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Insurance UK

  • March 7, 2019

    Admiral Promises Dividend Boost Over Discount Rate Change

    Motor insurer Admiral promised on Thursday to pay shareholders a special dividend ahead of an expected change to the way courts calculate compensation payments for people seriously injured in road accidents.

  • March 7, 2019

    EU Agrees To Disclosure Rules Over ‘Greenwashing’ Claims

    European Union lawmakers agreed to rules on Thursday aimed at preventing financial services businesses from making misleading claims about how sustainable their investment products are by forcing them to disclose any threats their offerings pose to the environment.

  • March 7, 2019

    EU Rejects Move To Blacklist Saudi, US Territories Over AML

    A European Union money laundering and terrorist-financing blacklist that would have included Saudi Arabia and four U.S. territories was unanimously rejected by member states on Thursday, after being criticized for lacking transparency and motivation for those territories to act.

  • March 6, 2019

    Shipper, Ship Owner Fight Insurers' Spoiled Biofuel Claim

    A Danish shipper and a Singapore ship owner have fought back against a suit from a Lukoil unit, insurers and others over biodiesel allegedly contaminated at sea, arguing that any blame lies with the company that chartered the shipment.

  • March 6, 2019

    UK Farms Bank Misconduct Fight To US, Watchdog Says

    Bribery and fraud laws in the U.K. are weak and have forced the country's white collar cops to outsource criminal cases against bankers and financial institutions to law enforcement authorities in the United States, according to a corruption watchdog group. 

  • March 6, 2019

    EU Gov'ts Agree To Smaller Companies Going Public

    European Union governments reached a political agreement with the bloc’s lawmakers on Wednesday about draft rules designed to help smaller companies raise money by listing on specialist stock exchanges, the European Commission announced.

  • March 6, 2019

    Finance Firms Fear No-Deal Brexit Will Hit Data Transfers

    Financial services companies fear that a no-deal Brexit will create headaches, and financial penalties, when it comes to dealing with data transfers from European Union countries to the U.K., a survey by EY revealed on Wednesday.

  • March 6, 2019

    MPs Back Plans To Stop Firms Burying Harassment Claims

    Influential lawmakers have swung behind proposals by the U.K. government to prevent corporations from using non-disclosure agreements and confidentiality clauses in their employment contracts to discourage staff from reporting harassment to the police.

  • March 5, 2019

    JLT, Marsh To Sell Aerospace Biz To Get $6.4B Deal Past EU

    Jardine Lloyd Thompson Group PLC will sell its aerospace insurance business as part of its $6.4 billion acquisition by professional services provider Marsh & McLennan Cos. to deal with competition concerns from the European Commission, the London-based company has said.

  • March 5, 2019

    EU Criteria For Green Assets Need More Work, Insurers Say

    The European Commission has more work to do to make its proposed list of assets and activities that meet EU goals on climate change easy for investors to use, Europe’s insurers said on Tuesday.

  • March 5, 2019

    EU, UK Insurance Regulators Agree To Cooperate After Brexit

    The European Union's insurance watchdog has reached tentative agreements with the U.K.'s financial regulators to preserve the supervision of the insurance industry if Britain crashes out of the EU later this month, the agencies said on Tuesday.

  • March 5, 2019

    Regulator Guides Trustees On Long-Term Pension Funding

    Trustees and employers should set out the long-term financial goals that they have set for defined benefit retirement schemes in a clear strategy, which should include information about the investment risks the pension could face, The Pensions Regulator said in guidance published Tuesday.

  • March 5, 2019

    London Stock Exchange Opens Doors To Lucrative ILS Trade

    The London Stock Exchange has opened the door for companies that want to list insurance-linked securities as the U.K. moves toward breaking into the multibillion-dollar trade, an executive at the market has told Law360.

  • March 5, 2019

    FCA Sets 'Rent To Own' Price Cap To Save Consumers

    The Financial Conduct Authority said Tuesday it will ban "rent-to-own" financing companies from charging high interest rates to buyers that mean they pay as much as four times the retail price for household goods, as the regulator seeks to save consumers up to £22.7 million ($30 million) a year.

  • March 4, 2019

    Investors Look To Add Negligence Claim To Estera Resort Suit

    A lawsuit against a Guernsey-based trustee company filed by investors seeking to recoup the funds they poured into a failed Caribbean resort project has been put on hold to allow them to add claims of professional negligence, according to new court documents.

  • March 4, 2019

    Equity Swap OK'd In Auto Insurer Exec's £800K Premium Fight

    A High Court judge in London has blessed a deal giving the director of a defunct auto insurance company full rights to his home in exchange for placing other properties into a trust as XL Catlin Insurance Company UK seeks £800,000 in unpaid premiums from the businessman. 

  • March 4, 2019

    Global Auditors To Face Tougher UK Regime, Regulator Warns

    International auditing giants could be made to conduct tougher checks on whether their British clients are able to stay afloat following concerns about the “quality and rigor” of their scrutiny, Britain’s accountancy regulator said on Monday.

  • March 4, 2019

    Shipmaster Put Boat At Piracy Risk, Insurers' Atty Says

    The master of a ship destroyed by an explosion off the Yemen coast in 2011 knowingly breached industry rules when he cut his engines in waters prone to piracy attacks, a lawyer for insurers seeking to avoid up to £77 million in indemnity payouts argued at a London court on Monday.

  • March 4, 2019

    Deposit £300K Ahead Of £1.8M Aviva Trial, Care Home Told

    A property company suing Aviva Insurance for £1.8 million ($2.4 million) following a fire at a care home must pay more than £300,000 to the High Court in London as security against the insurers’ legal costs, a judge has ordered.

  • March 1, 2019

    Ex-AmTrust Investor Seeks EU Antitrust Probe Of $2.95B Deal

    A private investment firm claiming to have been one of AmTrust’s largest shareholders is broadening its challenge to the $2.95 billion deal that took the insurer private, asking Europe's competition watchdog to launch an antitrust investigation into a deal it claims was deliberately undervalued.

Expert Analysis

  • A Victory For Legal Privilege In Cross-Border Investigations

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    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • UK And EU Crawl Toward Virtual Currency Regulation

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    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.

  • Is Equifax Data Breach Penalty A Sign Of Fines To Come?

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    Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.

  • Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

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    With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.

  • 5 Cyber Insurance Pitfalls To Avoid In The UK

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    Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

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    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • GDPR Compliance Questions For Blockchain Firms

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    The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

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    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Uncertainty Concerning The UK's Proper Purpose Rule?

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    The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.

  • How Europe's AML Regime Is Tackling Virtual Currencies

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    The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.