In February we reported that Lloyd’s was to apply for admission as a reinsurer in Brazil (see the post here: https://www.insurereinsure.com/BlogHome.aspx?entry=479).
United Kingdom
English Commercial Court gives guidance on the meaning of “machinery” in a public and product liability policy
By Troutman Pepper Locke on
The case of John Reilly v National Insurance & Guarantee Corporation Limited [2008] EWHC 722 (Comm) considered whether the failure of a fire extinguishing system was covered under the insured’s public and product liability policy.
FSA: Insurance in a Wider Financial Context
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 8 April Callum MCarthy, Chief Executive of the FSA, addressed the FSA’s annual Insurance Sector Conference on aspects of the wider financial context of the insurance industry.
FSA: International Developments in Insurance Regulation
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 8 April Hector Sants, Chief Executive of the FSA, addressed the FSA’s annual Insurance Sector Conference on the subject of international developments in insurance regulation.
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UK: Regulatory: Public session held on Market Reform Contract (MRC) for Binders and Lineslips
By Troutman Pepper Locke on
As was reported in previous blogs, the Market Reform Group (MRG) has been at the forefront of contract certainty reforms.
Competition law White Paper issued: Potential exposure for the insurance industry
By Troutman Pepper Locke on
On 3 April 2008, the European Commission (The Commission) published its long awaited White Paper (WP) on damages actions for breach of the European Community (EC) antitrust rules. …
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HM Treasury Publishes Responses Regarding its Part 7 Scheme Consultation
By Troutman Pepper Locke on
In the UK, insurance business transfer schemes (known as Part 7 transfers) allow an insurer or reinsurer to transfer portfolios of insurance or reinsurance business from another entity by way of a court sanctioned regulatory mechanism.
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The English High Court construes a condition in a marine insurance policy
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Mr John Pratt v Aigaion Insurance Company SA [2008] EWHC 489 (Admlty) the Court was asked to consider the meaning of “at all times” in the context of a condition to a marine insurance policy. …
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The English High Court considers whether excess insurers could be joined into proceedings between an insured, its broker and a sub-broker
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Dunlop Haywards (DHL), Erinaceous Commercial Property Services Limited v Erinaceous Insurance Services Limited and Lockton Companies International Limited [2008] EWHC 520, the Claimants instructed the Defendant broker (Erinaceous Insurance) to renew professional indemnity insurance for the companies in the Claimants’ group and to procure a primary layer of insurance cover of £10 million and an excess layer of £10 million.
UK: Regulatory: The Financial Service Authority (FSA) Calls for Increased Co-Operation in Europe
By Troutman Pepper Locke on
The FSA has restated the UKs support for the creation of a single market in financial services in Europe, and has called for further development of the existing arrangements for regulatory cooperation among national regulators. The recommendation was contained in the latest edition of what the FSA described as its ‘new look’ International Regulatory Outlook (IRO).