Mesothelioma Claims Update: FSCS Change may bring Policyholders Substantial Reimbursements
The Financial Services Compensation Scheme (FSCS) has revised its stance on the funding of mesothelioma claims that fall within insolvent insurer periods, where exposure straddles 1 January 1972. The FSCS will apply its revised stance retrospectively, and will reimburse policyholders for any claim that meets the criteria where the policyholder has funded pre-1972 exposure since 20 May 2015.
FSCS REVISED RULES
Originally, changes were made to how mesothelioma claims were treated in 2013, with employers liable to indemnify an employer for the whole of a mesothelioma claim. These rules were in place until 2015, when the FSCS decided that it would only protect that proportion of a mesothelioma claim for which exposure was from 1 January 1972 onwards.
Now, the FSCS has revised its stance further and the impact of these changes could prove highly impactful and widespread.
THE EFFECTS OF THE REVISED STANCE
This Adviser details the revised FSCS rules and outlines what companies should do if they are concerned about both exposure to insolvent insurers and mesothelioma claims. Specifically the Adviser addresses:
- The scope of the changes to mesothelioma claims.
- What companies should do if they are concerned about both exposure to insolvent insurers and mesothelioma claims.
- Next steps for managing the risk.
For more information on the FSCS change and what to do if you have a mesothelioma claim, download our Adviser.