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Insurance UK
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July 18, 2024
Pension Experts Urge 'Gateway Tests' For Public Consolidator
More than half of pension professionals believe that any public sector consolidator must have tough "gateway tests" similar to those employed by commercial superfunds, if the project gets off the ground.
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July 18, 2024
Irish Auto Insurers 'Fleecing' Consumers, Political Party Says
The auto insurance industry in Ireland is continuing to "rip off" consumers and pocket savings from recent government reforms designed to cut costs for car owners, political party Sinn Féin has said.
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July 18, 2024
Treat Politically Exposed People Better, FCA Tells Firms
The Financial Conduct Authority told all financial services companies on Thursday to do more to ensure that high-profile individuals and their families are not treated unfairly after it found widespread deficiencies in a review of the sector.
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July 17, 2024
Amlin Ducks Liability Over $47M Award On 'Pay First' Clause
A London court has ruled that MS Amlin Marine NV does not have to pay out to a company it insured, as that business has not yet paid a $47 million arbitration award it owes in damages over a vessel that grounded in the Solomon Islands.
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July 17, 2024
Labour Revives Arbitration Bill To Reform £2.5B Industry
The U.K. will introduce a new Arbitration Bill reviving legislation shelved in the runup to the election as part of plans to support the country's position as an international center for dispute resolution, the government said in the King's Speech on Wednesday.
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July 17, 2024
UK Gov't Moves Ahead With Accounting Reform Bill
The new Labour Government said on Wednesday that it will push ahead with draft legislation to toughen up regulation of auditors to help to reduce the risk of corporate failures.
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July 17, 2024
EU Financial Watchdogs Set Up Cyber-Risk Info Exchange
European Union financial watchdogs said Wednesday that they will establish a framework for authorities in the bloc and international bodies to share information on cyberthreats and incidents that pose a risk to financial stability.
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July 17, 2024
Gov't Plans Pensions Bill To Consolidate Retirement Savings
The new Labour government said on Wednesday that it will introduce a new Pensions Schemes Bill that aims to consolidate the cluttered retirement savings sector.
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July 17, 2024
'Third-Way' Pension Plans 50% Better Than Normal Schemes
The launch of new collection pension plans could be a "game changer" for Britons not saving enough for their retirement, a consultancy has said, finding that benefits could be 50% greater than they would otherwise receive from standard private sector schemes.
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July 17, 2024
Allianz Bids $1.6B For Singapore's Income Insurance
Allianz SE said on Wednesday it has made an all-cash offer to buy a majority stake in Singapore-based insurer Income Insurance Ltd. for 2.2 billion Singapore dollars ($1.64 billion), as the German financial services company seeks to expand its presence in Asia.
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July 16, 2024
Gov't Launches Review Of Personal Injury Compensation Rate
The Labour government has announced a review of the personal injury discount rate in a move that could have a knock-on effect for insurance premiums for motorists.
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July 16, 2024
Donre Advisory Enters Liquidation After FCA Scrutiny
The Financial Conduct Authority said Tuesday that Donre Advisory Ltd. has entered liquidation two months after it stopped the inadequately resourced investment adviser from conducting business.
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July 16, 2024
Travel Insurance Complaints At Highest Level Since Pandemic
Complaints about travel insurance reached their highest level since the COVID-19 pandemic last financial year, the Financial Ombudsman Service said Tuesday, with the period seeing a 19% year-on-year surge in the number of grievances raised.
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July 16, 2024
Trade Body Calls For Pensions Bill In King's Speech
A trade association for the largest retirement savings providers in Britain urged the new government on Tuesday to announce a pensions bill during the state opening of Parliament.
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July 23, 2024
Disputes Boutique Hires Fladgate Insolvency Pro As Partner
Alius Law has hired an insolvency and restructuring partner from Fladgate LLP as it looks to build up its financial services practice in London — and the disputes boutique wants to tempt more senior litigators to leave behind the "constraints" of larger firms.
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July 16, 2024
Consumer Complaints Soar About Insurers Delaying Payouts
The Financial Ombudsman Service reported on Tuesday an 18% increase in complaints from consumers about insurance companies for the financial year that ended in March, amid concerns about delays in payouts and claims being declined.
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July 15, 2024
UK Watchdogs Look At Digital Wallet Risks, Benefits
Two U.K. regulators on Monday said they are looking into the benefits and risks of digital wallets like Apple Pay, Google Pay and PayPal for people and businesses, after noticing "a seismic shift" in payment methods in the country.
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July 15, 2024
Insurers Investing In AI Due To New Accounting Standard
Insurance firms are increasing investments in artificial intelligence and other technologies after implementing a new accounting standard for data reporting, according to a survey by Big Four firm PwC published Monday.
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July 15, 2024
Compensation For Poor Pension Advice Dives To Record Low
Compensation for retirement savers who received poor pension advice to transfer out of their defined benefit plans has hit a record low, a consultancy said Monday.
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July 15, 2024
Labour Gov't Urged To Consult On Green Finance Rules
A trade body for financial institutions has urged the Labour government to consult before imposing extra rules on firms' plans to transition to the green economy to avoid liability risks.
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July 15, 2024
Retail Complaints To EU Cross-Border Investment Firms Soar
The number of complaints from retail clients against investment firms operating across borders within the European Union and its economic area soared to 7,507 in 2023, a 31% increase from the 5,733 complaints recorded the previous year, according to a report on Monday by the bloc's markets watchdog.
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July 15, 2024
BoE's Regulator Prepares Insurers For 2025 Stress Tests
The Bank of England's regulatory arm said Monday that 80% of the country's regulated insurance sector will be covered by the first financial stress test in 2025 after reforms to solvency capital rules were introduced.
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July 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.
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July 12, 2024
NFU Mutual Sued For £10.5M Over COVID Business Losses
A group of hospitality and farming businesses have sued the National Farmers Union Mutual Insurance Society Ltd. for around £10.5 million ($13.6 million) to cover losses the companies allegedly suffered from closures during the COVID-19 pandemic.
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July 12, 2024
Asset Manager Impax Completes Financial Adviser Buyout
Impax said on Friday that it has now completed the purchase of the assets of fixed-income manager Absalon Corp. Credit, as the private equity firm which focuses on renewable energy looks to expand its business beyond the U.S.
Expert Analysis
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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UK Arbitration Ruling Offers Tips On Quelling Bias Concerns
An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
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Bias Ruling Offers Guidance On Disqualifying Arbitrators
An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
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Insurance Policy Takeaways From UK Lockdown Loss Ruling
An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases
The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
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Unpacking The Building Safety Act's Industry Overhaul
Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
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A Rare Look At Judicial Interpretation Of LEG Exclusions
A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Decoding UK Case Law On Anti-Suit Injunctions
The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Employers Can 'Waive' Goodbye To Unknown Future Claims
The Scottish Court of Session's recent decision in Bathgate v. Technip Singapore, holding that unknown future claims in a qualifying settlement agreement can be waived, offers employers the possibility of achieving a clean break when terminating employees and provides practitioners with much-needed guidance on how future cases might be dealt with in court, says Natasha Nichols at Farrer & Co.