Judgment in the case of Equitas v R&Q Reinsurance (Brandywine) is expected to be handed down later this month. In this case, Equitas is attempting to establish R&Q’s liability for a sample of more than 4,000 LMX spiral claims arising out of Kuwait Airways losses during the first Gulf war and the Exxon Valdez oil spill.
Read More UK: LMX Spiral Claims – Key Judgment Imminent
United Kingdom
UK: Arbitration Clause Covers Disputes About Future Claims
By Troutman Pepper Locke on
Posted in Reinsurance, United Kingdom
In Secretary of State for Transport v Stagecoach South Western Trains Ltd [2009] EWHC 2431, the High Court decided that a dispute over the method of calculation of future payments under a franchise agreement came within the relevant arbitration clause.
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UK: Law Commission Update on Insurance Contract Law Reform Project
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
In its latest update published today, the Law Commission has confirmed that it intends to publish a final report and draft Bill focused on the reform of consumer insurance law in December 2009. …
Read More UK: Law Commission Update on Insurance Contract Law Reform Project
UK: Mesothelioma Deaths
By Troutman Pepper Locke on
A new study has revised the projected rate of UK mesothelioma deaths. Mesothelioma is an invariably fatal cancer with a latency period of between 15 and 60 years. To all intents and purposes the only cause is exposure to asbestos.
UK: Contra Proferentem Principle Applies to Ambiguous Questions in Proposal Form
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
The High Court’s decision in R&R Development Ltd v AXA Insurance UK Plc [2009] EWHC 2424 (Ch) concerned the issue of whether ambiguous questions in a proposal form for a contract of insurance could be construed by following the Contra Proferentem principle without the need for the court to decide upon the correct interpretation of the questions.
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UK: FSA Unveils a Package to Protect Payment Protection Insurance Consumers
By Troutman Pepper Locke on
In our previous blogs on the Payment Protection Insurance (PPI) market, we discussed the Competition Commission’s Final Report published on 29 January 2009 (see our blog here) and the Financial Services Authority’s (FSA) response (see our blog here).
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Read More UK: FSA Unveils a Package to Protect Payment Protection Insurance Consumers
Lloyd’s Publishes Service Companies Code of Practice
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
On 9 September 2009 Lloyd’s issued Market Bulletin Y4311 (click here to see a copy of the bulletin), informing the market that Lloyd’s has published a Service Companies Code of Practice. Codes of practice are issued by Lloyd’s under provisions in the Underwriting Byelaw and offer more detailed guidance to market participants on the standards Lloyd’s requires them to meet. …
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UK: Surprise Decision of the Scottish Outer House of the Court of Session Casts Doubt on Ability of Insurers to Obtain Sanction for solvent schemes of Arrangement
By Troutman Pepper Locke on
The decision in Re Scottish Lion Insurance Company Limited [2009] CSOH 127 concerned a preliminary hearing on two specific issues relating to the sanction of a solvent scheme of arrangement proposed by Scottish Lion Insurance Company Limited. A full sanction hearing is scheduled for January 2010.
Restatement of European Insurance Contract Law
By Troutman Pepper Locke on
British Insurance Law Association (BILA) at which members of the Restatement of European Insurance Law Project Group presented the public launch of the Principles of European Insurance Contract Law (PEICL).
International Association of Insurance Supervisors to Prepare Common Standards for Insurance Securities
By Troutman Pepper Locke on
The International Association of Insurance Supervisors (IAIS) has said that it is preparing guidance to the regulatory and supervisory community in relation to insurance securitisation which is expected to be finalised in 2011.