FOIL Update – Insurers reporting to the FCA
- FOIL
- FOIL Ireland
- FOIL select
- London FOIL
Under the proposed ‘whiplash’ reforms, the Civil Liability Act (“the Act”) imposes a statutory requirement on insurers to provide information to the Financial Conduct Authority (FCA) about claims costs and premium prices, as well as what they might have expected these figures to be had the Act not been passed. In March 2019, the government published a consultation on draft regulations which will require companies to report on whether they have passed on savings to their customers. The consultation sought views on the government’s suggested approach to determining the firms in scope, the information required, and the treatment of this information.
