FSA and DWP bolster insurance tracing service
The FSA and the department for work and pensions have issued requirements for insurers to support those suffering from work-related illnesses to get compensation.
A 14-page FSA consultation, Tracing employers’ liability insurers – historical policies, claimed that in 2010 due to a businesses closing and no information being accessible, 3559 consumers were unable to trace their insurer, of which 537 had contracted a form of cancer called mesothelioma.
In response, the City watchdog has proposed a requirement for firms to respond to search requests within one month, while the DWP has made it compulsory for all employers’ liability insurers to join the Employers’ Liability Tracing Office.
According to the FSA, where a firm has established that a historical policy does exist, the response should set out any available information.
Where there is not an exact match but there is evidence to suggest that a historical policy does exist, the response should set out any information relevant to the request and describe the next steps, if any, the firm will take to continue the search.
Where the firm has conducted a search but no historical policies have been found, the response should set this out clearly and explain that reasonable steps were taken to conduct an effective search.