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Insurance UK

  • December 10, 2018

    ECJ Rules UK Can Unilaterally Cancel Brexit Process

    The European Court of Justice ruled on Monday that Britain can unilaterally reverse the process of leaving the European Union, boosting a campaign to stop Brexit with a second referendum if Parliament remains deadlocked over the withdrawal agreement now on offer.

  • December 7, 2018

    Workers Comp Insurer, UK Reinsurers Settle Coverage Battle

    A Florida workers compensation insurer and a group of British reinsurers have agreed to settle a dispute over reinsurance payments for construction site injuries, six months after the Second Circuit asked a court to take a second look at whether a $1.5 million award against the reinsurers was tainted by an arbitrator's bias.

  • December 7, 2018

    International Law Firms Hire Partners In Boost For London

    Three international law firms have been hiring in the U.K. market as they install veteran lawyers as partners at their London offices, boosting finance and investments practices at two firms and recruiting a former Financial Conduct Authority attorney at a third.

  • December 7, 2018

    UK Leading AML Fight, International Standard Setter Says

    The U.K. is leading the battle against dirty money, according to a report by a global anti-money laundering watchdog released Friday that examined the fight against criminal and terrorist financing in 60 countries.

  • December 7, 2018

    EU Creates Natural Disaster Group Amid Insurer Losses

    Europe’s top insurance watchdog said Friday that it is putting together a group of experts that will focus on mitigating risks for the insurance sector from natural catastrophes and climate change, as insurers report hits to profits from worldwide disasters.

  • December 7, 2018

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

    The last week has seen an African import-export bank sue Nigerian airline Airik, Jaguar and several major insurers sue an auto shipping specialist and a Brazilian energy executive lodge a claim against a unit of Swiss bank Rothschild. Here, Law360 looks at those and other new claims in the U.K.

  • December 7, 2018

    FCA Plans Clampdown On Risky CFDs, Binary Options

    The Financial Conduct Authority set out plans on Friday to introduce a permanent ban on the sale of speculative derivatives products that would save consumers from annual losses of almost £470 million ($600 million) — and deal a blow to online trading companies already hit by European Union restrictions.

  • December 6, 2018

    Watchdog Turns Regulatory Spotlight On Pension Superfunds

    Defined benefit “superfund” pensions will be required to satisfy the U.K.’s pensions watchdog that they are well run and financially viable before the government can enact legislation for them, the watchdog said Friday.

  • December 6, 2018

    EU Approves Class Action Rules Amid Calls For Safeguards

    European Union lawmakers on Thursday approved rules that will allow groups of individuals to seek compensation through bringing collective actions against Europe's businesses, brushing off industry concerns that this will result in false litigation cases.

  • December 6, 2018

    Logistics Firm Sues 18 Insurers Over Rust On Ship's Tanks

    An international logistics company is demanding $1.4 million from 18 insurance companies after storage tanks aboard its new ship allegedly began rusting just months after it bought the vessel.

  • December 6, 2018

    MP Urges Pensions Regulator To Act On Newspaper Sale

    A senior lawmaker urged Britain's pensions watchdog on Thursday to look into the circumstances of a rescue deal for a major newspaper publisher that allows the new owner to shift its pension liabilities into an industry "lifeboat" fund.

  • December 6, 2018

    Commercial Insurer Gets Court OK For Brexit Restructuring

    A leading specialist commercial insurer said that it has received approval from a London court to transfer its European business to its new Luxembourg subsidiary, adding to the list of insurers reorganizing their business ahead of Brexit.

  • December 6, 2018

    City Lobby Wants Insurance Rules Included In Brexit Deal

    British insurers and their customers will be left vulnerable after March 2019 because gaps in the prime minister’s draft Brexit deal mean that Europe’s capital rulebook and consumer protection measures will not extend to them, an insurance trade body has warned.

  • December 5, 2018

    EU Lawmakers OK 2-Year Pause On New Mutual Fund Rules

    A key European Parliament committee has voted to give mutual funds a two-year exemption from controversial rules over information disclosures to investors under European Union rules governing packaged retail investment products.

  • December 5, 2018

    FSCS Extends Suit Against Trustee Over Failed Resort

    The Financial Services Compensation Scheme has filed a fresh suit against a Guernsey-based trustee in London’s High Court as part of efforts to reclaim cash the fund paid out to investors who lost their savings in a failed holiday resort project on the Caribbean island of St. Lucia.

  • December 5, 2018

    No Need For Mandatory Pensions Disclosure, Lawmakers Told

    Pension fund trustees should not be compelled to provide new disclosure templates to help investment managers looking to compare the cost of funds, a pensions expert told a parliamentary committee Wednesday.

  • December 5, 2018

    Banks, Insurers Want Safeguards On Consumer Class Actions

    More than a dozen trade bodies, including those representing Europe's insurers and bankers, raised concerns on Wednesday that European Commission proposals introducing a harmonized framework for class actions across the bloc may lead to a surge in "unnecessary and wasteful" litigation cases for businesses.

  • December 5, 2018

    Don't Approach Clients, Court Orders Insurer In Poaching Suit

    A home appliance insurer being sued by Domestic & General Insurance PLC for allegedly trying to poach its customers has been hit with an injunction barring it from approaching potential clients with offers to renew their warranties.

  • December 5, 2018

    Brexit Pushes BoE To Delay Cyber Stress-Test Plans

    The Bank of England has agreed to delay work on its first test of how banks respond to cyberattacks and IT failures to allow them to focus on preparing for Brexit, records published Wednesday reveal.

  • December 5, 2018

    Insurer Wins UK Court Nod To Transfer Policies To EU

    RSA Insurance Group PLC said it has gained approval at a court in London to transfer European policies written in its U.K. subsidiary to its newly established hub in Luxembourg as it prepares to avoid Brexit disruption.

Expert Analysis

  • Breaching Policy Warranties Can Partially Void UK Coverage

    Richard Mattick

    The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.

  • With The GDPR, The Dawn Of The New Normal Approaches

    Maarten Stassen

    With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.

  • Issues To Watch For When Brexit-Proofing Your Contracts

    Dipti Hunter

    While a great deal of uncertainty remains around Brexit, there will be challenges for all contractual parties in the U.K. and the EU as they approach existing and future contractual obligations, say Dipti Hunter and Kirsty O'Connor of PricewaterhouseCoopers LLP.

  • Identifying Cybersecurity Best Practices For Financial Firms

    Rishi Zutshi

    As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.

  • UK Policyholders Must Beware Pre-Brexit Policy Transfers

    Richard Mattick

    Recent disclosures by U.K. insurance regulators have highlighted the possibility of an imminent flood of applications by U.K. insurers to English courts to transfer their policies to their EU-based affiliates. Policyholders affected by these transfers will need to scrutinize them closely, says Richard Mattick of Covington & Burling LLP.

  • Consider The Impact Of Carillion's Decline And Fall

    Lance Ashworth

    In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.

  • Why Machine Learning Should Matter To Lawyers

    Dan Puterbaugh

    Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.

  • The Volkswagen Scandal: Catalyst For Class Action Change?

    Noah Wortman

    The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.

  • Cyber Incident Transparency Can Assist Cyber Insurance

    Neil Warlow

    In a recent report, the Organisation for Economic Co-operation and Development considered whether cyber insurance can operate as a driving force in improving cyber risk management generally. Making detailed information on cyber incidents available would help cyber insurance function as a critical risk resilience tool, say Neil Warlow and Sarah Stephens of JLT Specialty Limited.