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Insurance UK

  • November 20, 2018

    UK Tax Co. Blasts 'Obscure' Claims In £1B Danish Fraud Suit

    A U.K. tax management company named in an English lawsuit accusing dozens of financial firms and pension plans of a £1 billion ($1.3 billion) scheme to defraud Danish tax authorities has blasted the “obscure” allegations against it, insisting in court documents it has no case to answer.

  • November 20, 2018

    FCA Will Monitor Insurers On Whiplash Reforms, Gov't Warns

    The Financial Conduct Authority will closely monitor whether U.K. motor insurers pass on the cost savings from hotly anticipated whiplash reforms to their consumers, a government spokesman warned the industry Tuesday.

  • November 20, 2018

    Bank Of England Governor Backs UK's Brexit Deal

    The governor of the Bank of England gave his support on Tuesday to Prime Minister Theresa May's European Union withdrawal plans as he warned that a Brexit with no agreement in place would be the “worst outcome."

  • November 20, 2018

    EU Insurance Watchdog Admits Need For Extra Muscle

    Europe’s top insurance watchdog said on Tuesday that it will beef up its supervisory powers to help it prevent regulatory lapses by insurers carrying out cross-border business, after the European Court of Auditors criticized its oversight of national regulators.

  • November 20, 2018

    MPs Can Ask ECJ If Brexit Is Reversible, Top UK Court Rules

    The U.K. cannot prevent six lawmakers from asking the European Court of Justice whether Britain can unilaterally reverse the process of leaving the European Union, the Supreme Court ruled on Tuesday, frustrating a government bid to keep the dispute in the domestic courts.

  • November 19, 2018

    EU Rules Are Limiting Commodity Markets Abuse, Group Says

    The International Organization of Securities Commissions said Monday that European Union regulations introduced in recent years are helping member states prevent market abuses in the commodity derivatives sector, in line with the standard setter’s principles.

  • November 19, 2018

    PRA 'Cyborg' System Will Monitor Finance Firms, Exec Says

    The Prudential Regulation Authority will create a system of "cyborg supervision" of financial services in the coming years in which humans work with machines, an executive director of the Bank of England forecast Monday.

  • November 19, 2018

    Insurers Short Of Time On Brexit Plans, Ratings Agency Says

    London insurers may not be able to shift their cross-border contracts into the European Union in time for Brexit and will need a transition deal to help them avoid breaking the law if they pay out on policies, ratings agency A.M. Best warned Monday.

  • November 19, 2018

    Japanese Insurance Giant Wins Court OK For Brexit Plans

    Japanese insurance giant Tokio Marine Group said Monday that it has won the backing of a London court to finish transferring its cross-border business to Luxembourg, reaching a “milestone” in its Brexit planning.

  • November 19, 2018

    EU Ready To Negotiate Brexit Trade Deal, Barnier Says

    Trading relations after Brexit between the U.K. and the European Union, including in the key financial services sector, will be the bloc's new focus in talks about Britain's departure from the bloc, the EU's top negotiator said on Monday.

  • November 19, 2018

    British Cyberattack Planning 'Wholly Inadequate,' MPs Warn

    Failures by the U.K. government to tackle cyberthreats have left the country’s financial systems and other critical infrastructure open to "potentially devastating" attacks, a parliamentary committee warned on Monday.

  • November 16, 2018

    Lloyd's Sues Over Coverage Advice In $64M Malpractice Row

    Lloyd's of London underwriters sued a New York lawyer Thursday for allegedly advising them to deny coverage for a malpractice case against a former Dickstein Shapiro LLP lawyer that resulted in a $64 million judgment and later litigation that cost them more than their coverage limits.

  • November 16, 2018

    Reinsurance Award Over Boy Scouts Molestation Cases OK'd

    A Massachusetts federal judge on Friday confirmed a confidential arbitration award to certain Lloyd's of London underwriters following a reinsurance dispute with Century Indemnity Co. that stemmed from decades-old sexual molestation allegations involving the Boy Scouts of America.

  • November 16, 2018

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

    The last week has seen a new suit against Credit Suisse over debt investment, Kuwait's social security agency take on Man Group, and Allianz and several food distributors sue one of the world's biggest container shipping companies. Here, Law360 looks at those and other new claims in the U.K.

  • November 16, 2018

    DLA Piper, Bryan Cave Settle Suit Over Property Rights Advice

    DLA Piper and Bryan Cave Leighton Paisner LLP have settled a lawsuit brought over the advice they gave a client on property ownership rights and liabilities, according to new documents filed with a London court.

  • November 16, 2018

    Antitrust Watchdog Probes Possible Financial Services Cartel

    The Competition and Markets Authority announced on Friday that it is investigating suspected breaches of competition rules in the financial services sector under the U.K.’s anti-cartel laws.

  • November 16, 2018

    Keep Brexit Question Out Of ECJ, UK Urges Supreme Court

    The British government has urged the U.K. Supreme Court to prevent six pro-Remain lawmakers and an attorney from asking Europe’s top court whether Britain can unilaterally reverse the process of exiting the European Union.

  • November 16, 2018

    Auditors Challenge EU Watchdog Over Insurance Supervision

    Europe’s top insurance regulator has failed to streamline the supervision of cross-border companies and struggles to follow up on the recommendations it makes to national watchdogs, the European Court of Auditors has said in a hard-hitting report.

  • November 16, 2018

    Bailey Promises Upgrade For FCA Financial Services Register

    The boss of the Financial Conduct Authority has promised that it will carry out improvements to a crucial industry register amid concerns over the quantity of incorrect information being provided to consumers, correspondence released Friday reveals.

  • November 16, 2018

    Greece, Spain Told To Get Act Together On Solvency Regs

    Europe's top insurance regulator has ordered national watchdogs in countries including Bulgaria, Greece and Spain to improve their enforcement of governance requirements for insurers under Solvency II, amid concerns about patchy oversight in parts of the bloc.

Expert Analysis

  • GDPR — Coming Soon To A Merger Near You

    Emma Flett

    Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.

  • 4 Questions About Whistleblowing In The UK And Beyond

    Chris Warren-Smith - high res.jpeg

    Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.

  • Obtaining DPAs In The UK Will Not Be Easy

    Azizur Rahman

    In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.

  • Lessons From 4 Recent Athlete Insurance Lawsuits

    Richard Giller

    This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.

  • Raising Issues In UK Preliminary Hearings Can Be Risky

    Galina Usorova

    The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.

  • 3rd-Party Litigation Finance In UK: To Brexit And Beyond

    Daniel Spendlove

    Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.

  • Can D&O Policies Enhance Presumption Of Innocence In UK?

    Francis Kean

    The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.

  • Litigation Funding Is On The Rise In Europe

    Klaus Oblin

    The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.

  • Judging The Financial Conduct Authority 5 Years On

    David Rundle

    The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.

  • The Outlook For Anti-Suit Injunctions After Brexit

    Nicholas Greenwood

    It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.