UK to introduce damages for late claims payment
Saturday, 10 03 2015, Category: Insurance and Reinsurance, Country: United Kingdom
Commercial policyholders in the UK will likely soon be entitled to damages for late payment of insurance claims under a surprise addition to the Enterprise Bill.
The bill, which is intended to cut red tape for business, included provisions on damages for late payment that were first set out in the Law Commission's draft Insurance Bill released in July 2014.
Damages for late payment in the Enterprise Bill, published this September, replicate the original Law Commission proposals, which were dropped from the final version of the Insurance Act after they proved too controversial.
Source: Commercial Risk Europe