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In Refcomp SpA v Axa Corporate Solutions Assurance SA [Case C-543/10], the Advocate General of the Court of Justice of the European Union (CJEU, previously known as the European Court of Justice) interpreted Article 23 of Council Regulation (EC) No. 44/2001 on jurisdiction (the Article) to mean that where the general terms of a sale of goods contract incorporated a clause conferring jurisdiction, that clause could only be relied upon against the original parties to the contract. …
Read More Europe: The Opinion of the Advocate General on applicability of choice of law clauses in the context of subrogated claims

The second annual C5 conference was co-chaired by Ben Beeson of Lockton and Laurie Kamaiko of Edwards Wildman. The initial focus addressed the controversial questions of whether the cyber insurance market was failing to offer a meaningful solution to current day cyber risk, the struggle to remain relevant in the current business market, and whether the UK market would evolve the same as the US market, in light of the impending focus on data breaches with the upcoming European Commission’s Draft Regulation on Data Protection that is likely to impose notice requirements. …
Read More Second Annual C5 Cyber Risk & Data Protection Insurance Conference held in London on 9 October and 10 October

On 19 April 2012, Julian Adams, Director of Insurance Supervision in the Prudential Business Unit of the Financial Services Authority (FSA), gave a speech at the City & Financial Conference entitled “The new approach to insurance regulation and the implementation of Solvency II”. …
Read More EU: Solvency II: FSA Gives Initial Feedback to Firms About Their Pre-Application Submissions for Internal Model Approval

A survey conducted by the Association for Financial Markets in Europe (AFME), and published on 11 April 2012, suggests that the proposed Solvency II rules will dramatically reduce the willingness of insurers to invest in securitisation assets. AFME suggests that this in turn will have a negative impact on economic recovery. …
Read More EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey

The European Commission’s Directorate-General Competition (DGC) has issued further questionnaires to a number of co-insurance firms with European subsidiaries. The study, conducted by Ernst and Young, is set to further investigate competitiveness amongst European participants to the subscription market, with a particular focus on whether the automatic upward alignment in premiums is still prevalent in the subscription market. …
Read More EU: Competition Commission Progresses Review of Business Insurance Sector

On 15 February 2012, the German High Court, the Bundesgerichtshof (BGH), the final appeal court in Germany, allowed a German direct insured to pursue his claim against Equitable Life (effectively for misselling a German law insurance policy) despite a Scheme of Arrangement being effective pursuant to Part 26 of the UK Companies Act 2006. …
Read More EU: German High Court Allows Direct Insured to Pursue Claim for Damages Against Equitable Life Despite UK Scheme of Arrangement

On 12 January 2012, a vote by the Economic and Monetary Affairs Committee of the European Parliament on the Omnibus II Directive was delayed until 21 March 2012. When adopted, Omnibus II will make significant changes to the Solvency II Directive. The vote had previously been rescheduled from 20 December 2011 to 24 January 2012. …
Read More EU: Solvency II Faces Possible Further Delay