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On 20 June 2011, the Bank of England and the Financial Services Authority published a joint paper (click here for a copy) outlining their current thinking on how the Prudential Regulation Authority (PRA), once established, will approach the supervision of (re)insurers. Acknowledging that the nature of (re)insurers’ business models exposes them to a different set of risks than banks, the paper sets out how the PRA will adapt its supervisory methods accordingly. …
Read More UK: Bank of England and FSA Publish Joint Paper Detailing Supervisory Approach to be Taken by PRA

In Zurich Insurance Company PLC v Hayward [2011] EWCA Civ 641 the Court of Appeal held that Zurich was entitled to bring new evidence of fraudulent behaviour by an individual who was injured at work despite the fact that issues as to his good faith had already been raised in a prior action. …
Read More UK: Court of Appeal Rules on Issue Res Judicata in the Context of a Fraudulently Exaggerated Personal Injury Claim

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review –  June 2011, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – June 2011

Airmic (the UK Association of Insurance and Risk Managers in Industry and Commerce) has issued a research paper asserting that the remedy of avoidance ab initio for non-disclosure of material information is only appropriate if (i) the non-disclosure has been fraudulent; or (ii) the insurer would not have written the business on any terms had the information been disclosed. The paper provides that: “In simple terms, Airmic has the view that any remedy should be proportionate to the nature of the non-disclosure and the circumstances that gave rise to that non-disclosure“. …
Read More UK: Airmic Proposes Non-Disclosure/Misrepresentation Clause

The Law Society has been granted permission to intervene in Prudential’s appeal to the Supreme Court to extend legal professional privilege (LPP) to other professionals besides lawyers. In the case of Prudential PLC and Prudential (Gibraltar) Limited v Special Commissioner of Income Tax and Phillip Pandolfo (HM Inspector of Taxes) [2009] EWHC 2494, Prudential argued that the existing rule of LLP should be extended to advice on tax law given by accountants. …
Read More UK: Law Society Granted Permission to Intervene in Legal Professional Privilege Case at Supreme Court

The Commercial Court has held that an aviation contractor was not entitled to the value of aircraft engine parts that were being refurbished by a subcontractor because the subcontractor’s obligations ended when the sub-contract was terminated. …
Read More UK: Aviation Contractor Cannot Recover Value of Parts from Saudi King’s Jet

Last year, the Law Commission questioned whether Section 53 of the Marine Insurance Act 1906 (the MIA) should be reformed (Issues Paper 8) and whether Section 22 of the MIA should be repealed (Issues Paper 9). A summary of responses to each of these papers has been published. …
Read More UK: Insurance Contract Law Reform – Responses to Issues Papers 8 and 9 Issued

Following the Court of Appeal decision in their application to the Court for directions to enable them to identify client money and its traceable proceeds (as previously reported here), the administrators of Lehman Brothers International (Europe) sought further directions regarding the further work to be carried out, the evidence to be prepared and the identification of appropriate respondents and sought a protective costs order. …
Read More UK: High Court Tells Lehman Administrators to Await Supreme Court Decision

In December 2009, we reported on the Law Commission’s draft Bill on Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation (click here for our previous blog). The draft Bill applies only to consumer insurance contracts and deals with the issue of what information a consumer must tell an insurer before entering into or varying an insurance contract. …
Read More UK: Government to Proceed with New Bill on Consumer Insurance Law