The Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020

Audited information to be provided to the FCA

4.—(1) For each report year, the information provided to the FCA must include audited figures for—

(a) the total gross amount, including reinsurance recoveries and legal costs, of the ultimate value of claims paid for all claims which have been finally settled in that report year by a relevant insurer under its private motor insurance policies in respect of personal injuries sustained by third parties, where the amount of damages for the injury is governed by the law of England and Wales;

(b) the mean of the amounts in sub-paragraph (a) per policy paid by a relevant insurer during the report year under those policies in respect of injuries falling within sub-paragraph (a);

(c) separate totals for the amounts in sub-paragraphs (a) and (b) for claims where the amount of the award paid by a relevant insurer under each policy was—

(i) £100,000 or less;

(ii) over £100,000;

(d) the total gross value of the premium earned by the relevant insurer for private motor insurance policies where the period of cover began in the report year; and

(e) the mean of the gross value of the premium per policy earned by the relevant insurer in respect of the policies in sub-paragraph (d).

(2) Where a relevant insurer provides any of the information in paragraph (1), it must be accompanied by—

(a) a statement from a qualified auditor verifying that the information has been audited; and

(b) details of the qualified auditor who has audited the information for each report year to which the information under paragraph (1) relates.