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Insurance UK

  • December 19, 2018

    Watchdog Probes Suspected £18M UK Pensions Fraud

    Britain’s pensions regulator said on Wednesday that six people have been questioned in a criminal investigation into a suspected £18 million ($23 million) pension fraud involving “suspicious schemes.”

  • December 18, 2018

    Pensions Regulator Aims To Get Tougher With New Chief

    Britain’s pensions regulator said on Tuesday that it has appointed a new chief executive to a four-year term as it braces itself for looming challenges, including an upcoming pensions bill.

  • December 18, 2018

    Trust Denies Owing £1M Over Failed Caribbean Resort

    A Guernsey-based trust manager on Tuesday denied owing more than £1 million ($1.26 million) after investors lost money in a failed Caribbean resort, telling a London court that it held no duty of care to the savers.

  • December 18, 2018

    China Reinsurance Gets EU OK For $950M Chaucer Buy

    The European Commission on Tuesday said it has approved China Reinsurance Group Corp.'s $950 million acquisition of global specialty insurer Chaucer Insurance Group PLC under Europe's merger rules.

  • December 18, 2018

    Firm Told To Value Sunken Ship In $23M Row With Insurers

    London's High Court has instructed a Panamanian shipping company to estimate the value of a sunken vessel at the center of its $22.5 million lawsuit, after its insurers insisted that the ship was worth less than $6 million.

  • December 18, 2018

    Big Four Face Major Audit Shake-Up In Watchdog's Reforms

    The U.K.’s antitrust enforcer proposed radical new laws on Tuesday to break auditing services away from consultancy work at the Big Four global accounting companies, in a drive to tackle "deep-seated problems" and concerns about conflicts of interest.

  • December 17, 2018

    May Schedules New Vote On Brexit Deal For January

    U.K. Prime Minister Theresa May said Monday she will ask Parliament to vote on her Brexit plan early next month, just days after European negotiators said they won't rework the withdrawal agreement amid widespread opposition from British lawmakers. 

  • December 17, 2018

    TP ICAP Sues Former Deal Partner Over Disclosure Failures

    Interdealer broker giant TP ICAP has sued Nex Group Ltd. in London, claiming the trading company failed to disclose risks of litigation linked to its employee income insurance plan when negotiating the £1.3 billion ($1.6 billion) deal for Nex's voice broker group. 

  • December 17, 2018

    FCA Floats New No-Deal Brexit Rules For Firms

    The Financial Conduct Authority ratcheted up preparations for a no-deal Brexit on Monday by releasing proposed rules for European Union financial services firms whose temporary work wraps up after March so they might see out their contracts "in an orderly fashion." 

  • December 17, 2018

    EU Renews Rules On Credit Insurance For Greek Exports

    The European Commission said on Monday that the EU’s member states will be allowed to provide insurance to cover exports going to Greece until the end of 2019, as coverage safeguarding these products is currently not available through insurers in the private market.

  • December 17, 2018

    'Crash For Cash' Duo Sentenced For Bogus Insurance Claims

    Two insurance fraudsters have been handed suspended jail sentences at a London court after they caused a car crash in an attempt to claim thousands of pounds in bogus claims, City of London Police have said.

  • December 17, 2018

    EU Insurers Hold Sufficient Capital, Stress Tests Show

    European insurers remain vulnerable to shock but generally hold sufficient capital to withstand severe economic hardship, stress-testing by a top regulator shows, shoring up confidence in the industry as Brexit draws near.

  • December 17, 2018

    Top UK Court Tosses Ex-University Worker's Pensions Case

    The U.K.’s highest court dismissed on Monday an appeal brought by a former university employee who claimed the way his pension scheme calculated his disability benefits amounted to unlawful discrimination.

  • December 17, 2018

    Ex-Retail Boss Fined £50K For Pension Data Failings

    A court has ordered the former owner of retail chain BHS, which collapsed with a pension deficit of £570 million ($720 million), to pay more than £124,000 after he lost an appeal against a conviction for failing to hand over information to Britain’s pensions regulator.

  • December 14, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.

  • December 14, 2018

    EU Insurers Cannot Dodge €21M Factory Loss, UK Firm Says

    A Jersey-based holding company has hit back at an attempt by two European insurers to avoid paying €21.3 million ($24 million) for losses at a Dutch aluminum factory, saying its insurance claim is not excluded under the terms of its policy.

  • December 14, 2018

    Iranian Insurer Denied Compensation Over EU Nuke Sanctions

    The European Union’s General Court has refused to grant millions of euros in damages to a state-owned Iranian insurer after its assets were frozen under nuclear sanctions against Tehran, handing victory to the European Council.

  • December 14, 2018

    BoE Acts On Travel Expenses After Pressure From MPs

    The Bank of England said Friday it has tightened its expenses regime after two senior regulatory experts, one of them a former vice chairman of the U.S. Federal Reserve, angered MPs by racking up £390,000 ($490,000) on travel costs over two and a half years.

  • December 14, 2018

    EU Refuses To Reopen Brexit Deal, Putting Passage In Doubt

    The European Council has formally told the U.K. that its Brexit withdrawal agreement is not open to renegotiation even though a majority of British lawmakers rejected the package, increasing the odds of a no-deal departure from the bloc or a postponement.

  • December 13, 2018

    Top Insurance Legislation & Regulation Stories Of 2018

    This year brought many major policy developments that affected insurers, with the European Union's stringent data security rules spurring demand for cyber insurance and U.S. regulators ending an era by rescinding Prudential's designation as a systemically important financial institution, leaving no nonbank firms with the controversial tag. Here, Law360 looks back at the biggest regulatory and legislative developments that impacted insurers in 2018.

Expert Analysis

  • EU Law Brings Data Sharing Pointers For US Financial Cos.

    Erin Fonté

    Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • FCA Enforcement Strategy May Influence Litigation Privilege

    Abdulali Jiwaji

    The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.

  • GDPR Is Here — What If You Didn't Prepare?

    Joseph Facciponti

    Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.

  • GDPR — Coming Soon To A Merger Near You

    Emma Flett

    Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.

  • 4 Questions About Whistleblowing In The UK And Beyond

    Chris Warren-Smith - high res.jpeg

    Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.

  • Obtaining DPAs In The UK Will Not Be Easy

    Azizur Rahman

    In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.

  • Lessons From 4 Recent Athlete Insurance Lawsuits

    Richard Giller

    This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.

  • Raising Issues In UK Preliminary Hearings Can Be Risky

    Galina Usorova

    The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.

  • 3rd-Party Litigation Finance In UK: To Brexit And Beyond

    Daniel Spendlove

    Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.