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Departmental Contingent Liability Notification (Trade Credit Reinsurance Scheme)

04 June 2020

Proposing MP
Alok Sharma Con
Reading West
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
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At a Glance

Issue Summary

The statement addresses the Trade Credit Reinsurance Scheme designed to provide financial assurance to businesses in sectors such as manufacturing and construction during the Coronavirus pandemic.

Action Requested

The minister announces the launch of the Trade Credit Reinsurance Scheme, available temporarily from April 1, 2020, until December 31, 2020, with a potential for extension. The scheme will reinsure credit risks covered by trade credit insurance to maintain market coverage and support supply chains.

Key Facts

  • Trade Credit Insurance covers hundreds of thousands of business-to-business transactions.
  • The Trade Credit Reinsurance Scheme is available from April 1, 2020, until December 31, 2020.
  • The scheme will ensure that the vast majority of insurance coverage is maintained across the market.
  • A Departmental Minute containing a description of the liability undertaken will be laid by the Government.
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