The UK Chancellor of the Exchequer, Alistair Darling, announced this week that the beleaguered bank, Northern Rock, is to be nationalised as a temporary measure.
Read More Credit Crunch Causes Nationalisation of UK Bank, Northern Rock
United Kingdom
Proposal to Trial Messaging Hub Experiment at Lloyd’s
By Troutman Pepper Locke on
Lloyd’s may purchase a messaging hub service for the market in a bid to improve the efficiency of the London placement process. The hub will minimise the variety of standards and systems currently used and enable clearer communication. Lloyd’s is considering the purchase of an appropriate ready made tool rather than building a bespoke platform.
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Lloyd’s to Apply for Admission as a Reinsurer in Brazil
By Troutman Pepper Locke on
Lloyd’s announced on 13 February that it will be making a formal application to be admitted as a reinsurer in Brazil with plans to set up its first representative office in Rio de Janeiro, subject to regulatory approval.
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AIRMIC Welcomes Softened EC Stance on Subscription Market
By Troutman Pepper Locke on
The Association of Insurers and Risk Managers (AIRMIC) has indicated that the EC has softened its position on the London subscription market following the recent Commission Inquiry into business insurance.
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UK: New Business Plan for the Financial Services Authority
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
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The English High Court Recently Considered the Evidence Required From an Insurer in Order to Prove its Allegation of Fraud on the Part of its Insured
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Patel v Windsor Life Assurance Company Ltd [2008] EWHC 76, the claimant beneficiary sought to enforce his interest in a life insurance policy against the defendant insurer following the alleged death of the insured.
The English High Court has Considered the Ambit of a Notification Provision in a “Claims Made” Policy
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
n the case of Kajima UK Engineering Limited v The Underwriter Insurance Company Limited [2008] EWHC 83 (TCC), the Technology and Construction division of the High Court considered the ambit of a notification provision in a “claims made” policy.
UK: Regulatory: Association of British Insurers Publishes Research on Income Protection Policies
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Association of British Insurers (ABI) has published research that highlights the important role that insurance can play in meeting financial commitments when households lose a regular income.
Abuse Claims to Increase in Light of “Lotto Rapist” UK House of Lords Decision
By Troutman Pepper Locke on
In the US, defendants and their insurers have paid out significant sums for sexual abuse claims. A landmark decision of the House of Lords in A v Hoare [2008] UKHL 6 may mean that insurers covering UK employers for similar abuse claims will begin to share the US’s experience.
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UK: Regulatory: Market Reform Group (MRG) Announcement Regarding Progress on Business Process Reform
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The London market has made significant progress in meeting its goal of reforming business processes during 2007.