- Newslink Global Insurance Trends-The Week
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- Standard & Poor's revises outlook on Lloyd's to negative from stable
- IBM building an industry-first insurance platform on the IBM Cloud that aims to improve the processes and economics for new product development, underwriting, and benefits delivery-collaborating with MetLife and Majesco
- 4th Annual international Conference on AI and Analytics for the Insurance Industry attracts over 200 international experts expired
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- Octo Telematics to acquire the usage-based insurance(UBI) assets of Willis Towers Watson expired
- CII names Trott as new chair of the Claims Faculty Board expired
- LMA responds to Justice Committee on Ogden Discount Rate proposed change expired
- Aviva to sell its Taiwan JV stake to partner following a strategic review expired
18th June 2017
Admiral agrees to contact customers who may have been given inaccurate information in renewal documents after FCA check
Admiral has agreed to contact customers who may have been given inaccurate information in renewal documents. New rules introduced by the Financial Conduct Authority(FCA) in April require firms to clearly show the insurance premium a customer paid last year alongside their proposed renewal premium.
The FCA has found that Admiral included inaccurate premium amounts in renewal documents issued to some customers by publishing last year’s quoted premium, before discounts were applied, rather than what the customer actually paid. Admiral will now make changes to ensure it is fully compliant with FCA rules.
Admiral has agreed with the FCA to contact affected customers who renewed their policies after 1st April, who may have received inaccurate information. If affected customers choose to go to another insurer, they will be able to cancel without penalty and will have their premium refunded.
The FCA is currently assessing firms’ implementation of these rules to ensure that firms are giving customers clear and fair disclosure on their renewal prices. The FCA has seen good practice but some concerning examples and will continue to address specific concerns with individual firms.
Jonathan Davidson, executive director of Supervision- Retail and Authorisations, comments “It is vital that insurers give customers the right information so they can easily compare premiums and make a choice whether to shop around.
When introducing these measures, the FCA was clear that firms should be ready from April 2017. We will continue to keep a close eye on the industry’s response to ensure firms are complying with the new rules and will take action where necessary.”
Admiral Trends(126 articles)
FCA Trends(123 articles)