Jurisdiction: United Kingdom

EU/UK: European Commission: Competition in Business Insurance Inquiry: Responses Prepared by Insurance Bodies

Jan 17, 2008 | , | ,

The much awaited European Commission’s (EC) final report into business insurance was published in September 2007 (click here for a link to the December 20, 2007 blog entry on the EAPD workshop into the competition inquiry).  The report urged the market to review its practices and recent statements by EC officials (speaking in a personal capacity at a web-seminar) suggested that the subscription market had months rather than years to carry out reviews and amend its current practices to avoid enforcement action. 

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UK: Latest Step in Contract Certainty Reforms: The Market Reform Group in London Introduces the Market Reform Contract Endorsement

Jan 17, 2008 | |

Following the introduction in July 2007 of a standardised form of insurance/reinsurance contract, the Market Reform Contract (the MRC), the Market Reform Group have published the Market Reform Contract Endorsement (the MRC Endorsement). The MRC Endorsement is a standard form endorsement document for effecting changes to insurance and reinsurance contracts including premium adjustments and reinstatement premiums. 

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Report Published on Insurance Guarantee Schemes in the European Union

Jan 15, 2008 | , , | ,

On 7 January 2008 the European Commission made public a report it had commissioned on Insurance Guarantee Schemes (IGS) in the European Union. IGSs provide last-resort protection for policyholders in situations where insurers are unable to provide cover, usually due to their insolvency. They are commonly financed from levies on the insurance industry. 

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UK: Companies Act 2006: ICSA Guidance on Directors’ Duties

Jan 15, 2008 | |

The Companies Act 2006 (2006 Act) codifies into statute the general duties owed by directors to the company (although not to the exclusion of the previous common law duties and equitable principles).  There are both civil consequences for directors who act in breach of the duties and criminal sanctions for breaching the duty to declare an interest in existing transactions or arrangements. 

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The English and Scottish Law Commissions Have Published Their Latest Paper on Insurance Contract Law Reform

Jan 15, 2008 | , , |

The English and Scottish Law Commissions are currently engaged in a wide ranging review of insurance contract law. Since September 2006 they have published a series of Issues Papers and one formal Consultation Paper setting out their proposals for reform to the law of misrepresentation, non-disclosure, warranties and agency in the context of pre-contract information. 

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Policy construction: The English Commercial Court has construed the terms of a business interruption policy

Dec 26, 2007 | , , |

In Coromin Ltd v AXA Re & Ors [2007] EWHC 2818 (Comm), the Commercial Court considered whether Coromin was entitled to be indemnified by its reinsurers for the physical damage and business interruption losses suffered by its insured as a result of a defective mill motor at a copper mining and processing facility in Chile. 

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