THE Central Bank of Ireland (CBI) is threatening to take enforcement action against a handful of insurance firms that are not honouring valid claims on business interruption policies, Independent.ie has learned. The communications with these companies include specifically-tailored risk-mitigation programmes (RMP) outlining explicit expectations for how each firm should deal with claims. Read MoreThey incorporate conclusions from the Central Bank's own long-term investigation of business interruption insurance and the recent judgement from the FBD test case in the Commercial Court. The court found that FBD's pub customers were entitled to claim for Covid-related closures under their business interruption policies. The CBI today reiterated its stance that all insurers must interpret their policy wordings in favour of the customers.

Source: Irish Independent February 17, 2021 16:18 UTC