On October 4, the OIC (formerly Orion) and L&O scheme administrators announced a 7% increase in the payment percentage for agreed claims. This increase brings the total payment percentage to 65%; further increases are anticipated in 2018 and 2019. The administrators had previously confirmed in February that less than 30% of the Qualifying ILU Policyholders had opted out, meaning that the scheme will continue to settle claims and make payments.
Click here to join the London Market Email Updates List. In addition to general notice, KCIC maintains client policy details to ensure timely identification of applicable coverage and to provide specific guidance as it relates to upcoming vote/bar dates. If you would like us to include your coverage in these reviews, please contact Nick Sochurek at (202) 772-3909 for more details.
Although KCIC actively monitors developments in the market, we cannot guarantee inclusion of all key updates as some are not readily available and/or made public.
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