On 25 January 2011, Guernsey’s Financial Services Commission (the GFSC) announced that it had no plans to seek equivalence under Europe’s Solvency II regime.
Read More Guernsey Will Not Seek Solvency II Equivalence
United Kingdom
UK: OFT Competition Investigation Results in Formal Commitments from Motor Insurers to Limit Data Exchange
By Troutman Pepper Locke on
The UK Office of Fair Trading (OFT) announced on 13 January 2011 that seven insurance companies (Ageas Insurance Limited (formally Fortis Insurance Limited), Aviva plc, AXA Insurance UK plc, Liverpool Victoria Friendly Society, RBS Insurance Group Limited, Royal Sun Alliance and Zurich Insurance plc), and two IT software and service providers (Experian Limited and SSP Limited) have offered formal commitments to limit the type of information shared through a specialist market analysis tool. …
Read More UK: OFT Competition Investigation Results in Formal Commitments from Motor Insurers to Limit Data Exchange
UK: High Court Considers Whether Advance Payment Guarantees Issued By Insurance Company Were Performance Bonds or Contracts of Suretyship
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Meritz Fire & Insurance Co Ltd v (1) Jan De Nul NV (2) Codralux SA [2010] EWHC 3362 (Comm), the High Court ruled that advance payment guarantees (APGs) issued by the claimant insurance company to the defendants, guaranteeing the repayment of payments made by the defendants under three shipbuilding contracts (the Contracts), were performance bonds or demand guarantees on which the claimant was liable without regard to the Contracts. …
Read More UK: High Court Considers Whether Advance Payment Guarantees Issued By Insurance Company Were Performance Bonds or Contracts of Suretyship
UK: Government Orders Review of the Bribery Act
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Following complaints by some of Britain’s leading businessmen, a review of the new Bribery Act has been ordered by the Prime Minister’s office, just weeks before it is due to come into force. …
Read More UK: Government Orders Review of the Bribery Act
UK: Lloyd’s Market Charges for 2011
By Troutman Pepper Locke on
On 20 December 2010 Lloyd’s issued a Market Bulletin setting out its 2011 charges, contributions, subscriptions and payment dates. …
Read More UK: Lloyd’s Market Charges for 2011
UK: Director of Specialist Underwriters Banned for Turning a Blind Eye to Fraud
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (the FSA) has confirmed in its Final Notice dated 15 December 2010 that Barry Williams, a director at Surety Guarantee Consultants Ltd (SGC), has been fined £25,000 and banned from working in regulated financial services. …
Read More UK: Director of Specialist Underwriters Banned for Turning a Blind Eye to Fraud
UK: Equitable Life (Payment) Act 2010 Receives Royal Assent
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We have previously reported here on the Equitable Life (Payment) Bill’s progress through the UK Parliament. The Act received Royal Assent and came into force on 16 December 2010. …
Read More UK: Equitable Life (Payment) Act 2010 Receives Royal Assent
UK: Law Commission Publishes Summary of Responses to Issues Paper 7
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Law Commission has published the responses it has received to Issues Paper 7: The Insured’s Post-Contractual Duty of Good Faith. The Commission received 33 responses in total with the majority coming, not surprisingly, from the insurance and legal sectors. …
Read More UK: Law Commission Publishes Summary of Responses to Issues Paper 7
UK: Chief Executive of the FSA Gives Update on UK Regulatory Reform
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We have reported previously on proposals to establish a ‘twin peaks’ regulatory approach in the UK (click here to see our most recent post and here to read an article in the December 2010 issue of Insurance and Reinsurance Review). …
Read More UK: Chief Executive of the FSA Gives Update on UK Regulatory Reform
UK: The Financial Services Authority Fines Scottish Equitable plc £2.8 Million
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 15 December 2010 the Financial Services Authority (FSA) issued a final notice informing Scottish Equitable plc of the £2.8 million financial penalty levied on it for breaches of FSA Principle 3 that occurred between 2002 and 2010. …
Read More UK: The Financial Services Authority Fines Scottish Equitable plc £2.8 Million