Insurance Companies

Treasury written question – answered on 21st May 2019.

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Photo of Jo Johnson Jo Johnson Minister of State (Department for Education) (Universities and Science) (Joint with the Department for Business, Energy and Industrial Strategy)

To ask the Chancellor of the Exchequer, what steps he has taken to make sure that adequate interim payments to third parties are made promptly by insurance companies after those companies have accepted liability.

Photo of Jo Johnson Jo Johnson Minister of State (Department for Education) (Universities and Science) (Joint with the Department for Business, Energy and Industrial Strategy)

To ask the Chancellor of the Exchequer, what steps he is taking to stop insurance companies delaying interim payments to third parties to take advantage of potential changes to the Ogden discount rate.

Photo of Jo Johnson Jo Johnson Minister of State (Department for Education) (Universities and Science) (Joint with the Department for Business, Energy and Industrial Strategy)

To ask the Chancellor of the Exchequer, if he will make it his policy to introduce a legally binding code of conduct for insurance companies to protect (a) defendants and (b) claimants from the start of a third party claim to the final settlement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The FCA is an independent body responsible for regulating and supervising the financial services industry. It sets the conduct standards required of insurance firms in relation to their business.

The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed. It is important that insurers treat customers fairly and the Government supports the FCA in carrying out its responsibilities.

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