PRA Extends Protection After Insurer Seeks Administration

Law360, London (October 9, 2020, 6:30 PM BST) -- The U.K.'s insurance regulator has rushed through regulation that will increase the protection of policyholders if a building insurer collapses, after warranty insurer East West Insurance Co. Ltd. filed for administration.

The Prudential Regulation Authority said Friday that policyholders will be able to be covered for the entirety of a building guarantee insurance claim by the U.K.'s lifeboat fund, the Financial Service Compensation Scheme.

At present, policyholders are only covered up to 90% of the claim if their insurer is declared in default.

The statement comes a day after runoff insurer East West, which has been hit by litigation over building...

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