decisions in key areas – specified illnesses, on premises cover, plague, etc
- Claims payment statistics
- The advice process/what does this mean for clients/PII cover.
It is relevant to general insurance brokers/intermediaries, insurers, and any other market participants and everyone will receive a copy of the presentation after the talk.
The event will be hosted by Branko Bjelobaba FCII. Branko joined the insurance industry in 1987 and has worked across the sector including PwC and GISC and has led his own consultancy practice since 2004. He works closely with BIBA (and has published its compliance manual since 2004) and the CII and has provided well-received (even entertaining…) training events to thousands of people throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award and the London Market People Award for Legal and Compliance.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.