Insurance UK

  • February 8, 2018

    Authorities Must Wake Up To Crypto Risks, ECB Exec Warns

    Regulators and lawmakers worldwide can no longer dismiss cryptocurrencies as a passing fad and must act to keep digital money from threatening the financial stability of the entire market, a senior European Central Bank official warned on Thursday.

  • February 8, 2018

    Bus Co. Sentenced In 1st Failure-To-Enroll Pension Case

    A bus company and its managing director have been sentenced in Britain’s first criminal prosecution for failure to enroll staff on a pension scheme, The Pensions Regulator said on Thursday.

  • February 8, 2018

    Top EU Court Clears Way To Block Dual Lloyd's Contract Bids

    European nations can bar Lloyd’s of London syndicates from bidding for public sector contracts if “unambiguous evidence” shows they failed to write up their tenders independently, the European Union's highest court said Thursday.

  • February 7, 2018

    Lawsuit Over $42M In Loans Could Kill $889M Greek Deal

    American billionaire John P. Calamos Sr. has hit a Dutch investment shop he reportedly co-founded with an Illinois state court suit seeking “immediate repayment” of $42 million in loans, potentially upending an $889 million deal between the onetime partners to purchase a Greek insurance company.

  • February 7, 2018

    Insurer Group Warns Against Tighter, Banking-Style Regs

    A major lobbying group pushed back Wednesday against proposals from a group of international insurance supervisors that suggest holding insurance companies to the same regulatory standards as banks and other financial services firms.

  • February 7, 2018

    PPI Claims Firm Execs Banned For Conduct, Refund Failures

    Five individuals who ran a claims management firm have been disqualified from acting as directors for a total of 28 years after they breached conduct rules and repeatedly failed to repay fees to clients who were due refunds, the U.K. government said Wednesday.

  • February 7, 2018

    UK Regulator In Talks With 5 Banks Over Pension Plan Risk

    The U.K.'s pensions regulator said Wednesday that it was holding talks with five of the U.K.'s biggest banks over plans to split their retail arms from their riskier investment operations by January 2019.

  • February 7, 2018

    Olympus Exec Says He Thought CEO's Pension Was Lawful

    A director at Olympus Corp. told the U.K. High Court during a hearing in London on Wednesday that he did not believe the company’s former chief executive-turned-whistleblower acted unlawfully when he set up an executive pension plan that is now at the center of a legal dispute with his former employer.

  • February 7, 2018

    PRA Tells Insurers How To Meet New Accountability Rules

    The U.K. Prudential Regulation Authority issued fresh guidance on Wednesday for insurance companies on implementing tough new rules designed to make senior managers personally accountable for misconduct on their watch.

  • February 6, 2018

    Insurer's Practices Not In Public Interest, Firm Says

    An English law firm defending a court order it won to recover costs from Haven Insurance argued in the U.K. Supreme Court on Tuesday that the insurer compromised the integrity of a personal injury claims portal in a widespread practice that threatens the public interest.

  • February 6, 2018

    EIOPA Watching Insurers As Risk Shifts To Policyholders

    Regulators may need to respond as life insurers shift their risks onto policyholders in an attempt to offset low interest rates, the head of the European Insurance and Occupational Pensions Authority has indicated.

  • February 6, 2018

    AIG Denied Wider Witness Evidence In Whistleblower Case

    U.S. insurer AIG failed on Tuesday in a court bid to broaden its defense against allegations that it wrongfully denied insurance to a former Olympus chief executive turned whistleblower, who claims he and a former colleague are entitled to indemnity payouts for costs incurred fighting a separate lawsuit filed by his former employer.

  • February 6, 2018

    Just 33% Of Firms Have Cyber Cover For GDPR, Hiscox Warns

    Just one in three companies has bought standalone cyber insurance to protect them when Europe’s tough data protection regime takes effect in less than four months, a leading insurance group said on Tuesday.

  • February 6, 2018

    Ex-Directors Pass The Blame Over Carillion's Collapse

    Three former top executives at Carillion PLC defended themselves when they appeared before a parliamentary committee on Tuesday after criticism of their roles at the U.K. contracting giant, which collapsed in January with an £800 million ($1.1 billion) pension deficit.

  • February 5, 2018

    Axis Sues Lawyer For Return Of £600K Insurance Claim

    Axis Specialty Europe SE has sued a former partner of London law firm Wiggin Osborne Fullerlove over around £600,000 ($840,000) in damages Axis says it wrongly paid out on an insurance claim after the attorney allegedly advanced client payments without authorization.

  • February 5, 2018

    FCA Chief Sees Hope For Post-Brexit Deal In TTIP Proposal

    The European Union’s proposed trade agreement with the U.S. may have stalled, but a draft provision that would have included the financial services sector in the deal could be “a good starting point” for Brexit negotiations, the chief of the U.K.’s industry watchdog said Monday.

  • February 5, 2018

    KPMG Turning Down All Carillion Work Following Audit Probe

    Global auditing giant KPMG on Monday said  that it is rejecting any further work involving the construction giant Carillion PLC, which collapsed last month with an £800 million ($1.1 billion) pension deficit.

  • February 5, 2018

    Insurer Defends Personal Injury Settlements At Supreme Court

    Haven Insurance “did not cheat” Gavin Edmondson Solicitors out of costs when it reached direct settlements with six of the law firm’s clients over road traffic accidents, because the firm was not entitled to costs in the first place, the insurer argued Monday at the U.K.’s highest appeals court.

  • February 5, 2018

    Fraud Cops Warn Of 'Ghost Brokers' Selling Bogus Insurance

    A London police unit specializing in insurance fraud warned on Monday that the hundreds of reported incidents of “ghost broking” over the last three years are harming the insurance industry by inflating the cost of insurance premiums for motorists.

  • February 5, 2018

    AIG Loses Bid For Docs As Whistleblower Trial Kicks Off

    U.S. insurer AIG suffered a setback in its legal battle with a former Olympus boss turned whistleblower on Monday, when a judge in London tossed the firm's request to inspect documents central to its attempt to avoid paying out for the former chief’s costs as he fights a lawsuit filed by his former employer.

Expert Analysis

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • UK Prime Minister's Speech Fails To Provide Clarity

    David Mundy

    U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.

  • A Close Look At Deferred Prosecution Agreements: US Vs. UK

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    Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.

  • The UK Criminal Finances Act From A D&O Perspective

    Carey Lynn

    Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.

  • Technology Assisted Review Can Work For Small Cases

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    For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.

  • New Sedona Principles Stress Information Governance

    Saffa Sleet

    The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.

  • Preparing For UK Litigation As A US Lawyer

    Richard Reice

    Counsel fees, issue fees, risk of loss and the “additional” cost of a barrister mark significant differences between the U.K. and U.S. legal processes. The good news is that the bond between the U.K. and the U.S. arising out of our common history and law renders retaining and working with U.K. counsel seamless and rewarding, says Richard Reice of Hoguet Newman Regal & Kenney LLP.

  • UK Seeks Dispute Resolution Options Outside The CJEU

    Cyrus Benson

    Since the vote to leave the EU, ending the jurisdiction of the Court of Justice of the European Union has been the U.K. government's redline position. On the other hand, the EU has pressed hard to maintain the role of the CJEU as the guarantor of EU citizens' rights, say Cyrus Benson and Ceyda Knoebel of Gibson Dunn & Crutcher LLP.