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The Supreme Court has published its decision in the case of AXA General Insurance Limited and others v The Lord Advocate and Others [2011] UKSC 46 in which AXA and other insurers (the Insurers) appealed against the decision of the Inner House of the Court of Session regarding the legality of the Damages (Asbestos-Related Conditions) (Scotland) Act 2009 (the 2009 Act) (please see our previous blog here for further information on that decision). …
Read More UK: Supreme Court Decides on Legality of Scottish Pleural Plaques Legislation

On 20 October 2011, Mark Hobson, the Financial Secretary to the Treasury, announced the establishment of a new steering group whose aim is to develop a new, simple suite of financial products to help consumers navigate the financial services market. The group plans to report back to Mr Hobson by July 2012, setting out proposals on how to structure and market such products to ensure that consumers get the best deal. …
Read More UK: Steering Group Launched to Guide Development of “Simple” Financial Products

On 11 October 2011, the Financial Services Authority (FSA) published its final guidance on the selling of general insurance through price comparison websites. This followed an eight week consultation, which ended on 8 August 2011. …
Read More UK: FSA Publishes Final Guidance on the Selling of General Insurance through Price Comparison Websites

In the case of Harrison & ANOR v Black Horse [2011] EWCA Civ 1128 it was held that a lender’s failure to disclose to borrowers that it received commission for selling them payment protection insurance did not amount to unfairness under s.140A and s.140B Consumer Credit Act 1974 (the Act). …
Read More UK: Unfairness under the Consumer Credit Act 1974

In French v Groupama Insurance Company Ltd (Groupama) [2011] EWCA Civ 1119, the Court of Appeal found that a settlement offer made in a letter from Groupama to French dated 15 February 2007 did not comply with either the previous or current requirements of CPR Part 36 (a procedure allowing parties to make settlement offers which if not accepted have certain costs consequences should the principal sum awarded by the Court be higher or lower than the sum offered). …
Read More UK: Court of Appeal Decision on CPR Part 36 Offers

On October 6, 2011, the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with Lloyd’s of London to 20% pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”). …
Read More Florida Agrees to Reduce Collateral Requirements for Lloyd’s