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FCA backs ABI fire safety reinsurance facility to cut high-rise leaseholder premiums; will monitor compliance with new broker commission disclosure rules amid delays

Published on: 05 March 2024

Published by a Law360 reporter
Legal News
Article summary

The Fire Safety Reinsurance Facility will increase underwriting capacity in the market

He said the initiative would bolster underwriting capacity across the market. Sheldon Mills, the FCA’s executive director for consumers and competition, set out the position in a letter to the government’s housing secretary dated 29 February 2024. He noted that the programme, currently being developed by the Association of British Insurers (ABI), was due to launch by summer 2023, but has encountered delays. According to Mills, progress has taken longer than expected given the challenge of securing sufficient reinsurance capacity for the risks at stake and of shaping a scheme that properly meets insurers’ needs and, by extension, those of customers and leaseholders...

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