Bank of England to Focus on Insurance Consumer Protections
Wednesday, 03 22 2017, Category: Insurance and Reinsurance, Country: United Kingdom
The Bank of England will spell out more clearly what insurers should be doing to protect policyholders such as the elderly after a report called for clearer safeguards.
The BoE’s Independent Evaluation Office (IEO) looked at how the central bank’s supervisory arm, the
Prudential Regulation Authority (PRA), ensures policyholders are properly protected.
The IEO said on Monday that the PRA’s “articulation of its policyholder protection responsibilities appears to be unfinished business.”
Source: Insurance Journal