Business
Update on UK Insurance Industry Test Case
Update on UK Insurance Industry Test Case.
About this update from Hiscox Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 4125A\n Hiscox Ltd\n 29 September 2020\n \n \n \n \n \n \n \n Hiscox Ltd update on UK Insurance Industry Test Case\n \n \n \n \n \n \n \n \n \n Hamilton, Bermuda (29 September 2020) \n \n - Hiscox Ltd (LSE:HSX), the international specialist insurer, \n provides an update on the UK insurance industry test case on the contractual interpretation of business interruption wording in certain UK property insurance policies (\"the Industry Test Case\").\n \n \n \n \n \n As part of the Framework Agreement governing the Industry Test Case, the FCA and the Insurers agreed to explore the possibility that the Test Case would be suitable for a so-called 'leapfrog' appeal direct to the Supreme Court to ensure an expedited resolution of any appeal.\n \n \n \n \n \n In order to preserve the ability of any appeal to proceed straight to the Supreme Court, Hiscox, together with certain other Insurers and the FCA, has taken the necessary procedural step of applying to the High Court for a leapfrog certificate before yesterday's statutory deadline for doing so had passed. However, Hiscox has not yet made a decision on whether it will seek to appeal.\n \n \n \n \n \n At the next hearing on 2 October, the Court will decide the appropriate declarations (\"the Declarations\") to be made to give effect to the judgment it handed down on Tuesday 15 September (\"the Judgment\"). The Declarations are the orders from the Court as to how the conclusions set out in the Judgment should be applied to the claims and circumstances of relevant individual policyholders. Discussions are ongoing with the FCA and other parties to try to resolve any outstanding issues in line with the original Judgment before this date. \n \n \n \n \n \n Hiscox remains committed to an expedited resolution and today's application, pending this hearing, preserves speed of process for all parties should there be an appeal.\n \n \n \n \n \n In the event that any party seeks permission to appeal, Hiscox may remain a party to any subsequent proceedings which could impact its ability to progress claims until the final outcome of the Industry Test Case is known.\n \n \n \n \n \n Hiscox will communicate an update on the Industry Test Case to relevant policyholders after the hearing on 2 October, including any impa...