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Irish insurers must act favourably to virus-hit firms says regulator

Written by Business World, on 30th Mar 2020. Posted in Ireland

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Irish insurers must put forward consumer-focused solutions on policy payment breaks, rebates and claims for any firm impacted by coronavirus-related disruption, Ireland's central bank said on Friday.

In a letter to chief executives of insurers published on its website, the regulator said any claim settlement offer made must be fair, take account of all relevant factors and represent the best estimate of the claimant's reasonable entitlement.

"Although the central bank expects that most policy wordings are clear in terms of what cover is provided and what cover exclusions are in place, where there is a doubt about the meaning of a term, the interpretation most favourable to their customer should prevail," the letter said. (Reuters)

Source: www.businessworld.ie

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