The claimant insured held an ‘all risks’ policy with the defendant insurer. The insured claimed for a loss which it incurred when three legs from one of its oil rigs fell off as the rig was being towed from Texas to Malaysia.
United Kingdom
UK: English Commercial Court explores scope of the West Tankers decision
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
In National Navigation Co v Endesa Generacion SA [2009] EWHC 196 (Comm) a shipowner, National Navigation Co (National) made two applications to the English court in relation to a dispute with a Spanish electricity company, Endesa Generacion SA (Endesa).
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UK: FSA Writes to Compliance Officers Regarding Adequate Protection for Clients’ Assets
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 20 March 2009, the Financial Services Authority (FSA) wrote to compliance officers of all the firms which hold client money permissions to remind them of their responsibilities in abiding with Principle 10: “A firm must arrange adequate protection for clients’ assets when it is responsible for them”.
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EU: Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Identify Areas for Refinement Under Solvency II
By Troutman Pepper Locke on
Following agreement on the Solvency II Directive framework (see our blog here), a recent CEIOPS Members Meeting held on 25/26 March 2009 has identified the importance of the implementation of the Solvency II regime.
UK: FSA Approves Industry Guidance on Transparency, Disclosure and Conflicts of Interest in the Commercial Insurance Market
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority has previously voiced concerns with the lack of transparency regarding brokers’ commission and invited the insurance industry to prepare guidance on commission disclosure and the management of the potential conflicts of interest.
Italy: Eternit Trial
By Troutman Pepper Locke on
The trial has begun in Turin, Italy of two former heads of Eternit, Stephan Schmidheiny and Baron Louis de Cartier de Marchienne, who are accused of failing to ensure adequate safety standards at the asbestos plants run by Eternit in Italy in the 1980s and 1990s.
UK: Court of Appeal Rules on Underwriting Agent’s Entitlement to Conduct Run-Off
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Temple Legal Protection Ltd v QBE Insurance (Europe) Ltd [2009] EWCA Civ 453, Temple Legal Protection (Temple) appealed against a first instance decision dismissing its appeal against an arbitration award, which stated that Temple had no entitlement to conduct the run-off of business of QBE Insurance (Europe) (QBE) after termination of its binder by QBE.
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Global Insurance Research Organization Offers Guidance to G20 Members on Regulating the Insurance Industry
By Troutman Pepper Locke on
In a letter to the G20 members, the Geneva Association, an organization comprised of CEOs from the world’s leading insurance and reinsurance companies, provided recommendations for more effective regulation of the insurance and reinsurance industry, along with information and analysis regarding the differences between the insurance and reinsurance industry and that of the banking industry.
BILA/Law Commission Seminar on Insurance Contract Law Reform
By Troutman Pepper Locke on
Helen Clark and Peter Fidler of EAPD attended this joint seminar, chaired by the Rt. Hon. Lord Justice Rix on 31 March 2009. The panel, including David Hertzell, Law Commissioner, Bob Britton, Chairman of the LMA Law Reform Committee and Paul Hopkin, Technical Director of AIRMIC, analysed the responses to date to the Consultation on the reform of insurance contract law and confirmed the next stages of the process.
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Lloyd’s Publishes Mid-Year Coming-Into-Line Arrangements
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
Lloyd’s has issued a market bulletin giving details of the arrangements relating to mid-year coming-into-line (click here to see a copy). The bulletin is addressed both to members’ agents and to direct corporate members.
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