In Direct Line Insurance (DLI) v. Kenneth Ronald Fox [2009] EWHC 386 (QB), DLI sought to recover sums paid under a buildings insurance policy to an insured, Mr Fox, in respect of fire damage to Mr Fox’s home. Mr Fox had made a claim for recovery under the policy, which DLI accepted, entering into a written agreement providing Mr Fox with a settlement amount and also providing for a VAT payment upon the provision of certain documentation from Mr Fox following the damage being repaired.
United Kingdom
UK: Turner Report – Credit Rating Agencies and the Use of Ratings
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We have already reported on the publication of the Turner Report here. As part of this report, the FSA Chairman, Lord Turner, considered the role that credit rating agencies played in the current financial crisis and whether they should be regulated in the future.
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UK: Lloyd’s Announces Appointment of New Underwriting Performance Director
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
Lloyd’s has announced the appointment of Tom Bolt as its new Underwriting Performance Director, replacing Rolf Tolle who steps down as Franchise Performance Director at the end of the year. Although the title changes, we understand the role is largely the same.
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UK: ABI Responds to the Turner Review
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Lord Turner, chairman of the Financial Services Authority, published his report on the present economic turmoil on 18 March 2009 (see our blog here).
UK: Employer’s Liability Trigger Judgment to be Appealed in November 2009
By Troutman Pepper Locke on
Posted in Toxic Tort, United Kingdom
In November 2008 we reported that the English High Court had ruled that employers’ liability policies, however they are worded, are triggered by exposure to asbestos and not when, many years later, the tumour develops.
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Read More UK: Employer’s Liability Trigger Judgment to be Appealed in November 2009
UK: Amendments to FSA’s Systems and Controls Regime
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
From 1 April, amendments to the FSA’s Senior Management Arrangements, Systems and Controls sourcebook (SYSC) will extend the application of the so-called “common platform requirements” (SYSC 4 to 10) to all FSA-regulated firms other than insurers, managing agents and the Society of Lloyd’s.
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UK: FSA Publishes Turner Review on Global Banking Regulation
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (FSA) published its much-anticipated review of global banking regulation on 18 March 2009. The review analyses the events that led to the financial crisis and recommends reform based on a “macro-prudential” approach rather than focussing solely on specific firms.
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Read More UK: FSA Publishes Turner Review on Global Banking Regulation
UK: Stansted Passengers and Air Traffic Movements to Increase
By Troutman Pepper Locke on
Posted in Aviation and Aerospace, United Kingdom
On 13 March 2009, the application to quash the decision of the Secretary of State for Transport and the Secretary of State for Communities and Local Government to grant planning permission for the expansion of London’s Stansted airport was refused.
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UK/EU: Association of British Insurers Proposes Regulatory Principles, Backs European Supervisory Body
By Troutman Pepper Locke on
The Association of British Insurers (ABI) has backed the proposed creation of a European body to act as “supervisor of supervisors” across the EU as part of regulatory reform, and put forward five key principles in order to help ensure that reforms bring benefits for consumers.
Edwards Angell Palmer & Dodge Insurance Market Annual Review Seminar takes place on 25 March 2009 in London
By Troutman Pepper Locke on
Posted in United Kingdom
This annual seminar, entitled ‘A Year of Turmoil’, will be chaired by Adrian Williams, Head of Legal, QBE European Operations, and involve both UK and US Edwards Angell Palmer & Dodge speakers.