PS13/2 Tracing employers’ liability insurers – historical policies

Why are we issuing these new rules?

In this Policy Statement, we are setting out new rules on employers’ liability (EL) insurance. This means that firms which may have actual or potential EL insurance claims must conduct effective searches of their historical policy records when they receive a request from individuals, their representatives, employers, insurers or intermediaries and a qualifying tracing office.

We consulted on proposals to require firms to do this because many people have been unable to trace insurers.

Although like the Government and the insurance industry, we have initiated measures to help these people, they mainly related to recent insurance policies. In these cases, many years may have passed since people have left the employment where they contracted an illness, causing them significant detriment. So our new rules relate to our consumer protection objective.

Who is this Policy Statement aimed at?

These rules will affect:

• UK-authorised firms that are carrying out contracts of insurance;
• EEA firms passporting into the UK that are carrying out contracts of insurance; and
• managing agents.

Our requirements may help consumers who suffer from a work-related disease and are facing difficulties claiming compensation because they cannot trace their EL insurer.

Policy Statement

• PS13/2 Tracing employers’ liability insurers – historical policies[1]

What are the next steps?

If your firm is affected by these changes, you need to implement our requirements no later than 4 December 2013.

Want to find out more?

For more information:

• see our information for firms and our information for consumers on this issue;
• read the Consultation Paper FSA CP12/14[2]; or
• look at the FCA Handbook[3].