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On Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. …
Read More August 28 EAPD Webinar: Insurance Implications of Climate Change

Hastings Insurance Services Ltd (Hastings) (a subsidiary of Insurance Australia Group) has been fined £735,000 by the FSA for not treating customers fairly. The fine is the largest ever imposed on an insurance broking firm. 

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Read More UK: The Financial Service Authority (FSA) is Taking Action on Treating Customers Fairly (TCF) Failings

On 23 May 2008, the European Commission issued a consultation paper (CP) on amendments to the decisions establishing the three Lamfalussy Level Three committees (See: Consultation Paper). HM Treasury and the FSA have now jointly responded to the CP. The response was also agreed with the Bank of England and the Pensions Regulator (Response). (See: Joint FSA and HMT response and Joint letter to Commissioner). …
Read More UK: Response to European Commission consultation on the responsibilities of the European insurance supervisors’ committee (CEIOPS)

AXA has commenced legal proceedings against 78 law firms in England and Wales in order to recover losses associated with after-the-event (ATE) insurance policies taken out on claims it believes were not properly vetted. The sums sought are stated to be in the region of £60million. 

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Read More UK: AXA Commences Legal Proceedings to Recover ATE Losses

Governor Charlie Crist, Florida Insurance Commissioner Kevin McCarty, and Florida House Speaker Designate Ray Sansom were in London on July 15th to discuss state insurance issues.  Representing Governor Crist’s Team Florida Trade and Business Development Mission, the delegation met with Lord Levene, Lloyd’s of London chairman. Crist and his team were expected to discuss the role of global reinsurance and the threat of global warming. 

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Read More Governor Charlie Crist and Florida Insurance Commissioner Kevin McCarty meet with Lloyd’s of London

In the June issue of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Review, we reported on the the key amendments proposed by the UK Treasury in its draft Lloyd’s Legislative Reform Order (LRO) (the article can be found here). We have also blogged previously the overwhelming support of Lloyd’s members for the proposals (the post can be found here). 

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Read More Lloyd’s Legislative Reform Order Laid Before Parliament

Following a meeting between BIBA and IIB, the two broker bodies have confirmed that they are working together to address concerns raised by the FSA’s discussion paper entitled ‘Transparency, disclosure and conflicts of interest in the commercial insurance market’ (the DP) (See: BIBA press release). 

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Read More UK: British Insurance Brokers’ Association (BIBA) and the Institute of Insurance Brokers (IIB) Liaise on Transparency Issues