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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!