Published: 08/07/2021 By Jane PriceThe government are in consultation to discuss targeted changes to current insolvency arrangements in place for insurers.
The changes would enable the UK authorities to better manage insurer distress in an orderly manner.
The proposed amendments include:
- Clarifications and enhancements to the court’s existing power.
- New provisions to help mitigate business disruption and losses for insurers in distress.
- Changes to the protection provided by the Financial Services Compensation Scheme (FSCS)
The consultation closes 11:45pm on the 13th August 2021
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