On 26 February 2014, a plenary session of the European Parliament voted on the proposals to revise the Insurance Mediation Directive (the revised Directive commonly referred to as IMD2). However, despite certain amendments being approved by the Parliament, a vote to approve the latest draft was deferred and the draft was referred back to the Committee on Economic and Monetary Affairs.
Read MoreIn San Evans Maritime Inc & ors v Aigaion Insurance Co SA [2014] EWHC 163 (Comm), the Commercial Court was asked to determine three preliminary issues arising from a ‘follow’ clause in a contract of insurance.
Read MoreIn Clark & Anr v In Focus Asset Management & Tax Solutions Ltd, the Court of Appeal overturned a controversial High Court decision on complaints to the Financial Ombudsman Service.
Read MoreFollowing agreement by both Houses of Parliament, the Mesothelioma Bill received Royal Assent on 30 January 2014, becoming the Mesothelioma Act 2014 (the Act).
Read MoreIn Impact Funding Solutions Limited (Impact) v. Barrington Support Services Limited (Barrington) v. AIG Europe Limited (AIG) (third party) [2013] EWHC 4005 (QB), the Court had previously ordered that Barrington (a company providing legal services) pay Impact (a third party litigation funder) £581,353.80 in damages for Barrington’s breaches of a Funding Agreement between Barrington and Impact. Under the Funding Agreement, Impact would provide a loan to Barrington’s clients to fund personal injury claims.
Read MoreThe Financial Conduct Authority (FCA) has fined HomeServe Membership Limited (HomeServe) £30,647,400 for breaching several of the FCA’s Principles of Business. The FCA states its final notice that HomeServe’s failings were “serious, systemic and long running”.
Read MoreThe UK’s Financial Conduct Authority (FCA) has indicated that it is likely to exercise its competition functions in the insurance sector in the next few months, including by examining retirement annuities and insurance add-ons.
Read MoreAs part of their ongoing law reform project, the Law Commission and Scottish Law Commission (the Commissions) have published a number of draft clauses relating to the Insurance Contracts Bill as part of a limited consultation.
Read MoreOn 12 December 2013, the European Insurance and Occupational Pensions Authority (EIOPA) published its second Half-Year Financial Stability Report for 2013 (available here). The risk environment described in the second Half-Year report is broadly the same as the environment described in the first Half-Year report, published in July.
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