A senior politician has pressed the U.K. government about its proposed ban on pensions cold calling, and demanded answers on the “disappointing” take-up for its free pensions advice service.
Almost 90 percent of European insurers’ liabilities took the form of resources set aside to pay out on claims in the first three months of 2017, Europe’s top insurance regulator said as it published detailed figures on the internal operations of firms in the sector.
Banks, insurers and financial technology specialists will set out the most difficult scenarios that financial regulation could create after Brexit when they are questioned at Parliament's House of Lords on Wednesday.
The European Union’s top insurance regulator has issued guidance to companies on how they should report to watchdogs on their financial health as it tries to fix minor teething problems in a complex directive that requires insurers to beef up their capital reserves.
Saudi Arabia can’t dispose of the massive lawsuit claiming it supported al-Qaida as it planned and carried out 9/11, victims of the terrorist attacks told a New York federal judge Thursday, arguing that the country hasn’t adequately challenged the court’s jurisdiction.
The value of international insurance companies’ mergers and acquisitions soared by 170 percent in first six months of the year compared with the same period in 2016, due partly to firms adapting to Europe’s capital rulebook, new data showed on Monday.
A bus company and its boss have pleaded guilty to deliberately avoiding their duties to enroll staff on pension plans in the first criminal prosecution of its kind brought by the U.K.'s pensions regulator.
Global regulators are likely to miss their deadline to have finished testing by November 2019 a proposed standard for the amount of capital that cross-border insurers must hold, a major insurance lobby warned on Monday.
Efforts by the U.K. government to prevent bogus holiday sickness claims against tour operators should not be allowed to undermine genuine cases, the Law Society of England and Wales has warned.
The Law Society of England and Wales said Friday it was seeking permission to intervene in a landmark legal battle between the Serious Fraud Office and mining company Eurasian Natural Resource Corporation that could rewrite attorney-client privilege rules.
Prime Minister Theresa May has appointed a new minister of state at the Department for Work and Pensions, which oversees controversial legal reforms to the U.K. retirement age.
The U.K. Prudential Regulation Authority moved on Friday to help insurers using complex “matching adjustments” to lower the amount of capital they are required to hold under the European Union’s solvency directive.
A global regulatory forum has handed instructions to watchdogs telling them how to monitor the governance frameworks of major insurance groups, as it pushes to standardize supervision from the top down.
London insurers spend a total of around £20 million ($26.3 million) to set their own capital buffers each year, but many are failing to reap the full benefits, a trade group has warned.
The last week has seen the Premier League bring a copyright claim against Barclays, Bank of Scotland sue an NHS trust and another suit from liquidators at Bilta who have been accusing banks of participating in a vast carbon trading tax fraud. Here, Law360 looks at those and other new claims in the U.K.
A senior figure in Britain’s upper parliamentary chamber said on Thursday that a transition period to help the financial services sector after Brexit is "urgently" needed to help prevent an exodus of firms from London.
The U.K. company responsible for compensating the victims of uninsured or “hit and run” drivers has applauded a High Court ruling that its car crash payout agreements are completely legal.
A governor of London’s Square Mile of financial services and insurance firms warned on Thursday that an agreement between the U.K and Europe on an equivalent regulatory regime would be "too uncertain" to help cut the risks posed by Brexit.
The Federation of Small Businesses urged the U.K. government to change the law on Thursday to extend state-backed reinsurance to cover trade losses suffered by its members when police investigate terrorist attacks.
The European Union should take steps to reduce the number of drivers who do not have third-party insurance and urge member states to help force them off the roads, an insurance lobby said Thursday.
Although the end often comes quickly, law firms do not fail overnight. Randy Evans of Dentons and Elizabeth Whitney of Swiss Re Corporate Solutions review five mistakes that expedite law firm failures.
One of the more obvious Brexit risks is in relation to the enforcement of U.K. judgments in the remaining EU member states. With that in mind, lawyers advising on contracts with exclusive jurisdiction clauses for some part of the U.K. must consider certain responsibilities, says Martin Scanlon of Mason Hayes & Curran.
Despite the common use of contract terms like “efforts” or “endeavors” to commit a party to “try” to accomplish an objective, there has been a fair amount of controversy over the years as to exactly what such an obligation entails. But recent cases confirm that these efforts obligations, however seemingly amorphous, are very much enforceable, says Glenn West of Weil Gotshal & Manges LLP.
While there are clear similarities between the recent guidance from HM Treasury’s Office of Financial Sanctions Implementation and the economic sanctions enforcement guidelines in the United States, companies that engage in activities subject to U.S. and U.K. financial sanctions should also understand the important differences between the two penalty regimes, say partners of Skadden Arps Slate Meagher & Flom LLP.
On March 7, it will be one year since the U.K. Financial Conduct Authority's senior managers and certification regime came into force, heralding a new era of personal accountability in the financial sector. But it probably won't be until the subject of an enforcement action challenges the attribution of responsibility before the Upper Tribunal that the SMCR will be tested in any meaningful way, says Elly Proudlock of WilmerHale.
While many risk managers and other insurance professionals may associate political risk insurance with third-world despots and banana republics, for many companies political risk insurance may become increasingly necessary to navigate risk in the current domestic political climate, says Micah Skidmore of Haynes and Boone LLP.
What do you expect your top regulatory challenge to be this year? Berwin Leighton Paisner LLP's recent survey of over 250 legal, risk and compliance professionals at U.K.-based banks, insurers and asset management firms highlighted three chief concerns for the sector.
In assessing how domestic and foreign affairs issues may play out during President-elect Trump’s term, it’s important to keep in mind that not everything a presidential candidate says during an election campaign is predictive of exactly how he will act as president. This is particularly the case for Mr. Trump, who, more than most presidential candidates, relied on general foreign policy prescriptions without providing many details,... (continued)
The imminent green light for foreign firms to get into India’s market will be a bellwether of law firm behavior. The impulse to follow the crowd into the new frontier will be great, but smart firms will take a long hard look at who they are before making the passage to India, says Mark A. Cohen, an adjunct professor at Georgetown Law School and founder of Legal Mosaic LLC.
Companies do not always anticipate some of the unique challenges that U.S.-based insureds face when making a claim under their Lloyd's aviation policies. For example, many U.S.-based insureds will be unable to avoid arbitrating their claims in London. It is probably to the policyholder’s advantage to choose U.S.-based arbitrators, even if that option is more expensive than London arbitrators, say Dennis Cusack and Erica Villanueva ... (continued)