The Central Bank of Ireland (CBI) wrote to insurers in March setting out its expectation that Boards and Senior Management would take appropriate measures in light of the difficult and challenging situation facing customers and develop “consumer-centric solutions” to the handling of insurance payment breaks and policy rebates in light of the Covid-19 emergency as a matter of urgency. The CBI also reminded firms of their ongoing obligations under the Consumer Protection Code to act honestly, fairly and professionally in the best interest of the customer.
This focus is consistent with the position adopted by European Insurance and Occupational Pensions Authority (EIOPA) in recent communications.
Whilst the approach will vary depending on customer base, product portfolio and distribution mix, the CBI has highlighted the following imperatives:
Download our latest guidance below to explore what insurers need to consider, the actions that can be taken now and how they can manage the potential complaints surge post-Covid-19. You can also review our latest insights and thinking to support you in leading through these volatile times; don’t hesitate to reach out if you have any questions.