Where a claimant has agreed to accept an offer made by the regulated entity to settle a claim, the entity \u00a0must discharge the claim within 10 business days from the agreement to accept the offer. The appropriate amount may be agreed subject to finalisation of legal costs, if applicable.\u00a0 Where a method of direct settlement has applied, the regulated entity must discharge the claim without delay.<\/p>\n
Where the regulated entity decides to decline \u00a0the claim, the reasons for the decision must be provided to the claimant on paper or in another durable medium.\u00a0 The entity must provide the claimant with written details of any internal appeals mechanism available to the claimant.<\/p>\n
Where the policyholder is a consumer and is not beneficiary of the settlement, the policyholder must be advised on paper or in another durable medium by the regulated entity at time the settlement is made, of the final outcome of the claim including details of the settlement.\u00a0 Where applicable, the policyholder must be informed that the settlement of the claim will affect future insurance contracts of that type.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
Monies Received The Consumer Protection Code applies to insurance in common with other consumer financial services.\u00a0 Insurance brokers are subject to much the same regulation and requirements as other financial and investment intermediaries. An insurance intermediary must lodge money it receives in respect of a premium in a segregated client premium account.\u00a0 It must operate […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[131],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/5277"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=5277"}],"version-history":[{"count":0,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/5277\/revisions"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=5277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=5277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=5277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}