In an effort aimed at “picking out the cowboys” in the U.K.’s insurance industry the Association of British Insurers has adopted a new code, that will come in to force on the first of January 2001, setting minimum standards for the handling and settlement of general insurance claims.
The rules apply to all members of the ABI, and cover claims made by any policy holder or third party. Among other requirements, the new rules mandate that a response must be given to any claim within 5 working days, and all claims must be paid within 10 days once an amount has been agreed to.
Analysts do not expect the provisions to affect larger companies, but according to a report by Reuters News Agency are a move to clean up the image of the industry, and make sure that all claims are properly handled without unnecessary delays.
Topics Claims
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