Law stated as at 07 Aug 2020 • United Kingdom |
"insurance is not a game of lotto. An argument that, on its true construction, the liability of the insurer and the entitlement of the insureds depends on such chance is, to put it at its lowest, surprising. It is even more surprising, frankly, to find such an argument being articulated by the FCA, which normally wears a hat as the regulator of insurers, but perhaps, my Lords, the less said about that the better".