LONDON, Jan 22 (Reuters) - Insurers will face enforcement
action and be "named and shamed" if they don't pay up as soon as
possible on business insurance claims following a landmark court
ruling, Britain's Financial Conduct Authority said on Friday.
The Supreme Court earlier this month ruled that many
business insurance policies should cover losses caused by
coronavirus lockdowns, and the FCA said insurers should now make
pay up as soon as possible.
"Where we see that insurers are not meeting the expectations
set out here, we will use the full range of our regulatory tools
and powers to ensure they do so," the FCA said in a letter to
CEOs of insurers published on Friday.
(Reporting by Huw Jones; Editing by Hugh Lawson)
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