As previously reported in this blog, President Obama signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (the "Iran Sanctions Act") in July, following the less stringent sanctions passed earlier by the U.N. For a more detailed discussion of the Iran Sanctions Act, see here. Canada, the European Union and Australia soon followed with similar sanctions aimed at Iran's financial and energy sectors. read more
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Britain’s The Sun reports that Robertson Taylor – music industry broker for Lloyd’s of London – is reportedly handling a claim of approximately $18 million for the now infamous back injury incurred by U2’s front man Bono during U.S. tour rehearsals. Bono required emergency surgery, and U2 had to subsequently postpone their U.S. summer tour and cancel their headlining appearance at the Glastonbury Festival. read more
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The China Insurance Regulatory Commission (the CIRC) has granted Lloyd's China a licence to write direct insurance. This is in addition to Lloyd's China's existing reinsurance licence (granted in March 2007). The announcement was made by Lord Levene, chairman of Lloyd's, on 19 May 2010 at the UK Pavilion at the World Expo in Shanghai. read more
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On 15 April 2010, the European Commission (Commission) published for consultation draft technical specifications for the QIS5 exercise. read more
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According to a recent report from Reuters, London's marine insurance market has added Iran to a list of areas deemed high risk. The Lloyd's Market Association (LMA) announced the move on Monday, March 22, 2010, ahead of possible sanctions being pushed by the U.S., among other countries. read more
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On 8 February 2010, Lloyd's released its 2010 to 2012 strategy plan, including specific corporate actions for 2010. The strategy plan follows a detailed review of the market's position involving more than 50 managing agents, brokers and market associations. read more
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On 25 January 2010, Mark Hoban MP, Shadow Treasury Minister, spoke at a British Insurance Law Association seminar hosted at Lloyd's and attended by a number of EAPD lawyers. Mr Hoban spoke on the Conservative Party White Paper, published on 20 July 2009, entitled "From Crisis to Confidence: Plan for Sound Banking" with a particular focus on the White Paper's relevance to the insurance sector. read more
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In an interview with Bloomberg, Chaucer's chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment. read more
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On 9 September 2009 Lloyd's issued Market Bulletin Y4311 ( click here to see a copy of the bulletin), informing the market that Lloyd's has published a Service Companies Code of Practice. Codes of practice are issued by Lloyd's under provisions in the Underwriting Byelaw and offer more detailed guidance to market participants on the standards Lloyd's requires them to meet. read more
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The UK's tax authority, Her Majesty's Revenue and Customs (HMRC), has introduced new regulations relating to technical provisions made by general insurers, including members underwriting general insurance business at Lloyd's. read more
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On 25 June 2009, the High Court approved the statutory transfer of the 1992 and prior non-life business of members and former members of Lloyd's to Equitas Insurance Limited by way of Part VII transfer under the Financial Services and Markets Act 2000 (FSMA). read more
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The Lloyd’s 360 Risk Insight group recently released a report entitled “Global recession: The magnifying glass for political instability.” In the report, Lloyd’s warns that the ongoing global recession is likely to cause greater social and political instability around the globe. As to Latin America, the report identifies the greatest threats to social and political stability as expropriation and piracy. read more
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A recent Lloyd's Market Bulletin ref: Y4280 (14 May 2009) gives details of three individuals who, when changing employment to a competitor, committed various breaches of their obligations to their previous employer. Alistair Mark Mellis and Ksenya Mazalova were involved in the appropriation of documents from their previous employer for use in their new employment. Mr Mellis, who had not yet moved to his new employer, also provided underwriting assistance to Ms Mazalova. read more
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Lloyd's has finalised the rules and guidance for the 2009 capacity transfer season. Capacity transfers enable members to surrender or acquire the right to underwrite a specific amount of premium on Lloyd's syndicates. The rules and guidance contains the Auction Rules, the Bilateral Arrangements Rules, the Conversion Rules, the Capacity Offer Rules and the explanatory guide to the Capacity Auctions and Bilateral Arrangements. No substantive amendments have been made to the 2008 rules and guidance. read more
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Lloyd's insurers are set for a boost as the UK Treasury announced measures which will bring their tax treatment more into line with that of general insurance companies. read more
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Lloyd's has issued a market bulletin giving details of the arrangements relating to mid-year coming-into-line ( click here to see a copy). The bulletin is addressed both to members' agents and to direct corporate members.
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Lloyd's has announced the appointment of Tom Bolt as its new Underwriting Performance Director, replacing Rolf Tolle who steps down as Franchise Performance Director at the end of the year. Although the title changes, we understand the role is largely the same. read more
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In a market bulletin published on 5 March 2009, Lloyd's announced new arrangements for the reporting, funding and settlement of LATF liabilities (excluding long term business). The bulletin states that these changes will take effect at the end of Q1 2009. read more
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We have reported previously on the progress of the Lloyd's Legislative Reform Order (LRO) through the UK Parliament and on the consultation by Lloyd's in relation to the proposed amendments to the Lloyd's Byelaws (you can see our most recent post by clicking here).
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Lloyd's has been awarded a license to write general (i.e. non life) insurance business in the English Channel island of Guernsey. read more
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We have reported previously on the progress of the Lloyd's Legislative Reform Order (LRO) through Parliament (our most recent post can be found by clicking here). The LRO came into force today, Wednesday 19 November 2008. read more
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We have reported previously on the progress of the Lloyd's Legislative Reform Order (LRO) through Parliament (our most recent post can be found by clicking here). The LRO has now been approved by both Houses of Parliament and is expected to come into force on Wednesday 19 November 2008.
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On 5 November, Lloyd's issued Market Bulletin Y4202, entitled Principles of Enforcement Action (the Bulletin). The Bulletin, prepared by the Market Supervision and Review Committee (the body responsible for investigating matters of potential misconduct) sets out non-exhaustive list of the types of conduct that may result in enforcement action being taken. read more
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We have blogged previously on the progress of the Lloyd's Legislative Reform Order, which will have the effect of amending elements of Lloyd's constitution, as well as changing the role of Lloyd's brokers in the marketplace (our most recent post can be found by clicking here).
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Governor Charlie Crist, Florida Insurance Commissioner Kevin McCarty, and Florida House Speaker Designate Ray Sansom were in London on July 15th to discuss state insurance issues. Representing Governor Crist’s Team Florida Trade and Business Development Mission, the delegation met with Lord Levene, Lloyd’s of London chairman. Crist and his team were expected to discuss the role of global reinsurance and the threat of global warming. read more
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In the June issue of Edwards Angell Palmer & Dodge's Insurance and Reinsurance Review, we reported on the the key amendments proposed by the UK Treasury in its draft Lloyd's Legislative Reform Order (LRO) ( the article can be found here). We have also blogged previously the overwhelming support of Lloyd's members for the proposals ( the post can be found here).
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In April we reported on the UK Treasury's publication of a summary of responses to its consultation on certain changes to rules relating to insurance portfolio transfers (known as Part VII transfers) (see the post here).
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At an Extraordinary General Meeting held on 21 May 2008, the membership of Lloyd's approved a resolution to consent to the proposals by the UK's Treasury to amend the Lloyd's Act 1982. The proposals are as described in the Consultation Document issued in March 2008. read more
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Peter Harmer, chief executive of Aon UK, is to become Chairman of the London Market Reform Group (MRG). He succeeds Stephen Matanle, managing director of Libero Ventures Ltd. read more
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Competition issues within the business insurance sector have been much discussed recently. The European Commission published its final report on its inquiry into the business insurance sector on 25 September 2007. The report highlighted some questions regarding premium alignment between lead insurers and followers in the co-insurance market. read more
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As was reported in previous blogs, the Market Reform Group (MRG) has been at the forefront of contract certainty reforms. read more
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In the UK, insurance business transfer schemes (known as Part 7 transfers) allow an insurer or reinsurer to transfer portfolios of insurance or reinsurance business from another entity by way of a court sanctioned regulatory mechanism. read more
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On 25 March Lloyd's issued Market Bulletin Y4139 (the Bulletin) providing additional guidance for the preparation of the 2009 individual capital adequacy (ICA) submissions for run-off and specialist RITC syndicates. The guidance should be read in conjunction with Market Bulletin Y4128 (the Guidance), issued on 29 February, which sets out the general guidance for 2009 ICA submissions to Lloyd's. read more
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Brit Syndicates Ltd v Grant Thornton International UKHL 18 concerned an appeal by the insured, GTI, against a Court of Appeal decision in favour of its insurers. read more
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The Claimant in Kosmar Villa Holidays plc v Trustees of Syndicate 1243 [2008] EWCA Civ 147 was a tour operator who had a public liability policy with the Defendant's predecessor, Euclidian Direct Limited (Euclidian). read more
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On 7 March the UK Treasury published its awaited market reform proposals in the consultation paper, "Proposals for a legislative reform order to amend the Lloyd's Act 1982". read more
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Mark Meyer, a partner in the London office of Edwards Angell Palmer & Dodge, attended the recent seminar hosted by Lloyd's in Tel Aviv, Israel, to mark 60 years of trading with the country. read more
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HM Treasury is expected to publish a consultation paper shortly (in the next few weeks) on updating Lloyd's corporate governance procedures and other matters concerning the efficient operation of Lloyd's. The consultation period will last 3 months. read more
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Lloyd's may purchase a messaging hub service for the market in a bid to improve the efficiency of the London placement process. The hub will minimise the variety of standards and systems currently used and enable clearer communication. Lloyd's is considering the purchase of an appropriate ready made tool rather than building a bespoke platform. read more
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Parana Banco, a Brazilian bank, recently sought authorization to form the country's first ever private-sector reinsurer. Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank. read more
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Lloyd's announced on 13 February that it will be making a formal application to be admitted as a reinsurer in Brazil with plans to set up its first representative office in Rio de Janeiro, subject to regulatory approval. read more
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Lloyd’s recently issued a press release that it has begun offering a new type of cover – an event cancellation policy that will indemnify insureds for their losses if Christmas is cancelled, postponed, interrupted, curtailed or relocated due to the Grinch’s actions. read more
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UK insurer Admiral Group plc has successfully used the procedure contained in Part VII of the Financial Services and Markets Act 2000 to transfer business – a motor book - from its Lloyd's Syndicate to Admiral Insurance Company and then close the syndicate. read more
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In HLB Kidsons (A Firm) v Lloyds Underwriters & Others [2007] EWCH 2699, a dispute arose over whether the claimant firm of accountants had properly notified claims to the defendant insurers. read more
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