FCA Mulls Tightening Rules On Insurance Value Reporting
Law360, London (January 30, 2019, 6:35 PM GMT) -- The Financial Conduct Authority said Wednesday it is considering forcing insurance firms to report information about the value of their products to the regulator amid concerns that consumers are ending up with unnecessary and poor-quality polices.
Firms would be required to submit data yearly on their acceptance rates, their average payout and how frequently claims were made across different types of cover across a range of products. The FCA then plans to make this information publicly available on its website as a scorecard in a move designed to bring more transparency to the sector.
"We have identified poor product value as...
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