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The Association of British Insurers (the ABI) has recently published a consultation paper on its statement of best practice for critical illness cover. Please click here to view the consultation paper. The ABI originally published the statement in 1999 following a report by the Office of Fair Trading on health insurance. The aim of the statement is to ensure that customers continue to get meaningful, understandable and affordable critical illness cover that meets their needs. …
Read More UK: The Association of British Insurers Consults on Statement of Best Practice for Critical Illness Cover

The Financial Services Authority (the FSA) has recently announced a temporary rule which will allow customers with complaints about the purchase of a payment protection insurance (PPI) policy more time within which to refer it to the Financial Ombudsman Service (the FOS). This temporary rule has been introduced without consultation. …
Read More UK: The Financial Services Authority Introduces Temporary PPI Rule

MP Jonathan Djanogly, Parliamentary Under-Secretary of State at the Ministry of Justice, has confirmed to Parliament that the new Government will not seek to overturn the House of Lords’ decision that asymptomatic pleural plaques were not compensatable. He also confirmed that the Government would “proceed with the implementation of the previously announced limited extra-statutory scheme to provide one-off payments to individuals who had begun, but not resolved, a legal claim for compensation for pleural plaques at the time of the House of Lords judgment.” …
Read More UK: New Government Confirms Labour’s Pleural Plaques Decision

According to an estimate provided by Lloyd’s of London, over £6.2 billion worth of insurance coverage has been purchased by individuals and entities in connection with the 2010 FIFA World Cup, which begins today.  Over half of that amount is for coverage for stadiums and training facilities, which reflects the vast amount of money that has been spent constructing and upgrading stadiums ($5.5 billion, according to the New York Times). …
Read More World Cup Insurance Estimated at Over 6 Billion Pounds

We have reported previously on the UK Financial Services Authority (FSA)’s short selling disclosure rules, most recently as consultation on its implementation of the UK’s Financial Services Act 2010 (click here to read our post). In that consultation, the FSA noted that the Committee of European Securities Regulators (CESR) was consulting on a Pan-European regime. …
Read More Europe: Committee of European Securities Regulators Publishes Model Short Selling Disclosure Regime