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On March 9, 2009, the International Association of Insurance Supervisors (“IAIS”) released an Issues Paper on Group-Wide Solvency Assessment and Supervision (the “Issues Paper”).  The purpose of the Issues Paper is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale. 

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Read More IAIS Releases Issues Paper on Group-Wide Solvency Assessment and Supervision

In a market bulletin published on 5 March 2009, Lloyd’s announced new arrangements for the reporting, funding and settlement of LATF liabilities (excluding long term business). The bulletin states that these changes will take effect at the end of Q1 2009.

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Read More UK: Changes Announced to Lloyd’s American Trust Fund (LATF)

The Court of Appeal has in Youell v La Reunion [2009] EWCA Civ 175 confirmed that, in light of the important West Tankers decision of the European Court of Justice, (see here) the arbitration exclusion to the Brussels I Regulation will be narrowly applied by the English courts. 

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Read More UK: Court of Appeal Clarifies Narrow West Tankers Arbitration Exclusion – Youell v La Reunion

As part of its ongoing review of insurance contract law, the Law Commission has recently published a policy statement on the passing of pre-contract information from consumer to insurer. 

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Read More UK: Law Commission Publishes Policy Statement on Status of Intermediaries in Consumer Insurance Contract Law

In (1) James Robert Tucker (2) Jeremy Spratt (Joint Supervisors of Energy Holdings (No 3)(in liquidation) v Gold Fields Mining LLC [2009] EWCA Civ 173 the Joint Supervisors (JS) of a Company Voluntary Arrangement (CVA) appealed against a decision that they had wrongly excluded a claim form on the grounds that it had been out of time. 

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Read More UK: Court of Appeal Considers Time Limits for Submitting Claims in a CVA

We reported last week on the publication of the de Larosière Report on financial supervision in the EU (you can see that post by clicking here). The European Commission has now published its own proposals for radical reform of the regulatory and supervisory regime in Europe. 

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Read More European Commission Responds to de Larosière Report

Where a policyholder has deliberately damaged his own property, any insurance he has taken out over that property will not cover such damage, unless the policyholder can prove that he was legally insane at the time. The test of insanity is the same as is used in the criminal law.

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Read More UK: Court Rules on Deliberate Damage by Policyholder – Porter v Zurich