Written Question on Insurance Companies

Written Questions are submitted by MPs or Lords to receive information from a Department.

See more on: "Insurance Companies"
Date Title Questioner
21 May 2019, 2:42 p.m. Lord Johnson of Marylebone (Conservative - Life peer) Lord Johnson of Marylebone (Conservative - Life peer)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he has taken to make sure that adequate interim payments to third parties are made promptly by insurance companies after those companies have accepted liability.

Answered by John Glen - Economic Secretary (HM Treasury)

The FCA is an independent body responsible for regulating and supervising the financial services industry. It sets the conduct standards required of insurance firms in relation to their business.

The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed. It is important that insurers treat customers fairly and the Government supports the FCA in carrying out its responsibilities.

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