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In addition to its core principles and rules, which require insurers to treat their customers fairly, the FSA has powers under the UK’s Unfair Terms in Consumer Contracts Regulations 1999 (Regulations) to challenge firms that use unfair terms in their standard consumer contracts and to require firms to change those terms where necessary. 

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Read More UK: The FSA Publishes Two Reports relating to the Use of Unfair Terms in Consumer Contracts

Today is the one-year anniversary of the launch of InsureReinsure.com and we mark the occasion by adding an additional feature for our readers. Beginning today, on the left-hand side of your screen, you will see a new link allowing you to “subscribe” to InsureReinsure.com to receive emails each workday morning with links to the prior day’s posts. 

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Read More InsureReinsure.com Turns One, Launches Subscription Feature

Markel International Insurance Co Ltd v Surety Guarantee Consultants Ltd & others; (1) QBE Insurance (Europe) Ltd (2) Amalfi Underwriting Ltd v Surety Guarantee Consultants Ltd & others [2008] EWHC 1135 (Comm) concerned a joint trial of two separate but similar cases brought by each of Markel and QBE, together with Amalfi, in which they alleged that the Defendants had defrauded them in connection with the writing of surety bonds between January 2005 and 2006. 

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Read More UK: Markel International, QBE and Amalfi Victorious in Fraud Cases in English High Court

In July 2007 the Law Commission and Scottish Law Commission (the Commissions) published a joint consultation regarding misrepresentation, non-disclosure and breach of warranty by the insured. A summary of the 105 responses received in relation to consumer insurance has now been published and can be found by clicking here. 

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Read More UK: Law Commission Publishes Summary of Responses to Consultation in Relation to Reform of Consumer Insurance

If recent research is correct, we could all be at risk of developing mesothelioma in the future, and this time asbestos will not be to blame.  A new study conducted by a join team of UK and US scientists raises concern that certain carbon nanotubes may have carcinogenic potential.  A paper published in Nature Nanotechnology on May 20, 2008, describes asbestos-like consequences of inhaling long, multi-walled carbon nanotubes (MWCNTs). …
Read More Recent Study Sparks Concern about Asbestos-like Health Risk from Nanotubes Found in Everyday Products

On 27 May, the FSA published a consultation paper on proposed changes to its Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG) (the Consultation Paper), which includes proposals that are relevant to its discussion paper on transparency as a regulatory tool: see our blog here. The Consultation Paper fulfils the FSA’s public commitment to review the DEPP and EG annually. …
Read More UK: Regulatory Enforcement – FSA Issues a Consultation Paper Regarding Proposals to Amend the Decision Procedure and Penalties Manual and the Enforcement Guide

After some delay, the FSA has published a DP which explores the creation of a framework for determining what further information the regulator might publish about firms and industry sectors in order to aid transparency. (See: Discussion paper) This DP reflects the FSA’s strategic priorities for 2008 and 2009 (See: UK: New Business Plan for FSA) 

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Read More UK: The Financial Services Authority (FSA) Launches Discussion Paper (DP) on Increasing Transparency

The English Commercial Court in Gater Assets Limited v. NAK Naftogaz Ukrainiy [2008] EWHC 1108 (Comm)  recently considered the award of interest on an order of the  English  court entering judgment in terms of a New York Convention arbitration award. The arbitrators had not awarded post-award interest but the claimant applied to enforce the court order,  claiming interest on the award at 8%pa from the date of the court order. The defendant disputed the claimant’s entitlement to interest. 

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Read More UK: Interest Payable on a New York Convention Arbitration Award

At an Extraordinary General Meeting held on 21 May 2008, the membership of Lloyd’s approved a resolution to consent to the proposals by the UK’s Treasury to amend the Lloyd’s Act 1982. The proposals are as described in the Consultation Document issued in March 2008. …
Read More Lloyd’s Members Vote to Approve Treasury Proposals to Amend Lloyd’s Act