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.
Lord David Neuberger, who recently retired from the post of U.K. Supreme Court president, has joined One Essex Court as an arbitrator, the London-based barristers’ set said on Thursday.
The U.K. Prudential Regulation Authority proposed reforms on Thursday to improve management and financial planning in the insurance sector, targeting companies with high appetites for risk and fast-changing capital reserves.
A U.K. tribunal judge has sided with the Financial Conduct Authority by striking out a case brought by an insurance company over its regulatory authorization, saying it is unlikely to succeed at the Upper Tribunal.
A forum of global insurance regulators proposed changes on Wednesday to the core standards that govern the investment activities, risk management and corporate governance frameworks of firms in the sector, as it seeks to streamline international supervision.
U.K. insurers pressed Chancellor Philip Hammond on Wednesday not to “punish” consumers by raising insurance tax premiums for a fourth time since November 2015.
The High Court in London has suggested that the U.K. should extend compulsory motor insurance to include vehicles on private land, calling on lawmakers to adapt domestic legislation to satisfy tough rules from Brussels.
London-based barristers' set Quadrant Chambers announced on Wednesday that former U.K. Supreme Court judge Lord Anthony Clarke has joined as an arbitrator.
The U.K. Financial Conduct Authority launched a sweeping investigation into competition in the wholesale insurance market on Wednesday, promising to look at the power of brokers to raise prices and examine barriers to entry.
A high-stakes case at Britain’s highest court that ended in defeat for top poker player Phil Ivey is a seismic ruling with huge ramifications for criminal law and individuals accused of fraud, lawyers say, as it hands more power to prosecutors ahead of several major trials where bankers stand accused of rigging rates and markets.
A trade group for Lloyd’s of London proposed changes on Tuesday to the way insurers calculate the size of the capital buffers they must hold under the European Union’s capital rulebook, nearly two years after it became law.
The U.K. government will release redacted assessments of how Brexit will affect major industries, including legal and financial services, within three weeks, Brexit Secretary David Davis said on Tuesday.
An experienced U.K. underwriter who used five different names to make fraudulent insurance claims worth more than £19,000 ($25,000) has been handed a 15-month suspended sentence, police said.
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)