Central Bank under pressure to adopt more proactive approach to Covid-19 insurance claims

Regulator says it expects insurers to pay the ‘reasonable costs’ of policyholders in agreed test cases, but has not defined what it considers these to be

2nd May, 2021
Central Bank under pressure to adopt more proactive approach to Covid-19 insurance claims
The CBI has said it expects insurers to pay the “reasonable costs” of policyholders in agreed test cases but has not defined what it considers these to be

The Central Bank of Ireland is facing mounting pressure to adopt a more robust approach to handling Covid-19 insurance claims as plaintiffs face millions of euro in legal fees and thousands of businesses fear being locked out of further test cases.

Businesses are seeking firmer action on costs, a clear signal from the regulator on the designation of test cases, and action on insurers’ attempts to deduct the value of state supports from payouts made...

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