While they may never meet the certainty standard of death and taxes, some nine out of 10 insurers in the London market now deliver clear proof of coverage to buyers within 30 days of their policy's inception–a major improvement from past performance–thanks to a joint industry effort responding to the gauntlet thrown down by local regulators.
For several years now, London brokers, regulators and carriers have been working together to come up with protocols to ensure that provisions of any insurance contract are well-understood and codified before they go into effect.
Earlier this year, the United Kingdom's insurance regulator, Financial Services Authority Chief Executive John Tiner, reported 'mission accomplished,' with 90 percent of contracts in the subscription market and 88 percent in the non-subscription sector meeting the terms of the U.K. Contract Certainty project.
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