The U.K.’s Prudential Regulation Authority said Thursday that the boards of U.K. insurance companies must properly scrutinize and challenge their firms’ financial management and planning, especially those with high appetites for risk and fast-changing capital reserves.
Admiral has won what is believed to be the U.K.’s highest-ever punitive damages award for fraudulent car accident claims, against a company that helped pursue it for £2.5 million ($3.4 million) in payouts, a lawyer for the insurer told Law360 on Thursday.
The European arm of U.S. insurer Travelers must pay the costs incurred by hundreds of women who successfully sued cosmetic surgery center Transform Medical Group as part of a global breast implant scandal, England’s Court of Appeal ruled Thursday.
European Union lawmakers have approved several plans to grant a top regulator greater authority over central counterparties, in a move that will subject clearinghouses within the bloc as well as third-country CCPs to tougher EU-level supervision.
Europe’s largest insurer, Allianz SE, is preparing to withdraw from Iran after the U.S. government abandoned an international nuclear deal and warned that it could impose sanctions on companies trading with Tehran, the firm told Law360 on Thursday.
Trade credit insurance policies are likely to become more expensive and less readily available if the Prudential Regulation Authority goes ahead with proposed regulatory changes to force insurers to pay out claims within days, a leading U.K trade body warned on Thursday.
Two insurers have agreed to pay an undisclosed sum to settle a lawsuit brought by financial adviser Lighthouse Group PLC over their refusal to honor claims linked to the sale of unregulated investments.
Lloyd’s of London is ready for the formidable European Union data protection rules that go live next week and is anticipating a surge of business as companies rush to buy cyber insurance, the market’s chief executive told Law360 in an exclusive interview on Wednesday.
The complex negotiations for Britain’s exit from the European Union have stalled because the U.K. government “has preferred to make speeches” while the EU is focused on legal specifics, the head of the Association of British Insurers told Law360 in an exclusive interview Wednesday.
Top lawyers warned a parliamentary committee on Wednesday that U.K. banks and insurers face a massive task as they prepare to manage contracts with their European Union counterparts after Brexit and need confirmation that cross-border deals will remain legal.
Jenner & Block LLP has hired an experienced investigations and white collar partner from K&L Gates LLP to co-chair its global investigations and compliance practice, the firm has said.
The U.K.’s top insurance brokers’ lobby on Wednesday urged the Financial Conduct Authority not to place any new demands on the industry, saying it is already struggling within “one of the most burdensome and costly regulatory regimes on the planet.”
The Financial Conduct Authority’s chief executive warned insurers Wednesday that, unless the U.K. and European Union put safeguards in place for a cliff-edge Brexit, a “sudden and disorderly” end to passporting would put £82 billion ($110 billion) of insurance liabilities at risk.
Politicians criticized the U.K.'s pensions regulator for being “feeble” and “chronically passive” on Wednesday, adding that new leadership might be needed after a series of companies collapsed under the weight of massive pension liabilities.
A health care company and its managing director have been ordered to pay more than £20,000 ($27,000) for falsely telling the U.K. pensions regulator that they had enrolled staff in a workplace savings scheme, the regulator said Tuesday.
Insurance broker Marsh Ltd. has lost its bid to block the registration of a trademark lodged by London-based startup Marshmallow Financial Services Ltd., after the U.K. Intellectual Property Office found that the disputed marks convey "entirely different" meanings.
A pub and restaurant chain is fighting legal efforts by the trustee of its employee pension schemes to force it to scrap some change to the plan's rules, which the trustee says mistakenly handed the company the power to choose the rate of pension increases.
Samuel Smith, one of Britain’s best-known brewers, and its chairman have pled guilty at a court hearing in England to failing to hand over information to The Pensions Regulator during an investigation into its retirement funds, the watchdog said Tuesday.
Thomson Reuters said Tuesday it was preparing to move its foreign exchange derivatives trading operation from London to Dublin because of the U.K.’s impending departure from the European Union.
The European Union has ordered the bloc’s top three financial regulators to step up their campaign against money laundering "with some urgency," saying a failure to swiftly strengthen coordination of their efforts would be a threat to wider financial stability, according to a letter published Tuesday.
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.
To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.
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 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.
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.
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.
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.