Bill Esterson – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Bill Esterson on 2016-01-13.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of late payment of claims by insurance companies on SMEs.

Harriett Baldwin

In the Enterprise Bill, Government has proposed to introduce a new requirement for insurers to pay claims within a reasonable time, which will also entitle policyholders to claim damages where a claims is paid late. An assessment of the impact of late payment of insurance claims, including on small and medium sized enterprises, has been published by the government:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/461200/BIS-15-517-IA-late-payment-of-insurance-claims.pdf