Deadline to implement Directive 2005/68/EC on Reinsurance
Member states of the European Union were required to implement Directive 2005/68/EC on Reinsurance (the Reinsurance Directive) by 10 December 2007.
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Jurisdiction: United Kingdom
Part VII FSMA 2000: Admiral Group plc uses Part VII to close Lloyd’s syndicate
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.
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EAPD London workshop discusses the impact of the European Commission’s Final Report into Business Insurance
In December 2007, the London office of EAPD held an industry workshop to provide a forum for discussion of the European Commission’s Final Report into Business Insurance. The report sets out the findings of the EC’s sector commission inquiry into business insurance which was initiated in June 2005.
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Third party claims: A decision of the High Court clarifies the law with regard to claims under the Third Party (Rights against Insurers) Act 1930
The case of Law Society v Dixit Shah (2007) EWHC 2841 (Ch) arose from the intervention of the Office for the Supervision of Solicitors into an association of firms owned by Dixit Shah which traded under “the BJ Brandon Group” name. The Law Society alleged that the OSS discovered that around £12.5 million of client money had been misappropriated by Mr Shah.
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Insolvency: Highlands Insurance Company (UK) Limited
On 1 November 2007 the English Court placed Highlands Insurance Company (UK) Limited into administration. Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP have been appointed as the administrators.
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Costs: The English High Court has ruled on various costs issues following judgment in a late notification case involving the Lloyd’s Market
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.
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Commercial Court Publishes Working Party Report On Long Trials
The Commercial Court has published the report of its Long Trials Working Party set up under the chairmanship of Mr. Justice Aikens. The Working Party was established following criticisms arising from the duration and cost of the infamous BCCI v Bank of England and Equitable Life trials.
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Solvency II: Quantitative Impact Study (QIS) 4 public hearing
In order to help prepare the ground for the development of implementing measures once the Solvency II proposal has been adopted, the Committee of European Insurance and Occupational Pensions (CEIOPS) will run a fourth quantitative impact study between April and July 2008.
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Financial Services Authority (FSA) programme: Commission disclosure in the commercial general insurance market
On 10 December 2007, the FSA announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure.
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FSA: Appointed Representatives (ARs) review
A review by the FSA, published on 3 December 2007, has found that firms are not doing enough to ensure that their ARs are treating customers fairly in the sale of general insurance.
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InsurTech
