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The  CEA, the representative organisation for European insurers and reinsurers has called for further impact analysis of Europe’s insurance regulation standard Solvency II. The CEA announced at the European Commission public hearing that the latest qualitative impact study (QIS4) on Solvency II needs to align more closely with the framework directive published in July 2007. 

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Read More UK/EU: Comité Européen des Assurances (CEA) Calls for Extra Scrutiny of Solvency II

In Zeller v British Caymanian Insurance Company [2008] UKPC 4, Mr Zeller sought indemnification under his employer’s health insurance policy in respect of his costs of having major heart surgery. 

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Read More The Privy Council Overrules the Cayman Islands Court of Appeal in Respect of the Repudiation of a Health Insurance Contract

On 6 January 2008, the FSA’s new Insurance: Conduct of Business Sourcebook (ICOBS) came into force, replacing the existing ICOB. Insurance companies and intermediaries in the UK have 6 months in which to ensure that their processes and policies (particularly in relation to protection products – see below) meet the new standards. 

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Read More UK: New FSA Insurance: Conduct of Business Sourcebook

In The Commissioners for Her Majesty’s Revenue & Customs v Weald Leasing Ltd [2008] EWHC 30 (Ch), the High Court dismissed an appeal by the Commissioners against a ruling by a VAT and duties tribunal that a scheme deferring irrecoverable VAT using artificial leases was not contrary to the purpose of the Value Added Tax Act 1994 (or Directive 77/388 which the Act implemented) and therefore not abusive. Weald Leasing Ltd was a member of the Churchill group of companies carrying on insurance business but was not a member of their VAT group. …
Read More A Scheme Deferring Irrecoverable Value Added Tax by the Churchill Group of Companies is Upheld by the English High Court

The British Insurance Brokers Association (BIBA) has recently published its first Manifesto, setting out a number of campaigning issues for the next twelve months. The Manifesto highlights regulation, professional advice, criteria on age, flooding and motor insurance as areas that are important to insurance brokers and their customers going forward into 2008. 

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Read More UK: British Insurance Brokers Association Publishes 2008 Manifesto

Following the CCSC’ s and the FSA’s latest discussions regarding the continued good progress being made by the market in achieving contract certainty, the CCSC has written to the CEOs of all UK Insurance Industry firms confirming the FSA’s agreement on certain issues. 

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Read More UK: Contract Certainty Reforms: FSA Confirms No Further Contract Certainty Figures Required and the Contract Certainty Steering Committee (CCSC) May be Disbanded