FCA claims Coronavirus pandemic relief measures in insurance to begin from May 18

The deadly virus outbreak has created a major stir around the world in recent times claiming the lives of more than 290,000 people worldwide

The measures for helping the customers who are struggling to pay the premium on insurance policies during the coronavirus or COVID-19 crisis are going to come into effect on Monday, the Financial Conduct Authority of Britain stated on Thursday.

FCA to implement measures from Monday

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The FCA, that put the measures for the consultation of the public on May 1 stated on Thursday that maximum of the ones who responded did show their support. The measures, including deferring premium for till three months, are going to be reviewed in the coming three months and might be revised if appropriate, the FCA mentioned.

"Many firms in the insurance industry have already taken some of the actions we are suggesting here to support customers, such as premium reductions, discounts, waiving fees, and payment deferrals," said Sheldon Mills, interim executive director of strategy and competition at the FCA. "The measures confirmed today will provide urgent support to those that need it," Mills said.

(With agency inputs)

Related topics : Coronavirus