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As the Covid-19 crisis continues to deepen, this week signs of strain became increasingly evident in certain lines of business.
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The regulator’s stance is significantly softer than that taken with UK banks, which have been forced to suspend dividends and buybacks.
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Under the plans, insurers would nominate themselves to help distribute aid.
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The trade association urges talks on a tie-up between the government and the insurance industry.
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The regulatory leeway gives companies until six months of their year ends to publish accounts.
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The caution follows the FCA’s demand for a preliminary results moratorium.
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Enforced pay-outs for pandemic losses risk carrier insolvencies but certain compromises look politic.
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The regulator and two other watchdogs are reviewing disclosure requirements during the coronavirus crisis.
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Emergency measures include a rethink of the senior manager functions approval process.
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The groups say business interruption insurance was not designed to cover losses from Covid-19.
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The regulator is demanding carrier flexibility during the coronavirus crisis.
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The firm said while many losses will be uninsured, investment portfolio hits could cause cashflow problems for insurers.