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Insurance UK

  • December 14, 2018

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

    The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.

  • December 14, 2018

    EU Insurers Cannot Dodge €21M Factory Loss, UK Firm Says

    A Jersey-based holding company has hit back at an attempt by two European insurers to avoid paying €21.3 million ($24 million) for losses at a Dutch aluminum factory, saying its insurance claim is not excluded under the terms of its policy.

  • December 14, 2018

    Iranian Insurer Denied Compensation Over EU Nuke Sanctions

    The European Union’s General Court has refused to grant millions of euros in damages to a state-owned Iranian insurer after its assets were frozen under nuclear sanctions against Tehran, handing victory to the European Council.

  • December 14, 2018

    BoE Acts On Travel Expenses After Pressure From MPs

    The Bank of England said Friday it has tightened its expenses regime after two senior regulatory experts, one of them a former vice chairman of the U.S. Federal Reserve, angered MPs by racking up £390,000 ($490,000) on travel costs over two and a half years.

  • December 14, 2018

    EU Refuses To Reopen Brexit Deal, Putting Passage In Doubt

    The European Council has formally told the U.K. that its Brexit withdrawal agreement is not open to renegotiation even though a majority of British lawmakers rejected the package, increasing the odds of a no-deal departure from the bloc or a postponement.

  • December 13, 2018

    Top Insurance Legislation & Regulation Stories Of 2018

    This year brought many major policy developments that affected insurers, with the European Union's stringent data security rules spurring demand for cyber insurance and U.S. regulators ending an era by rescinding Prudential's designation as a systemically important financial institution, leaving no nonbank firms with the controversial tag. Here, Law360 looks back at the biggest regulatory and legislative developments that impacted insurers in 2018.

  • December 13, 2018

    FCA Urges Financial Firms To Keep Up Brexit Preparations

    The Financial Conduct Authority has published its latest set of guidance to help U.K. banks and insurers prepare for Brexit by encouraging them to consider implications for their business and customers, including putting in place measures to ensure their financial contracts can continue after March 2019.

  • December 13, 2018

    Pub Chain Heading To Trial In Pension Dispute With Trustee

    Major U.K. pub and restaurant operator Mitchells & Butlers PLC will go to trial against its pension trustees in 2020 to determine which side wields the power to calculate increased payments to retirees, the High Court in London has indicated.

  • December 13, 2018

    Pension Schemes Warned To Stay Ahead Of Master Trust Law

    The U.K.'s pensions watchdog on Thursday warned pension scheme trustees they must check whether they fall under new master trust legislation to avoid running afoul of the law once the March deadline to apply for authorization passes.

  • December 13, 2018

    UK Top Court To Determine Churchill's Liability For £2M Blaze

    The U.K. Supreme Court is considering whether a leading motor insurer must pay for extensive damage caused to buildings after a mechanic sparked a fire while welding his car, in a case that could widen the industry’s exposure to third-party claims.

  • December 12, 2018

    FCA Floats Policy Tweaks To Spur Long-Term Investments

    The U.K. Financial Conduct Authority on Wednesday proposed new rules aimed at making it easier for consumers to access long-term investment opportunities, principally by lowering the barriers for retail investment in venture capital, infrastructure and corporate loans. 

  • December 12, 2018

    Marex Adds To Coverage Claim In Nickel Warehousing Dispute

    Commodities broker Marex Financial Ltd. has broadened its claim against a group of insurers in a bid to secure indemnity for any costs it may be hit with if French investment bank Natixis is successful in an underlying $32 million suit over allegedly fraudulent nickel storage receipts.

  • December 12, 2018

    Shippers Lose Bid To Revive Insurance Arbitration Challenge

    A British judge said Wednesday that he would not revive a $500,000 arbitration dispute over Thomas Miller Specialty Underwriting Agency Ltd.'s refusal to indemnify two shipping companies for a sunken cargo of junk cars, rejecting a bid to appeal the case and expressing shock that the parties ran up almost $200,000 in attorneys' fees.

  • December 12, 2018

    US To Sign Deal With UK On Post-Brexit Insurance Trade

    The U.S. government said Wednesday that it intends to sign a sweeping agreement with the U.K. that will help American firms keep pushing into the world’s fourth-largest insurance market after Britain exits the European Union.

  • December 12, 2018

    UK's May Survives But Weakened After Brexit Revolt In Party

    Prime Minister Theresa May survived a coup attempt by rebel lawmakers within her Conservative Party late Wednesday, winning a no-confidence vote by a sufficiently large margin to allow her to continue pushing to get a draft Brexit withdrawal agreement through a hostile Parliament.

  • December 12, 2018

    UK's May Faces No-Confidence Vote Over Brexit Plans

    Prime Minister Theresa May will face a vote of no-confidence from her own Conservative Party MPs on Wednesday evening as opposition to her plan to exit the European Union escalates, raising the prospect of a no-deal departure or no Brexit at all.

  • December 11, 2018

    FCA Blasts Financial Firms' Cybersecurity Complacency

    The Financial Conduct Authority has warned that bosses at some of the U.K.’s largest asset managers and banks lack the knowledge to tackle cybersecurity issues effectively.

  • December 11, 2018

    US Investors Beef Up £2M Countersuit In Soured Retail Deal

    A group of Luxembourg entities owned by a U.S. real estate investment company has made a counterclaim for at least £1.95 million ($2.5 million) against a U.K. asset manager that is suing them for alleged payments after they canceled agreements tied to commercial property investment portfolios.

  • December 11, 2018

    Pensions Regulator Hits Accountant In 1st Fraud Prosecution

    An accountant will appear in court in January charged with scamming more than £200,000 ($251,500) from a pension fund in the first fraud prosecution mounted by The Pensions Regulator, the watchdog said on Tuesday.

  • December 11, 2018

    Pension Trustees' £3.5M Suit Against Adviser Gets Trial Date

    A dispute between a financial adviser and a former client over a missed tax deadline, which allegedly led the client to lose almost £3.5 million ($4.4 million), will head to trial at the beginning of 2020, new documents filed with a London court reveal.

Expert Analysis

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • UK Privacy Rules That Can Catch You Off Guard

    Alexander Edwards

    The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.

  • Autonomous Vehicles And UK Product Liability Law: Part 2

    Michaela Herron

    With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.

  • Autonomous Vehicles And UK Product Liability Law: Part 1

    Michaela Herron

    Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

    Antonia Apps

    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • UK And EU Crawl Toward Virtual Currency Regulation

    Jacqui Hatfield

    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.

  • Is Equifax Data Breach Penalty A Sign Of Fines To Come?

    James Castro-Edwards

    Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.

  • Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

    Claire Stockford

    With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.

  • 5 Cyber Insurance Pitfalls To Avoid In The UK

    Richard Mattick

    Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

    Fred Saugman

    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.