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5 August 2020

Section 11 of Part 3 of the Civil Liability Act 2018 (link is external)(the Act) imposes a duty on insurers to provide information to us about the effect that changes to the law under the Act will have on motor insurance premiums.

The subsequent Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020(link is external) (the Regs) set out which insurers will be in scope and what information they need to provide. It also states that the information must be audited in accordance with the Regulations and provided ‘in such form as the FCA may direct’.

The data to be provided covers the three annual periods commencing 1 April 2020 and finishing 31 March 2023 and needs to be provided to us as a single return by 1 October 2023.

It is intended that in September 2023 we will send out a Qualtrics survey to all insurers that will enable them to either:

  • inform us that they are out of scope
  • or provide the required information if they are in scope

View the format of the survey in this template. The template is determined in line with the Act/Regs, so is not designed to cover every eventuality or nuance. The Association of British Insurers (ABI) and a number of their members have viewed the template and provided comments to assist us in providing definitions that are practical and easy to understand, so that consistent data can be gathered and provided by all respondents.

 

Source:https://www.fca.org.uk/news/statements/data-provision-under-civil-liability-act-2018

By David Petty

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