Earlier this week the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”).   The Committee serves as an advisory council to the Federal Insurance Office (“FIO”), which was established as part of the Treasury under the Dodd-Frank Act. …
Read More Appointments Made to the Federal Advisory Committee on Insurance

On November 3, 2011, Eileen Rominger, Director of the SEC’s Division of Investment Management (the “Division”), in a speech to attendees of the ALI-ABA Conference on Life Insurance Company Products, focused on several issues regarding the regulation of variable insurance products and how the current market has seen a multitude of product design innovations. …
Read More Director of the SEC Division of Investment Management Spoke about Disclosure Issues in the Rapidly Changing Variable Insurance Market

In Williams v University of Birmingham [2011] EWCA Civ 1242 the Court of Appeal analysed the correct approach to proving liability in a mesothelioma case. The Court emphasised that the relaxation of normal principles of proof in relation to mesothelioma claims, laid down by the House of Lords in the Fairchild case (Fairchild v Glenhaven Funeral Services Ltd [2002] UKHL 22), apply only to the need to prove causation. …
Read More UK: Mesothelioma – Fairchild Principles of Proof Apply Only to the Need to Prove Causation

The Financial Services Authority (FSA) has proposed tougher new rules for those selling insurance as part of packaged bank accounts in a recent consultation paper (CP11/20). …
Read More UK: The FSA Proposes Tougher Rules for Insurance Policies Within Packaged Bank Accounts

On 26 October 2011, the European Insurance and Occupational Pensions Authority (EIOPA) submitted its final advice to the European Commisson (EC) on its assessment of the Solvency II equivalence of the supervisory systems of Bermuda, Japan and Switzerland. …
Read More UK: EIOPA Submits Solvency II Equivalency Assessments on Bermuda, Japan and Switzerland

On October 25, 2011, the House Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity held a hearing entitled “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs, Part 2.”  Michael T. McRaith, Director of the Federal Insurance Office (“FIO”) testified before the Committee providing a report of the FIO’s progress to date. …
Read More McRaith Testifies Before House Committee Regarding FIO Progress

In the recent case of R (on the application of Stewart Ford) v FSA [2011] EWHC 2583, Mr Justice Burnett considered the criteria for establishing joint interest legal privilege. The case was a judicial review of a decision taken by the FSA’s Regulatory Decisions Committee arising out of the FSA’s investigation into the activities of Keydata Investment Services Ltd (“Keydata”). …
Read More UK: High Court Rules Against FSA in Keydata Privilege Dispute

The Supreme Court has published its decision in the case of AXA General Insurance Limited and others v The Lord Advocate and Others [2011] UKSC 46 in which AXA and other insurers (the Insurers) appealed against the decision of the Inner House of the Court of Session regarding the legality of the Damages (Asbestos-Related Conditions) (Scotland) Act 2009 (the 2009 Act) (please see our previous blog here for further information on that decision). …
Read More UK: Supreme Court Decides on Legality of Scottish Pleural Plaques Legislation

On 20 October 2011, Mark Hobson, the Financial Secretary to the Treasury, announced the establishment of a new steering group whose aim is to develop a new, simple suite of financial products to help consumers navigate the financial services market. The group plans to report back to Mr Hobson by July 2012, setting out proposals on how to structure and market such products to ensure that consumers get the best deal. …
Read More UK: Steering Group Launched to Guide Development of “Simple” Financial Products