RSA Insurance Group Plc and other insurers will try to take a dispute over Covid-19 payouts directly to the U.K. Supreme Court if they can’t reach a deal with regulators.
Several insurance firms and U.K. regulators filed applications to “leapfrog” the case to the Supreme Court. The U.K.’s Financial Conduct Authority said it’s working closely with the eight insurers that participated in the test case to reach an agreement on a range of issues so the appeal wouldn’t be required.
A trial court judge issued a ruling earlier this month in the fight over the affect of Covid-19 on small businesses that gave both regulators and the insurers something to be happy about. While the court said the insurers should pay for some business-interruption claims linked to the virus, the total liability was less than feared.
“The FCA’s intention has, throughout the process, been to achieve clarity on affected BI policies at speed,” the regulator said in Tuesday statement, in reference to business interruption. “We believe that clarity was provided in the initial judgment handed down on Sept. 15.”
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