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Insurance UK
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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.
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March 28, 2024
EU Watchdogs To Relax On OTC Derivative Clearing Breaches
The European Union's securities regulator has said it expects national regulators not to prioritize supervisory action against banks or insurers that fail to clear some over-the-counter derivatives with foreign pension schemes, ahead of legal exemption.
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March 28, 2024
NCA Logs 5% Decline In Suspicious Activity Reports Last Year
The National Crime Agency reported Thursday a 5% decline in reports about potential criminal activities such as suspected money laundering and terrorist financing to its intelligence unit received during the financial year that ended March 2023.
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March 28, 2024
UK Watchdog Clears Aviva's £460M Takeover Of AIG Life
The U.K. government on Thursday gave a green light to insurance giant Aviva for its proposed £460 million ($562 million) acquisition of a British subsidiary of AIG Life Ltd. at the end of its first phase of inquiry into the transaction.
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March 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.
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March 28, 2024
New Pension General Code Comes Into Force
A tough new governance regime for pension trustees has been introduced, in what experts say is a significant step in driving up standards for the sector.
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March 28, 2024
UK Signs Accounting Standards Deal With Australia
Britain's audit watchdog said Thursday it has secured a deal on accounting standards with Australian authorities to make it easier for auditors to work between both countries.
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March 27, 2024
5th Circ. Reissues Arb. Decision In Hurricane Damage Case
The Fifth Circuit has reissued its opinion allowing a group of domestic insurers to force arbitration of a dispute over coverage for hurricane damage under an international arbitration clause after the insurers argued that the unanimous decision applied circuit precedent in a new context.
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March 27, 2024
Lawyer Group Ends Challenge Over Fixed Recoverable Costs
A legal trade body has ended court proceedings against the U.K. government after it agreed to make changes to a new regime to extend fixed recoverable costs in personal injury cases.
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March 27, 2024
VAT Applies To UK Insurer's Prior Service Pact, Court Rules
Value-added taxes apply to performance fees invoiced to a U.K.-based insurance company by an investment management firm as part of service agreements, a London court said, because those payments occurred outside the duration of the arrangement.
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March 27, 2024
BoE Finds Increasing Fear Of Financial Risk From AI
The Bank of England said on Wednesday the proportion of banks, insurers and other firms that find artificial intelligence one of the greatest risks to the finance system has doubled in six months.
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March 27, 2024
BoE Says Action On LDI Has Boosted Financial Stability
The U.K.'s financial stability watchdog said Wednesday that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.
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March 27, 2024
Shoosmiths, CMS, HSF Guide £510M Pension Deal For Next
High street clothing retailer Next PLC has offloaded £510 million ($643 million) of its retirement scheme liabilities to Pension Insurance Corp. PLC, in a deal steered by law firms Herbert Smith Freehills LLP, Shoosmiths LLP and CMS Cameron McKenna Nabarro Olswang LLP.
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March 27, 2024
Insurers Undervalue Junked And Stolen Vehicles, FCA Says
British insurers have been undervaluing written-off and stolen vehicles when settling customers' claims, according to a review by the country's financial watchdog published Wednesday.
Expert Analysis
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4 Exercises To Quickly Build Trust On Legal Teams
High-performance legal teams can intentionally build trust through a rigorous approach, including open-ended conversations and personality assessments, to help attorneys bond fast, even if they are new to the firm or group, says Ben Sachs at the University of Virginia School of Law.
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Lessons To Be Learned From Twitter's Latest Hacking Scandal
Following the report of a recent data breach at Twitter, it is clearly vital for companies to adhere to best practices in data protection and IT security arrangements, including technical measures, and proper processes and procedures that mitigate risk and provide adequate training for staff, says Simon Ridding at Keller Postman.
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Preparing For EU's Pay Gap Reporting Directive
An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.
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Has The Liberalization Of Legal Services Achieved Its Aims?
Although there is still some way to go, alternative business structures are now an increasingly prominent feature of the legal services landscape, and clients can expect greater choice, improved quality and more manageable costs, as was intended by this shake-up of the profession's regulatory frameworks 15 years ago, says Dana Denis-Smith at Obelisk Support.
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5 Gen X Characteristics That Can Boost Legal Leadership
As Generation X attorneys rise to fill top roles in law firms and corporations left by retiring baby boomers, they should embrace generational characteristics that will allow them to become better legal leaders, says Meredith Kahan at Whiteford Taylor.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.
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An ICO Reminder On Managing Subject Access Requests
Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.
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Opinion
Increasing Law Firm Polarization Will Degrade Rule Of Law
As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.
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The FTX Fallout So Far And What May Come Next
While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.
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Hard Insurance Market Will Influence Legal Industry, Economy
As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.
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Digital Nomads: Key Considerations For Global Businesses
As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.
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New License Eases Sanctioned Clients' Legal Fee Payments
The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.
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Preparation Is Key To Businesses Minimizing Cyber Breaches
A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.
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UK Policyholders Can Expect Better COVID Claims Handling
The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.