HFW Insurance Bulletin – December 2020
|In this issue:|
Covid-19 judgment update: South Africa and AustraliaCOVID-19 business interruption claims have been very much in the news lately. In terms of industry-wide class actions, the UK’s Financial Conduct Authority (FCA) has been leading the way with its test case, judgment in which was handed down on 15 September 2020 (the FCA Test Case Judgment).
» Read moreCovid-19 policy review: FCA deadline passes
Insurance firms are required by the FCA to have reviewed their products in light of the exceptional circumstances arising from the ongoing Covid-19 pandemic, which has caused the value of many insurance policies to their policyholders to be reduced because of the lockdown and other factors. Firms will be aware that the FCA published its guidance on 3 June 2020 and required insurance firms to have carried out the necessary review by 3 December 2020.
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SMCR and Coronavirus – Employers granted additional time to comply with the Certification Regime and Conduct Rules
The FCA has extended, from 9 December 2020 until 31 March 2021, the deadline for solo-regulated firms to have undertaken certain Certification and Conduct Rules requirements under the Senior Managers and Certification Regime (SMCR).
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