Insurers Say Deadline Too Tight For FCA Dual Pricing Reform
Law360, London (April 20, 2021, 3:15 PM BST) -- Insurers might need more time to implement rules drawn up by Britain's finance regulator to end pricing practices that penalize long-term clients, reinsurance company Swiss Re has said, warning the deadline could come too soon for some.
The Financial Conduct Authority will require insurers to charge existing home or motor insurance policyholders the same price they offer to new customers when the changes take effect at the end of 2021. But observers have said that the reforms will create upheaval for the established loss-leading practices of the sector.
Swiss Re, which is based in Zurich, said on Monday that 60% of insurers it quizzed...
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