HARTFORD STEAM BOILER APPOINTS TREATY REINSURANCE LEADER

The Financial Conduct Authority (FCA) has set a deadline for insurers to review products in light of Covid-19. The regulator said on Friday, firms must complete coronavirus related reviews of product lines and decide what action to take by December 3, 2020. In June, the FCA published guidance setting out its expectations for insurers and brokers to consider the value of their products, given the “exceptional circumstances” arising from the pandemic. “Firms should review their product lines and act where products have not delivered the intended value to customers. This could include providing alternative benefits, reducing premiums or partial refunds of premiums paid,” the FCA said. The regulator said it does not propose to update the guidance at this time but it does expect firms to monitor and regularly review the value of insurance products, and act where necessary.