Business interruption insurance test case: Draft guidance for firms

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This guidance sets out our expectations for insurers and insurance intermediaries when handling claims and complaints for business interruption policies during the test case brought by the FCA.

This guidance highlights particular steps that we consider firms should be taking to:
• Identify the potential implications of the test case on their decisions to reject claims.
• Keep policyholders informed about the test case and its implications for policies, claims and any settlement offers.
• Treat policyholders fairly when the test case is resolved.

This is guidance on firms’ obligations under:
• The FCA Principles for Businesses (PRIN), in particular Principles 6, 7 and 11.
• The Insurance Conduct of Business sourcebook (ICOBS), in particular ICOBS 2.5.-1R and ICOBS 8.1.
• The Dispute Resolution: Complaints sourcebook (DISP), in particular DISP 1.4 and DISP 1.6.

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