regulator to remove 15-day end-of-policy extension and alter way costs are handled in court
The FSA is to make permanent the modifications it brought in November to professional indemnity insurance (PII) requirements in an attempt to encourage more providers into the market. These changes will see greater clarity and uniformity in the wording used in policies, which the regulator believes has led to mis-understandings and mis-interpretation in the past. It also aims to make the market more attractive to insurers by allowing greater use of excess in policies and eliminating a clause that allowed advisers to make claims up to 15 days past when their policy has expired. The F...
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