Insurance UK

  • December 09, 2022

    Attys Want Detail In Gov't Wishlist Of Financial Reforms

    Sweeping plans to overhaul financial services regulation announced by the U.K. government on Friday could boost the country's international competitiveness following its exit from the European Union, but the wishlist of reforms lack detail on the workability of some proposals, legal experts say. 

  • December 09, 2022

    Insurers Can't Arbitrate Charter School's Hurricane Damage

    A Louisiana federal judge rejected a group of 10 insurers' bid to force a New Orleans-area charter school's Hurricane Ida claims into arbitration, finding the case was already bound to a settlement process through the court.

  • December 09, 2022

    Law Groups Urge SRA To U-Turn On Indemnity Fund Decision

    Several English law societies have called on the Solicitors Regulation Authority to reverse its decision to replace a statutory insurance fund that provides cover for historic negligence claims with its own indemnity scheme.

  • December 09, 2022

    Delayed Pension Deals Could Yield £70B Boost For Firms

    British businesses could be on the receiving end of a £70 billion ($86 billion) windfall if pension trustees delay insurance deals by five years, a consultancy said.

  • December 09, 2022

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

    The past week in London has seen the Danish tax authority bring its $2.1 billion lawsuit over pension plans against commodities trader ED&F Man to the U.K., a Nigerian record label sue Warner Music for breach of contract, and DAC Beachcroft face fresh litigation from a hotel investor. Here, Law360 looks at these and other new claims in the U.K.

  • December 09, 2022

    Ireland Fines Insurer AXA €3.6M For Governance Breaches

    The Central Bank of Ireland has handed a €3.6 million ($3.8 million) fine to insurer AXA Life Europe DAC for failing to correct the small print in life insurance policies sold in Germany.

  • December 09, 2022

    UK Unveils Sweeping Financial Regulatory Overhaul

    The government unveiled a package of reforms to financial regulation on Friday that it says will help the financial services sector capitalize on the country's departure from the European Union, including plans to discard some of the safeguards erected after the banking crisis.

  • December 08, 2022

    Cardiff City FC Sues Broker For £10M Over Player's Death

    Cardiff City Football Club Ltd. has sued insurance broker Miller Insurance Services LLP claiming it owes more than £10 million ($12.2 million) over the death of Emiliano Sala, a player who was set to transfer to the club but died in a plane crash en route.

  • December 08, 2022

    Linklaters Launches Scheme To Hire Solicitor Apprentices

    Linklaters LLP said Thursday it will start taking on solicitor apprentices next year, calling on all City law firms to join forces to boost the number of apprentices in London's financial heart.

  • December 08, 2022

    Watchdog To Help Small Audit Firms Expand Market Share

    The Financial Reporting Council has said that it will float new measures designed to help smaller auditing firms grow in scale to take on more work at larger companies as it seeks to increase consistency and competition in the sector.

  • December 08, 2022

    Advisers In £44M Pensions Misselling Scheme Get 10 Yr. Bans

    Three men have been banned from serving as company directors because of their role in a £44 million pensions misselling scandal, the government said on Thursday.

  • December 08, 2022

    EU To Force Crypto-Traders To Share Data With Tax Agencies

    The European Commission proposed new rules on Thursday to require companies that trade crypto-assets for clients in Europe to report their transactions to tax authorities in a move to help fight financial crime and tax evasion in the bloc.

  • December 08, 2022

    UK Defined Benefit Pensions Savings Drop 60% Over Decade

    The number of people actively saving in final salary-type retirement plans has slipped by more than 60% in a decade, according to figures released by The Pensions Regulator on Thursday, as employees are increasingly enrolled into newer defined contribution schemes.

  • December 08, 2022

    Pensions Reform Could Spark £1.2B Annual Savings Rise

    The government has been urged to close the long-term savings gap, after a report found that workers could save an additional £1.2 billion ($1.5 billion) a year for retirement if pensions enrollment was reformed.

  • December 07, 2022

    UK Legal Sector Revenues Grow By 12.5%

    The international legal services and dispute resolution industry in the United Kingdom generated £41 billion ($50 billion) between 2021 and 2022, further strengthening its leading status in the world, new research from TheCityUK says.

  • December 07, 2022

    Broker Blames Venue Owner For £15M Fire Coverage Shortfall

    Arthur J. Gallagher UK Ltd. has hit back at a £15 million ($17.4 million) insurance suit, blaming a London nightclub owner for the venue's lack of coverage for damage from a fire.

  • December 07, 2022

    Union Tells FCA To Improve Worker Pay, Conditions

    Members of a leading trade union working at the Financial Conduct Authority have told the watchdog it should implement a staff-led action plan for improving pay and working conditions in order to stymie staff attrition and boost worker morale.

  • December 07, 2022

    UK Regulators Map Out Plan To Protect Retirement Savers

    The Pensions Regulator said Wednesday it will work more closely with the Financial Conduct Authority in a bid to better protect individuals saving for retirement.

  • December 07, 2022

    UK Firms Could Face £40B Bill From Ban On Rate Hedging

    Businesses are likely to have to pay out as much as £40 billion ($49 billion) a year to support pension plans if regulators move to ban leverage in liability-driven investment funds after the bond market crisis in September, an investment manager warned MPs on Wednesday.

  • December 06, 2022

    Audit Watchdog Outlines Quality Scorecard For British Firms

    The Financial Reporting Council on Tuesday published a range of performance indicators for accounting firms that would provide a scorecard for the quality of their work that users of audit services can reference.

  • December 06, 2022

    Freeths Admits Negligence But Says It Doesn't Owe £5.6M

    Freeths LLP has admitted negligence over advice it gave to a U.K. litigation funder that caused it to miss its chance to bring a claim against an insurance company following a gas explosion, but said it is not liable for the full £5.6 million ($6.4 million) the funder is demanding.

  • December 06, 2022

    Gov't Plans Major Shakeup For NHS Pension Scheme

    The government has unveiled plans to plug gaps in the National Health Service by allowing doctors and other medical staff who have already retired to return to work without the move affecting their pensions.

  • December 06, 2022

    Eversheds, Sackers Guide £350M Pension Deal For Textile Biz

    A British textiles manufacturer said on Tuesday that it has offloaded £350 million ($428 million) of its staff pension liabilities onto Aviva PLC, in a deal advised by Eversheds Sutherland and Sacker & Partners LLP.

  • December 06, 2022

    FCA Preparing Crackdown On 'Rogue' Financial Marketing

    The Financial Conduct Authority set out new rules on Tuesday that it said will help weed out illegal or misleading financial advertising by imposing additional screening checks on the firms it regulates.

  • December 05, 2022

    Insurers Want $11M Ida Coverage Fight Arbitrated

    Numerous insurers for 75 properties damaged by Hurricane Ida have asked a New York federal court to stop Louisiana state court proceedings over coverage for $11 million in Hurricane Ida damages because they say the matter belongs in arbitration.

Expert Analysis

  • Hard Insurance Market Will Influence Legal Industry, Economy

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    As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.

  • Digital Nomads: Key Considerations For Global Businesses

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    As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.

  • New License Eases Sanctioned Clients' Legal Fee Payments

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    The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.

  • Preparation Is Key To Businesses Minimizing Cyber Breaches

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    A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.

  • UK Policyholders Can Expect Better COVID Claims Handling

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    The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.

  • A Recovery Option For Lenders With Planes Stuck In Russia

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    For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • 4 Key Skills For An Effective Attorney Coaching Conversation

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    As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

  • How Counsel Can Effectively Lead Data Breach Investigations

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    More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.

  • What EU Oil Spill Insurance Ruling Means For UK Arbitration

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    A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.

  • UK Claim Limitation Ruling Is A Tentative Win For Insurers

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    A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.

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