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Insurance UK
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May 02, 2024
PPF Says Norton's Pensions Top-Up Payments Starting Soon
The pensions compensation program has confirmed that former employees of Norton Motorcycles will get top-up payments soon, after they were left financially disadvantaged when an executive siphoned off funds from a staff retirement savings plan.
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May 02, 2024
Hiscox, Lancashire Predict Loss From Baltimore Bridge
British-listed insurers Hiscox and Lancashire Holdings confirmed Thursday they will likely face a financial hit from the collapse of the Francis Scott Key Bridge in Baltimore.
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May 02, 2024
Engineering Co. Fights For $10M Insurance Payout On Appeal
A French engineering company relaunched its fight on Thursday for a $10.4 million insurance payout to cover damage caused when a ship crashed into an oil platform, arguing on appeal that a lower court misinterpreted the wording of its policy.
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May 01, 2024
FCA Opposes Paying Ex-Julius Baer Manager's Legal Costs
The U.K.'s Financial Conduct Authority urged a London appellate court Wednesday to overturn a tribunal's decision to make it pay part of a former Julius Baer employee's legal costs, saying the tribunal unfairly ruled that the FCA had unreasonably not called witnesses who were overseas.
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May 01, 2024
Trade Body Amends Insurer Comms Guide After FCA Rules
The Lloyd's Market Association said Wednesday it has amended its guidance for how its trade body members should communicate insurance concepts to consumers to reflect recent regulatory changes, including advice around the Financial Conduct Authority's new consumer duty regime.
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May 01, 2024
Industry Dissatisfaction Grows Over Pension Policy Reform
Two-thirds of pension professionals have been unhappy with the direction of retirement savings policy in the past six months, finance experts said Wednesday, adding that an "influx of policies" is overwhelming industry resources.
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May 01, 2024
Pension Scam Group's Future Hit By Lack Of Volunteers
A voluntary body that works against pensions scams said on Wednesday that it is considering winding up its operations and is concerned that a fall in volunteer numbers might jeopardize its effectiveness.
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May 01, 2024
FCA's Investigation Regime May Tarnish Unnamed Individuals
Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.
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May 01, 2024
Pension Body Warns On Gov't Equity Investment Plan
U.K. government plans to impose public disclosures on pension funds would increase the burden on the industry and harm savers by encouraging investment in low-return businesses, according to an industry paper published Wednesday.
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April 30, 2024
FCA Flexibility On Pension Dashboard Wins Industry Applause
The Association of British Insurers said on Tuesday that Financial Conduct Authority rules that modify how firms can connect their data to the pension dashboard service were a "welcome step," and will improve connection to the long-awaited retirement savings program.
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April 30, 2024
Insurers Warn Of 'Irreparable Damage' From FCA's New Rules
An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.
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April 30, 2024
Eatery Can't Extend 'Physical Damage' Policy To COVID Claim
An appellate court threw out on Tuesday a restaurant owner's attempt to broaden the scope of a business interruption policy lacking any "nondamage" extensions to include losses sustained during the COVID-19 pandemic.
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April 30, 2024
UK Pension Deal Market Sees Surge In Smaller Transactions
The number of pension deals worth less than £100 million ($125 million) rose 10% in 2023, according to data released on Tuesday by Aon PLC, as doubts grow over the need for a state-backed consolidator of retirement savings plans.
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April 30, 2024
Insured Disaster Losses Already At $17B In 2024, Broker Says
Losses from natural disasters covered by insurance reached $17 billion in the first three months of 2024, reinsurance broker Aon has reported, with devastating storms in the U.S. and Europe driving up the costs for the sector.
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April 29, 2024
Butlins Sues Insurers For £60M After Flood Damage
A major holiday resort is suing a number of its insurers, including Aviva and QBE, for failing to pay out on losses sustained when a vacation park was flooded, causing the closure of many of its lodges.
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April 29, 2024
UK Car Insurance Cost Up 33% Over Year, ABI Says
The average cost of car insurance was around 33% higher in the first three months of 2024 than the same period a year ago, figures published by the Association of British Insurers on Monday show.
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April 29, 2024
Trade Bodies Want Gov't Action Over 'Damaging' FCA Rules
A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority proposals to name companies under investigation, saying the plans could have "damaging consequences" for the U.K.
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April 29, 2024
Russia Sanctions Creating 'Shadow Fleet,' Insurers Warn
The increasing compliance burdens that come from a price cap on Russian oil has led to the exodus of 800 tankers from the Western insurance market, a trade association has warned.
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April 29, 2024
FCA To Get Extra Data To Police Consumer Credit Lending
The City watchdog set out on Monday final rules that will require consumer credit lenders to give it more detailed data, enabling it to act against problem companies.
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April 26, 2024
UK Gov't Rejects Lawmakers' Criticism Of Edinburgh Reforms
The U.K. government has rejected criticisms from the Treasury Committee that the post-Brexit financial services reform program is moving too slowly, claiming the changes are on track in a letter published Friday.
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April 26, 2024
UK Workers Back Gov't 'Pot For Life' Pension Proposals
Proposals for single pension pots for life have cross-generational support from U.K. workers, according to the results of a survey by a cross-party policy think tank that were published Friday.
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May 03, 2024
Ex-Mishcon Head Of Risk Joins Litigation Boutique
Stokoe Partnership Solicitors has appointed Jarret Brown as its new head of compliance in a role he hopes is "going to be a little less frenetic" at a place with less "infrastructure to shift."
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April 26, 2024
Insurer Signs First Settlement Over Russia-Stranded Planes
An aircraft lessor and an insurer have settled their fight over payouts for planes stranded in Russia after its invasion of Ukraine, the first agreement out of dozens of battles worth billions of dollars involving major insurers.
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April 26, 2024
BoE To Include Funded Re In Life Insurance Stress Test
The Bank of England has said it will consider the risks posed by offshore reinsurance contracts when it carries out a stress test on life insurers in 2025.
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April 26, 2024
FCA Defends Naming Firms Under Investigation
The Financial Conduct Authority on Friday defended its proposed naming of companies under investigation in a letter to a House of Lords committee.
Expert Analysis
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Legal Technology Is Likely To Flourish In The UK
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
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Opinion
Legal Operations Teams Are Gaining Popularity In EU
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
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Why Proper Document Redaction May Be An Ethical Duty
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
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Why The Flood Of GDPR Litigation Has Been Delayed
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
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Opinion
Law Schools Should Be More Like Medical Centers
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
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Opinion
Courts Are Getting It Right On Litigation Funding Discovery
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
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Worldwide Freezing Orders Can Backfire Without Proper Care
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
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UK Litigation And Guidance Highlight Cybersecurity Risk
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
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2 BVI Cases Explore Scope Of Proper Purpose Test
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
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.
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UK Privacy Rules That Can Catch You Off Guard
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.
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Autonomous Vehicles And UK Product Liability Law: Part 2
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.
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Autonomous Vehicles And UK Product Liability Law: Part 1
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.
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A Victory For Legal Privilege In Cross-Border Investigations
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.