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Tag Archives: late payment

Posted in Regulatory and legislative updates, UK

UK: Enterprise Bill cracks down on late payment of claims

Currently, there is no legal obligation on insurers to pay claims in a timely manner. This can have severe implications for insureds (and SMEs in particular), which the Enterprise Bill (published yesterday) seeks to remedy. BIS acknowledged that: “late payment is a major problem for businesses. Any unnecessary delay in payment can have significant impacts