Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of October 2018
February 28, 2011

New regulations on employers’ liability

by Gill Montia

Story link: New regulations on employers’ liability

The Employers’ Liability Tracing Office (ELTO) has welcomed new regulations from the Financial Services Authority (FSA) requiring insurers to publish data on employers’ liability (EL) policies, and all new claims made against such policies.

The new rules replace a voluntary agreement whereby insurers searched their records “to the best of their ability” when notified of a claim.

However, ELTO has been created specifically to manage a database of EL policy details, to make tracing the relevant insurer easier.

The facility should be available from late April and the body’s provisional chair and UK chief executive of RSA, Adrian Brown, is urging companies that have not yet signed up to do so immediately.

Mr Brown explains: “Searches of policies loaded onto the central database should take a matter of minutes and this will increase the speed with which a claimant representative can progress with a making a claim.”

The Association of British Insurers’ director of general insurance and health, Nick Starling, adds: “The FSA’s regulations will improve the current situation for both lawyers and claimants as all insurers will now be required to publish their data making any search much more thorough.”

According to Mr Starling: “The inclusion of new information such as the Employer Reference Number – sometimes called the PAYE number should also increase the amount of successful searches for EL policies and help claimants to start their claim process much sooner.”

 

News posted:



Related stories to New regulations on employers’ liability: