Civil Liability Act 2018: (i) statutory rate-setting consultation & (ii) draft regulations on savings

The government has issued important materials which (i) inform of the discount rate-setting consultation with the Government Actuary and Treasury and (ii) introduce and set out draft regulations by which insurers will be expected to account for savings arising from the provisions in the Act.

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New discount rate due to be set by 5 August 2019

The formal and final part of the discount rate review in England & Wales started today, 19 March 2019, and must end by 5 August. The high likelihood is that this review, the first under the Civil Liability Act 2018, will deliver a rate different from and higher than the current minus 0.75% rate (which was set in accordance with the Damages Act 1996).

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