Legal Regulations on Claim Settlement Duration
In the UK, insurance companies are governed by the Prudential Regulation Authority and the Financial Conduct Authority. These organisations enforce laws to guarantee that claims are handled swiftly and fairly.
You can consult the Financial Ombudsman Service or Citizens Advice for advice if your insurer takes an excessively long time to resolve your claim. It’s important to remember that there are legal deadlines for filing claims.
For instance, you typically have three years from the accident date to begin legal proceedings for a personal injury claim resulting from a car accident.
The Pre-Action Protocol for Personal Injury Claims is another protocol. The procedure for filing a personal injury claim is described here. This includes a deadline for information exchange and a requirement that the parties think about an ADR method and behave reasonably.