In Laker Vent Engineering Ltd v Templeton Insurance Ltd [2009] EWCA Civ 62 Templeton Insurance Ltd (Templeton) appealed against a decision that it was bound to indemnify Laker Vent Engineering Ltd (Laker) under a legal expenses policy in respect of the costs arising out of an arbitration between Laker and a German company, Gas Wesser Umwelt Gommen GmbH (GWUG).
Read More UK: Court of Appeal Considers Non-Disclosure and Notification in the Context of Legal Expenses Insurance
United Kingdom
UK: FSA Clarifies ICOBS Rules in Response to Competition Commission’s Final Report into Payment Protection Insurance (PPI) Market
By Troutman Pepper Locke on
In response to the Competition Commission’s (the Commission) final report into the PPI market which was published on 29 January 2009 (see our previous blog here), the Financial Services Authority (FSA) has considered the measures proposed by the Commission and as a result has clarified its own handbook rules for a firm selling PPI contained in the Insurance Conduct of Business sourcebook (ICOBS).
UK: Competition Commission (CC) Publishes Final Report into Payment Protection Insurance (PPI) Market
By Troutman Pepper Locke on
The CC’s Final Report (the Report) was published on 29 January 2009 and sets out the measures it feels are necessary to enhance the competitiveness of the PPI market.
UK: FSA Consults on Permanent Short Selling Rules
By Troutman Pepper Locke on
We have reported previously on the FSA’s temporary ban on short selling of stocks in the UK financial sector, and the disclosure requirements that applied to existing short positions (click here to see our most recent post).
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UK: When can a claimant receive security for its costs?
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In the case of Nicholas G Jones v (1) Environcom Limited and (2) Environcom England Limited [2009] EWHC 16 the Commercial Court was asked to determine, as a preliminary issue, whether a claimant insurer could be granted an application for security of its costs.
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UK: Best Practice Guide for Claims Handling Launched
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
On 29 January 2009, after two years of market consultation, the Association of Insurance and Risk Managers (AIRMIC) published a long-awaited best practice guide for claims handling. Arguing that good service within the claims handling process is crucial for the reputation of the insurer, this guide seeks to be both a tool for insurance buyers and also a reference point for insurers through the claims handling process. …
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UK: Court of Appeal Signals Cooperation with SEC to Combat Investment Fraud
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
The English Court of Appeal has shown its readiness to cooperate with foreign regulators – in this case, the US Securities and Exchange Commission – by agreeing to freeze allegedly suspect assets. …
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UK: Government and FSA Responds to Ombudsman’s Enquiry into Equitable Life
By Troutman Pepper Locke on
The FSA issued a statement on 15 January 2009, in response to the Parliamentary Ombudsman’s report into the regulation of Equitable Life. In this statement, the FSA accepted the report’s findings that appropriate standards of administration and regulation were not achieved, and therefore accepted the Ombudsman’s recommendation that individual policyholders that were affected by the maldministration should be compensated by the Government. The FSA apologised for its failings in the statement.
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UK: High Court Suggests That a Retrospective Success Fee in a Retrospective Conditional Fee Agreement May Not be Contrary to Public Policy
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
Birmingham City Council v Rose Forde [2009] EWHC 12 (QB) concerned an appeal arising from the judgment of a Costs Judge regarding two conditional fee agreements used to fund litigation between Birmingham City Council (the Council) and Rose Forde, a Council tenant.
UK: FSA Chairman Outlines Future of Financial Regulation
By Troutman Pepper Locke on
The Chairman of the FSA, Lord Adair Turner, gave a speech on 21 January 2009 setting out his views of the causes of the current financial crisis and outlining the future of financial regulation. Although the speech was about banking regulation, the key areas of future regulatory focus – capital adequacy and liquidity – are likely also to be applied to insurers. …
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