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Insurance UK

  • May 30, 2018

    UK Finalizes EU Insurance Sales Rules As Industry Adjusts

    The U.K. government has completed its translation of Europe's new insurance sales directive into domestic law ahead of the October deadline, HM Treasury announced on Wednesday, after the rules were delayed by seven months to give the industry time to prepare.

  • May 30, 2018

    Execs Could Face Fines Up To $500K For Nuisance Calls

    Bosses of companies that plague consumers with unsolicited telephone calls and texts could be fined as much as £500,000 ($665,000) under proposals announced Wednesday by the government, which plans to hand the Information Commissioner’s Office powers to hold directors directly responsible.

  • May 29, 2018

    Reform Or Retreat? UK Firms Eye Next Steps On Pay Data

    U.K. law firms have come up with numerous approaches to a new requirement for disclosing gender pay gap information, and the ensuing PR storm is pushing them in conflicting directions.

  • May 29, 2018

    Justices Leave FDIC To Tap Seized Bank's $10M D&O Policy

    Lloyd's of London won't get another shot at preventing the Federal Deposit Insurance Corp. from collecting on a $10 million directors and officers policy issued to a failed bank, after the U.S. Supreme Court on Tuesday declined to take up the case.

  • May 29, 2018

    Insurer Says Old Charts Sink US Sailor's Yacht Claim

    A Uruguayan insurer has claimed it can dodge losses allegedly sustained when a pleasure yacht ran aground on a sea reef near the Philippines and was looted by thieves, because the vessel's owner was sailing at night using outdated charts and equipment..

  • May 29, 2018

    QBE Is Latest To Get OK For Post-Brexit Base In Brussels

    Australia's largest insurer is the latest to win regulatory backing for a major new Brussels subsidiary, QBE said Tuesday, as companies accelerate their plans to keep serving European customers after Brexit.

  • May 29, 2018

    Insurer Says Dishonesty Moots Surveyor's Policy In £14M Suit

    A British unit of insurer Markel Corp. has denied it owes nearly £14 million to a U.K. agricultural lender that claims the insurer is liable for a judgment against a now-defunct surveyor accused of negligence, arguing that a broker’s “dishonest” representations means it has no obligation to pay out.

  • May 29, 2018

    FCA Steps Up Vetting Of Senior Managers

    The U.K. Financial Conduct Authority stepped up its scrutiny of senior managers at financial services firms last year as part of its efforts to tighten up its regulatory supervision of the top roles, according to data published by law firm Cleveland & Co. on Tuesday.

  • May 29, 2018

    MP Challenges FCA On Risks Around Pension Withdrawals

    A senior U.K. lawmaker has pushed the Financial Conduct Authority to prevent dubious financial advisers from targeting pension savers, after the amount of money transferred out of defined benefit retirement funds more than doubled last year.

  • May 25, 2018

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

    The last week has seen an Irish real estate developer sue Ireland's "bad bank," a contract dispute between two African banks and a French fishing operator, and several major insurers take Danish shipping giant Maersk to court. Here, Law360 looks at those and other new claims in the U.K.

  • May 25, 2018

    Criminals Going Phishing Amid GDPR Confusion, Lobby Says

    Criminals are exploiting the confusion around Europe’s new data protection regime by masquerading as financial firms and persuading consumers to disclose their banking details, a major trade organization warned on Friday.

  • May 25, 2018

    Regulator Reaches £3M Deal To Salvage Retirement Fund

    The U.K. pensions watchdog said Friday that it has pressed an international company to pump £3 million ($4 million) into its defined benefit retirement fund, warning other employers of similar regulatory action.

  • May 25, 2018

    London Police Grill 15 After Fraud Claims From Allianz, Others

    The insurance fraud division of the London police questioned 15 people across England and Wales this week in a targeted investigation that police are calling "days of action,” after a number of insurers, including Allianz and Zurich, made allegations of fraudulent claims.

  • May 24, 2018

    Blockchain Users To Walk Tightrope In Age Of GDPR

    Confusion reigns over how the European Union's new data regime coming on the books Friday will address blockchains, the decentralized data trails that facilitated the rise of the cryptocurrency bitcoin. Elements of the emerging technology appear to clash directly with the law's rules for deleting and minimizing data. But industry lawyers say a delicate coexistence between blockchain and the General Data Protection Regulation is on the horizon — though getting there won't be easy.

  • May 24, 2018

    Last-Minute GDPR Registrations Overwhelm Regulator's Site

    Companies rushing to register with the U.K.’s data regulator have overwhelmed the agency’s website on the day before Europe’s General Data Protection Regulation goes live, the watchdog said on Thursday.

  • May 24, 2018

    Still Not Ready For GDPR? Attys Say Don’t Sweat It

    Banks and insurers are scurrying to prepare for Europe's sweeping data regime that comes into force on Friday, but legal advisers predict that regulators will likely offer a grace period as they adjust to their own formidable new duties.

  • May 24, 2018

    Broker Denies AIG, QBE Didn’t Know About E-Insurance Deal

    A group of insurers who deny they owe Brightside Group Ltd. £2 million stemming from its legal dispute with Southern Rock Insurance should have known the broker had an agreement to place e-insurance with the firm, Brightside has said, rejecting the insurers’ arguments otherwise.

  • May 24, 2018

    Hackers Could Use GDPR To Blackmail Cos., AIG Warns

    Europe’s sweeping data protection regime could expose companies to a whole new level of threat, an AIG executive told Law360 Thursday, saying solicitors and accountants are especially at risk of being exploited by hackers after the regime goes live Friday.

  • May 24, 2018

    EIOPA Calls For European Pension To Fill €2T Savings Gap

    The European Union's insurance regulator has urged policymakers to breathe life into their plans for a pan-European pension to help address the bloc's annual retirement savings gap of €2 trillion ($2.34 trillion).

  • May 24, 2018

    Commission Rolls Out Plans For New Gov't Bond Securities

    The European Commission unveiled a package of financial and insurance reforms on Thursday to advance plans for a capital markets union, including a new class of sovereign bond-backed securities that it hopes will encourage banks and investors to diversify their government bond exposure and help shield the market from financial crises.

Expert Analysis

  • A GDPR Primer For US-Based Cos. Handling EU Data: Part 1

    Caroline Krass

    While many U.S. companies have already begun work on complying with the General Data Protection Regulation, it has such a long reach that it may encompass many organizations that would not ordinarily expect to be subject to European data privacy laws, say attorneys at Gibson Dunn & Crutcher LLP.

  • Keeping Your Law Library Relevant In The Age Of Google

    Donna Terjesen

    Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.

  • Health And Insurance In And Outside The UK After Brexit

    AJohn Hall

    The upcoming divorce between the United Kingdom and the European Union will have ramifications for health, safety and personal injury claims in the U.K., as well as for U.K. residents' access to insurance while traveling in the European Economic Area, says John Hall of Tilly Bailey & Irvine LLP.

  • Financial Institutions Must Invest In FATCA Compliance

    Ashly Elmore Drew

    The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.

  • Passing Stress Tests With Convertible Bond Strategies

    Dan Partlow

    Solvency II has been a challenging regulation for European insurers, but insurers seeking to pass stress tests can rely on strategies like convertible bonds, which provide significant capital requirement relief without sacrificing return on invested assets, say Dan Partlow and Hart Woodson of Advent Capital Management LLC.

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • The Potential Effect Of Data Portability Under GDPR

    José Vega

    While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.

  • Opinion

    Representing Women At The Intersection Of Law And Finance

    Andrea Mitchell

    To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.

  • 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.