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Insurance UK
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March 28, 2024
EU Watchdogs To Relax On OTC Derivative Clearing Breaches
The European Union's securities regulator has said it expects national regulators not to prioritize supervisory action against banks or insurers that fail to clear some over-the-counter derivatives with foreign pension schemes, ahead of legal exemption.
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March 28, 2024
NCA Logs 5% Decline In Suspicious Activity Reports Last Year
The National Crime Agency reported Thursday a 5% decline in reports about potential criminal activities such as suspected money laundering and terrorist financing to its intelligence unit received during the financial year that ended March 2023.
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March 28, 2024
UK Watchdog Clears Aviva's £460M Takeover Of AIG Life
The U.K. government on Thursday gave a green light to insurance giant Aviva for its proposed £460 million ($562 million) acquisition of a British subsidiary of AIG Life Ltd. at the end of its first phase of inquiry into the transaction.
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March 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.
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March 28, 2024
New Pension General Code Comes Into Force
A tough new governance regime for pension trustees has been introduced, in what experts say is a significant step in driving up standards for the sector.
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March 28, 2024
UK Signs Accounting Standards Deal With Australia
Britain's audit watchdog said Thursday it has secured a deal on accounting standards with Australian authorities to make it easier for auditors to work between both countries.
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March 27, 2024
5th Circ. Reissues Arb. Decision In Hurricane Damage Case
The Fifth Circuit has reissued its opinion allowing a group of domestic insurers to force arbitration of a dispute over coverage for hurricane damage under an international arbitration clause after the insurers argued that the unanimous decision applied circuit precedent in a new context.
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March 27, 2024
Lawyer Group Ends Challenge Over Fixed Recoverable Costs
A legal trade body has ended court proceedings against the U.K. government after it agreed to make changes to a new regime to extend fixed recoverable costs in personal injury cases.
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March 27, 2024
VAT Applies To UK Insurer's Prior Service Pact, Court Rules
Value-added taxes apply to performance fees invoiced to a U.K.-based insurance company by an investment management firm as part of service agreements, a London court said, because those payments occurred outside the duration of the arrangement.
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March 27, 2024
BoE Finds Increasing Fear Of Financial Risk From AI
The Bank of England said on Wednesday the proportion of banks, insurers and other firms that find artificial intelligence one of the greatest risks to the finance system has doubled in six months.
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March 27, 2024
BoE Says Action On LDI Has Boosted Financial Stability
The U.K.'s financial stability watchdog said Wednesday that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.
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March 27, 2024
Shoosmiths, CMS, HSF Guide £510M Pension Deal For Next
High street clothing retailer Next PLC has offloaded £510 million ($643 million) of its retirement scheme liabilities to Pension Insurance Corp. PLC, in a deal steered by law firms Herbert Smith Freehills LLP, Shoosmiths LLP and CMS Cameron McKenna Nabarro Olswang LLP.
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March 27, 2024
Insurers Undervalue Junked And Stolen Vehicles, FCA Says
British insurers have been undervaluing written-off and stolen vehicles when settling customers' claims, according to a review by the country's financial watchdog published Wednesday.
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March 26, 2024
Gov't Issues Deadlines For Pensions 'Dashboard' Linkage
Large pension schemes in the U.K. must connect their plans to the government's long-awaited Pensions Dashboard Program by the end of April 2025, according to new guidance.
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March 26, 2024
UK Marine Insurer Investigating Baltimore Bridge Crash
Britannia, a British marine insurer, confirmed Tuesday that it is working with authorities in Baltimore after a container ship destroyed the city's landmark Francis Scott Key Bridge in a collision that experts say is likely to cost the insurance sector billions of dollars in claims.
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March 26, 2024
Insurance Execs Deny BDO Found Buyer For £18.5M Sale
Directors of KGJ Insurance Services have denied owing advisory fees to BDO LLP following the sale of the insurance broker for an estimated £18.5 million ($23.4 million), claiming that BDO never proposed or introduced the buyer itself.
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March 26, 2024
EU Watchdog Sets Out Rules For Green Bond Issue Reviewers
The European Union's financial markets regulator on Tuesday proposed rules for external reviewers of green bond issues across the bloc, to help stop greenwashing and conflicts of interest.
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March 26, 2024
Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums
Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
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March 26, 2024
Over Regulation Restricted Defined Benefit Pensions, MPs Say
The government should change the focus of the U.K.'s pension watchdog, lawmakers said Tuesday, warning that years of excessive caution on regulation has nearly wiped out the country's remaining defined benefit retirement plans.
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March 26, 2024
FCA Warns 'Finfluencers' To Keep Promotional Ads Lawful
Britain's finance watchdog reminded firms on Tuesday that they are responsible for all of their promotions, especially when working with so-called finfluencers, who offer advice and information on financial topics on social media platforms.
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March 26, 2024
UK Clears £1.2B Atlanta-Markerstudy Insurance Broker Merger
Britain's antitrust authority said Tuesday it has cleared the planned merger between Atlanta Group and Markerstudy, a deal that values Ardonagh's home and car insurance business at £1.2 billion ($1.5 billion), after finding that the deal will not harm competition in domestic markets.
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March 26, 2024
Insurers Lose Whiplash Test Case At Top UK Court
Insurers will probably have to pay more to accident victims suffering whiplash and another injury, after the U.K.'s top court ruled Tuesday that any reductions for overlapping injuries should not leave claimants worse off than before reforms were introduced.
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March 25, 2024
FCA Warns Fund Managers Over Third-Party Supervision
The Financial Conduct Authority said on Monday it has found failings in how some hedge fund managers rely on third parties to help manage the fund, possibly undermining efforts to prevent financial crime.
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March 25, 2024
Ship Owners Win $37M Naval Detention Insurance Fight
The owners of a cargo ship seized by the Indonesian navy can recover $37 million from insurers, a judge ruled Monday, saying the shipmaster should not have expected to be detained for accidentally anchoring in the country's waters.
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March 25, 2024
UK Firms To Get More Influence On Pension Fund Investing
British companies will probably enjoy greater sway over the investment decisions taken by their pension plans under new rules being considered by The Pensions Regulator, a consultancy said on Monday.
Expert Analysis
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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.
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4 Questions About Whistleblowing In The UK And Beyond
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
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Obtaining DPAs In The UK Will Not Be Easy
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
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Lessons From 4 Recent Athlete Insurance Lawsuits
This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.