Irish regulator mirrors FCA by publishing supervisory framework to clarify Covid BI claims

By StrategicRisk 2020-08-07T07:04:00

The Central Bank of Ireland ‘expects firms to adopt a customer first approach to the resolution of business interruption issues’

The Central Bank of Ireland, the regulator for financial firms in Ireland, has this week published its ‘Covid-19 and Business Interruption Insurance Supervisory Framework’, seeking to following in the footsteps of the FCA and clarify the coverage conundrums surrounding business interruption (BI) claims linked to the Covid-19 pandemic and associated lockdown regime.

The framework, published on 5 August, plans to help achieve the “early identification and resolution of issues which have the potential to cause customer harm, driving clarity for affected businesses as quickly as possible”.

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