The Financial Services Authority (FSA) has recently confirmed, in a policy statement entitled “Publication of Complaints Data: including Feedback to CP09/21“, that insurance companies and other financial institutions must publish information on how they handle complaints.
United Kingdom
New York Insurance Department Sets Target Date For Insurance Exchange Revival (Updated)
By Troutman Pepper Locke on
This updates our January 27, 2010 posting. At the Insider Scope conference in London on February 10, 2010, New York Insurance Department (“NYID”) Superintendent James Wrynn announced that the NYID is targeting September 2010 for the publication of its action plan for the launch of the reconstituted New York Insurance Exchange (the “Exchange”). …
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UK: Insurers Appeal Decision by Scottish Court to Reject Challenge Over Compensation for Pleural Plaques
By Troutman Pepper Locke on
As previously reported here, the Scottish Court of Session rejected insurers’ challenges, by way of judicial review, to the Damages (Asbestos-related Conditions) (Scotland) Act 2009 by a judgment handed down by Lord Emslie on 8 January 2010. …
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UK: FSA Chief Executive to Step Down
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 9 February 2010, Hector Sants, chief executive of the Financial Services Authority (FSA), announced that he would leave the organisation in the summer of 2010.
UK: Third Parties May Have Rights of Action Against Insurance Brokers
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Mr Peter Crowson v HSBC Insurance Brokers Ltd (unreported), the Judge, in considering an application to strike out the claimant’s claim, held that an individual who is not in a contractual relationship with an insurance broker may have rights of action in tort and/or contract where the insurance to be arranged is also for his benefit.
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UK: Financial Services Authority Issues Client Money and Asset Report
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The difficult market conditions and the consequent increased chance of insolvency of regulated entities prompted the Financial Services Authority (FSA) to carry out firm visits over the last 6 months to a range of investment and insurance broker firms to assess their compliance with the client money rules contained in the Client Asset Sourcebook (CASS) of the FSA Handbook.
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EU/UK: The Committee of European Insurance and Occupational Pensions Supervisors and the Swiss Insurance Supervisor Agree to Enhance Supervisory Cooperation
By Troutman Pepper Locke on
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has recently announced that it has agreed to further enhance supervisory cooperation with the Swiss insurance supervisor, the Swiss Financial Market Supervisory Authority (FINMA).
UK: Anti-Suit Injunctions
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
Shashoua and another v. Sharma [2010] EWCA Civ 15 concerned an application to the Court of Appeal by Sharma for permission to appeal a procedural aspect of the High Court’s decision in (1) Roger Shashoua (2) Rodemadan Holdings Ltd (3) Stancroft Trust Ltd v Mukesh Sharma [2009] EWHC 957 (Comm) (previously blogged here).
UK: The Financial Services Authority Publishes Factsheet for Insurers Providing Flood Insurance
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (the FSA) has recently published a factsheet for general insurance providers entitled “Climate change thematic review: flooding – do your customers know what they are covered for?“. The factsheet has been published following an FSA review of whether general insurers are giving customers clear and accurate information about their cover.
UK: High Court Finds that Claim is Excluded as a Result of Director’s Aiding and Abetting
In the case of Goldsmith Williams v Travelers Insurance Company Limited [2010] EWHC 26, Mr Justice Wyn Williams considered the question of whether a company had acted fraudulently. Goldsmith Williams brought a claim against Travelers Insurance Company Limited using the Third Parties (Rights against Insurers) Act 1930 (the 1930 Act). …
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