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Insurance UK
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February 14, 2024
Insurers Must Pay Out On Third-Party Hire Car Losses
Insurers must cover rental income lost by car hire firms when their vehicles are involved in accidents, the U.K.'s highest court ruled on Wednesday in a case that is likely to add major costs for the insurance industry.
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February 13, 2024
Insurance Broker Escapes £2.6M Claim From Foundry Client
A London judge has dismissed an investment advisory firm's bid to collect £2.6 million ($3.2 million) from its insurance broker for problems that allegedly nullified the foundry's coverage for an industrial site.
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February 13, 2024
EU Eases Rule Enforcement On Best Price For Clients
The European Union financial markets regulator said on Tuesday that it expects all national watchdogs "not to prioritize" taking supervisory action against investment companies that fail to comply with certain rules to report how they achieved the best terms for clients.
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February 13, 2024
UK Pension Surplus Dips Slightly To £425B
The total surplus of U.K. pension schemes dipped by £2.8 billion ($3.5 billion) over the past month, the sector's lifeboat scheme revealed Tuesday, but experts say the changes are unlikely to dim appetite for insurance de-risking transactions.
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February 13, 2024
New Panel Set Up To Promote UK Fund Investments
A panel of pensions, venture capital and private equity experts has been established to boost returns for savers and support economic growth by encouraging funds to invest in fast-growing businesses, the British Private Equity and Venture Capital Association said on Tuesday.
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February 13, 2024
Post-Election UK Pension Changes Could Be In The Fine Print
Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.
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February 13, 2024
One In Four Retirees 'Not Checking State Pension Forecast'
Pensioners-to-be should check their state pension pots to avoid a "nasty surprise," a retirement specialist said on Tuesday as it published a survey showing that many opt not to look at their forecast before retiring.
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February 12, 2024
Proskauer Hires Sidley Austin's Funds Head In London
Proskauer Rose LLP has brought aboard a new partner with years of experience at the helm of Sidley Austin LLP's investment funds practice, to co-lead its global credit funds and sovereign wealth funds initiatives.
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February 12, 2024
Marine Insurer Skuld Cancels Red Sea 'War Risks'
A Norwegian marine insurance provider issued a cancelation notice for certain war risks on Monday after some of its reinsurers ended their cover for policyholders amid attacks on commercial ships in the Red Sea.
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February 12, 2024
UK Gov't Pushed To Reform Audit As Delays Cause Delistings
A governance trade body has urged the government to proceed with abandoned audit reform proposals, claiming the delays have led to companies delisting from the London Stock Exchange.
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February 12, 2024
FCA Tells Firms To Bear Brunt Of Policing Financial Crime
The City watchdog has said that companies must tackle financial crime by giving it better data that could lead to assertive supervision and enforcement action. But lawyers have told Law360 that this would put an even greater cost burden on companies.
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February 12, 2024
Pension Reform Key For UK Savings Shortfall, Report Says
Allowing workers to access some of their pension pots before retirement as well as increasing savings contributions could support scores of Britons who do not have enough saved for immediate challenges or for later life, a think tank said Monday.
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February 12, 2024
Reporting Rules For Russia Sanctions Get UK Update
Businesses in Britain have to tell the country's authorities whether they are holding any cash or other assets for Russian financial and state institutions under new rules announced Monday.
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February 09, 2024
Insurer Liable For Exploiting Business Before Merger
A motor industry insurer exploited an opportunity to provide warranties to a car dealership at the expense of the warranty provider that made the introduction during ill-fated merger talks, a London court ruled Friday.
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February 09, 2024
Court Says 'Catastrophe' Applies In COVID Reinsurance Cases
A London court has allowed insurers to make claims under reinsurance contracts for business interruption losses claimed during the COVID-19 pandemic, saying that the outbreak of an infectious disease constitutes a "catastrophe" under the policy wording.
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February 09, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a Saudi Arabian property investor file legal action against RLS Solicitors, Aspire Pharma and Bayer Intellectual Property tackle a patent dispute, the owners of soccer club West Ham United FC raise a red card against E20 Stadium LLP with a commercial fraud action, and accountants BDO file another commercial claim against the managing directors of KGJ Insurance Services. Here, Law360 looks at these and other new claims in the U.K.
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February 09, 2024
UK Gov't Audit Backlog Plan Gets Watchdog Support
The government has floated plans that would mandate local government bodies to publish audit accounts by a statutory deadline in a bid to clear a "concerning backlog" that Britain's accounting watchdog says undermines the sector.
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February 09, 2024
UK Insurers Agree To Pause Sales Of Asset Protection Cover
The Financial Conduct Authority said on Friday that eight out of 10 providers of guaranteed asset protection insurance have stopped selling the product, after the watchdog warned that customers may be getting ripped off.
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February 09, 2024
UK Regulators Need 'Growth Mindset' Lloyd's Boss Says
Financial watchdogs needed to change their mindset on international competitiveness in order to align with the U.K. government's plans for economic growth, the chair of Lloyd's of London said.
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February 09, 2024
Woodford Investors Get Court OK For £230M Redress Deal
Investors in Neil Woodford's failed £3.7 billion ($4.6 billion) fund will get payment under a £230 million settlement scheme backed by the financial watchdog after the High Court signed off on the arrangement in a judgment published on Friday.
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February 09, 2024
UK Pensions Watchdog Faces New Wave Of Walkouts
Workers at the U.K. pensions watchdog are planning another 12-day walkout after negotiations over pay demands failed, their union has said, marking their second strike action of 2024.
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February 09, 2024
FCA Sets Out Crime-Fighting Priorities For Finance Firms
The finance watchdog has set out four priorities in its fight against financial crime as it emphasizes the damage caused by offenses such as money laundering, evading sanctions and terrorist financing.
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February 08, 2024
Apt. Owners Can't Avoid Arbitrating Ida Damage, Insurers Say
Seven New Orleans-area property owners must submit their Hurricane Ida damage claims to arbitration proceedings regardless of whether one of two foreign conventions applies to the case over the other, a group of 10 insurers told a Louisiana federal court.
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February 08, 2024
Pension Reform Needed To Plug Growing Savings Shortfall
Only 40% of households with defined contribution schemes will have enough saved for a moderate standard of retirement living by 2040, an insurer has said, arguing that higher pension contributions could prevent a "bigger cost-of-living crisis" in the future.
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February 08, 2024
Pensions Regulator Boosts Data Gathering After Funds Crisis
The Pensions Regulator has said it has bolstered its gathering of data from the U.K.'s retirement funds in the wake of the liability-driven investment sector crisis.
Expert Analysis
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Fortis Case Confirms Viability Of Dutch Settlement Law
A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.
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UK Reflective Loss Rule Impedes Shareholder Recovery
The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.
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Opinion
Law360's Global 20 Doesn't Acknowledge Global Networks
While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.
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Despite Brexit, Business As Usual For FCA
The U.K. Financial Conduct Authority has acknowledged that Brexit will present challenges, and will set aside some resources in preparation, but its business plan for 2018-2019 sends a strong message that there will be no let-up when it comes to detecting and prosecuting market abuse, says Ben Ticehurst of Rahman Ravelli Solicitors.
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The Final Word On No Oral Modification Clauses In The UK
The U.K. Supreme Court's recent decision in Rock v. MWB came down on the side of commercial certainty, establishing that "no oral modification" clauses mean exactly what they say. Nonetheless, the decision may lead to some problematic cases, say Kathryn Rowe and Peter McMaster QC of Appleby Global.
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EU's Proposed Premarketing Rules May Disrupt Fundraising
The European Commission's proposal to amend key European fund management directives introduces new conditions for premarketing a fund in the EU. Unless this proposal is substantially loosened, managers may risk increased regulatory scrutiny if they continue with current fundraising practices, says John Young of Ropes & Gray LLP.
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UK Overseas Territories Disclosure Rule May Be Premature
Section 51 of the U.K.'s new Anti-Money Laundering Act imposes public beneficial company ownership registers in the British overseas territories. A general push for enhanced disclosure can only be welcomed, but this particular initiative may not be the correct means to reach a worthy goal, say Ian Hargreaves and Stephanie Sarzana of Covington & Burling LLP.
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Myths And Facts About Using TAR Across Borders
Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.
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Predictions For UK Prudential Regulation Authority Standards
Two years after the U.K. Financial Conduct Authority acknowledged the threat cyberattacks pose to the U.K.'s financial system, little progress has been made. The Prudential Regulation Authority's new operating standards, expected to publish this year, must show that it is taking cybersecurity seriously, but without stifling innovation, says Jamie Monck-Mason of Willis Towers Watson.
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Why Companies Should Be Grateful For The GDPR
After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.
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EU Law Brings Data Sharing Pointers For US Financial Cos.
Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.
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BigLaw Blogs In A Post-GDPR Marketing Universe
Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.
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FCA Enforcement Strategy May Influence Litigation Privilege
The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.
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GDPR Is Here — What If You Didn't Prepare?
Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.
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GDPR — Coming Soon To A Merger Near You
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.