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Insurance UK
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April 04, 2024
Financial Ombudsman Braces For Bigger Caseload
The U.K. Financial Ombudsman Service said Thursday that it had upped its estimate of how many complaints it expects to receive in the coming financial year to 210,000 from 181,000 due to increased everyday financial concerns.
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April 04, 2024
EU Regulators Pushed To Reassess 3rd-Country Reinsurers
The European Union's insurance and pensions watchdog on Thursday urged national regulators to reassess the risks stemming from reinsurers of non-EU countries dealing with firms that don't adhere to the same EU regulatory standards.
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April 04, 2024
Insurer Resolution Life To Buy New Zealand Biz For $247M
Resolution Life said on Thursday that its Australasian arm has agreed to buy Asteron Life, an insurer based in New Zealand, for 410 million New Zealand dollars ($247 million), as the global group eyes entry into the country's growing insurance sector.
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April 04, 2024
Standards Setter Warns Of Conflicts Of Interest In Exchanges
A global standards setter for regulators warned Thursday of the risk of conflict of interests in stock exchanges, including in situations where exchanges also run data or technology services.
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April 04, 2024
STM Wins Regulatory Approval For £4.5M Pension Biz Sale
Financial services company STM said on Thursday that the City watchdog has approved the sale of its self-invested personal pensions unit to its chief executive for £4.5 million ($5.7 million), part of a wider sale of the business.
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April 04, 2024
Standard Life Bags Insurer's Pension Plan In £95M Deal
Standard Life has completed a £95 million ($120 million) buy-in of a pension scheme sponsored by Brit Insurance in a deal guided by Burges Salmon LLP.
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April 04, 2024
Money Was Siphoned To Former Exec's Wife, Insurer Says
A Liechtenstein insurer suing two of its former directors for allegedly funneling millions of pounds to accounts they had ties to has now accused one of the men's wives of also benefiting from unauthorized payments.
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April 03, 2024
More Pension Schemes Considering Running On, LCP Says
An increasing number of pensions schemes are considering running on their retirement savings plans as funding levels continue to strengthen in the U.K., a consultancy has said.
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April 03, 2024
UK Regulators Propose Special Regime For Digital Securities
Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.
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April 03, 2024
Single Pensioner Income Inequality Found To Be Widening
Government data shows income disparity between rich and poor single pensioners is widening in the U.K. due to low earnings growth and rising housing costs, according to research by consultancy Broadstone published Wednesday.
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April 03, 2024
Watchdog Bans 'Misleading' Advertisements By UK Lender
The advertising watchdog said Wednesday that it has banned "misleading" promotions by Nationwide Building Society that boasted of its record of keeping branches open amid closures by competitors, pointing out that the lender has shut just over 150 branches in a decade.
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April 03, 2024
Insurer Lands Battery Brand Pension Scheme In £44M Deal
Insurer Just Group said Wednesday it has completed a £44 million ($55.3 million) buy-in of a pension scheme sponsored by battery and lighting brand Energizer Group Ltd.
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April 02, 2024
La. Property Owners, Insurers To Arbitrate Hurricane Claims
A Hurricane Ida damage coverage dispute between seven New Orleans-area property owners and their insurers will be stayed pending arbitration, a Louisiana federal judge ruled, agreeing with the insurers that the policy's arbitration agreement is enforceable under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
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April 02, 2024
Yacht Owners Sue Generali Unit For €2M Over Repair Costs
A British Virgin Islands-based company has sued a French Generali subsidiary for more than €2 million ($2.2 million) in a London court for allegedly dodging a policy for a yacht that began to take on water in the Myrtoan Sea in 2021.
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April 02, 2024
Exec Unable To Work Due To Eyesight Sues Insurer For £1M
A sales director at software giant Quest is seeking over £1.14 million ($1.43 million) from insurer Generali Italia after it refused to pay out when a degenerative eye condition left him unable to work.
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April 02, 2024
UK's Biggest Pension Plan Benefits Restored After Strikes
Members of the U.K.'s largest private pension scheme have had their benefits restored in full, a union has said, marking the end of a two-year row over a controversial 35% cut for members.
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April 02, 2024
UK Reaches Landmark AI Risk Testing Agreement With US
The U.K. government said Tuesday it had reached a landmark agreement with the U.S. to share the testing of advanced models for artificial intelligence, after highlighting in a report its increasing use by cybercriminals to attack financial institutions and business.
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April 02, 2024
Accountant Fined And Banned For Triple Loan Fraud
The former director of a management consultancy has been banned from running a company for 12 years and agreed to pay back £75,000 ($94,000) after having claimed five times the amount his firm was entitled to under a government-backed COVID-19 loan program, the U.K. Insolvency Service said Tuesday.
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April 02, 2024
UK Makes 2027 Commitment To 1-Day Securities Settlement
HM Treasury has said that Britain will start a one-day cycle for securities trade settlement by December 2027, bringing the country into harmony with other markets to reduce the risk that those involved will fail to meet their obligations.
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April 02, 2024
Insurers Say Pension Models Could Undercut Auto-Enrollment
Government plans to introduce new pension pot models risk undermining the success of automatic enrollment and could have a negative impact on retirement saver outcomes, the Association of British Insurers has warned.
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April 02, 2024
Airplane In $20M Russia Dispute Is Not Lost, Insurers Say
Three insurers have hit back against a $19.7 million claim over a passenger jet stranded in Russia following the invasion of Ukraine, arguing that the Irish aviation company which owned it had suffered no actual loss.
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April 02, 2024
EU Insurers Face Stress Tests For Rising Geopolitical Risk
The European insurance and pensions watchdog launched its stress test for 2024 on Tuesday, an exercise that will assess the ability of insurers within the bloc to cope with the hypothetical consequences of prolonged geopolitical tension and its knock-on effects.
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April 02, 2024
CMS Guides Pensions Insurer On £870M De Beers Deal
Pension Insurance Corp. PLC said Tuesday that it has covered £870 million ($1.1 billion) of pension liabilities for diamond company De Beers in the U.K. as part of a long-term strategy.
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March 28, 2024
Insurers Must Face £13B Russia-Stranded Planes Suits In UK
Major insurers including Allianz, AXA and Liberty Mutual will have to face £13 billion ($16.4 billion) worth of claims over planes stranded in Russia after the invasion of Ukraine as a London judge on Thursday ruled against attempts to move the claims to Moscow.
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March 28, 2024
Pension Watchdog Returns £3.5M To Troubled Scheme
The U.K.'s pension watchdog has recovered £3.5 million ($4.4 million) from an engineering business for its beleaguered staff benefits plan.
Expert Analysis
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UK Securitization Reform Opts For Modest Approach, For Now
Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.
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FCA Consumer Duty May Pose Enforcement Challenges
The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.
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How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
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What Trustees Must Know About Virgin Media Pension Case
The High Court's recent decision in Virgin Media v. NTL Trustees could have significant consequences for salary-related contracted-out schemes, making it necessary for trustees to start examining any deeds of amendment during the affected time period, says James Newcome at Wedlake Bell.
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Trustees Should Take Caution After UK Pension Tap Plan
The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.
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Factors Driving Increased Litigation Against European Cos.
European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.
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Pension Trustee Case Could Lead To Fossil Fuels Divestment
While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.
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What TPR's Guidance On DEI Means For Pensions Industry
The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.
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Ensuring Construction Project Insurance Cover Is Adequate
There are a number of ways for practitioners to secure appropriate insurance for a construction project, and it is as important to consider who is covered under the policy as it is the specific terms and obligations, say lawyers at Gowling.
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Rebuttal
2nd Circ. Reinsurance Ruling Correctly Applied English Law
Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.
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Reserved Investor Fund Would Plug Gap In UK Finance Market
The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.
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What Firms Need To Know About The FCA Consumer Duty
The Financial Conduct Authority's new consumer duty, in force from July 31, presents an opportunity for manufacturers and distributors of financial services to understand the importance of fair value for consumers, and the regulator will be taking a close interest in this, say Julie Patient, Mark Aengenheister and Virginia Montgomery at Hogan Lovells.
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Greenwashing Suits May Implicate D&O Policies
As consumers, regulators, and state and local governments seek to use litigation to hold companies responsible for alleged greenwashing, businesses facing such claims have a number of approaches available for seeking insurance coverage under directors and officers policies, say attorneys at Haynes Boone.
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2nd Circ. Reinsurance Ruling Misconstrues English Law
The Second Circuit's finding in Insurance Company of the State of Pennsylvania v. Equitas Insurance, that London-based reinsurer Equitas owed coverage for losses outside the policy period, stems from that court's misinterpretation of English law on reinsurance policy construction, says Christopher Foster at Holman Fenwick.
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4 Emerging Risks For US Insurance Markets
Both insureds and insurers in the U.S. must be aware of significant inbound exposures — including the issues arising from opioids, climate change and artificial intelligence — that could lead to continued volatility in insurance markets, say Aidan McCormack and Wes Reichart at DLA Piper.