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BRIEF-UK's FCA files for appeal in business interruption case

Published 29/09/2020, 04:05 pm
© Reuters.
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Sept 29 (Reuters) - Aviva PLC AV.L :

* FINANCIAL CONDUCT - UPDATE ON BI INSURANCE TEST CASE APPEALS PROCESS

* FCA TODAY CONFIRMS THAT IT HAS FILED A 'LEAPFROG' APPLICATION TO APPEAL TO SUPREME COURT.

* FCA'S INTENTION HAS, THROUGHOUT PROCESS, BEEN TO ACHIEVE CLARITY ON AFFECTED BUSINESS INTERRUPTION POLICIES AT SPEED.

* FCA SAYS WE BELIEVE THAT CLARITY WAS PROVIDED IN INITIAL JUDGMENT HANDED DOWN ON 15 SEPTEMBER

* FCA THEREFORE CONTINUES TO WORK CLOSELY AND AT SPEED WITH EIGHT INSURERS AND TWO INTERVENORS THAT PARTICIPATED IN TEST CASE TO REACH AN AGREEMENT

* FCA'S 'LEAPFROG' APPLICATION HAS BEEN FILED ON A PRECAUTIONARY BASIS

* FCA UNDERSTANDS THAT SEVEN INSURER PARTIES HAVE MADE SIMILAR PRECAUTIONARY APPLICATIONS.

* FCA WILL PROVIDE AN UPDATE TO THIS SITUATION AS SOON AS IS POSSIBLE

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