On 12 April 2010, the IAIS published a guidance paper on the “treatment of non-regulated entities in group-wide supervision” (the Guidance), which is available here. 

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Read More International Association of Insurance Supervisors (IAIS) publishes guidance paper on insurance groups

In Nicholas G Jones v (1) Environcom Limited; (2) Environcom England Limited and MS Plc [2010] EWHC 759 (Comm), the High Court ruled that an insurance broker must satisfy himself that the duty of disclosure is fully understood by the client. …
Read More UK: High Court provides guidance on the role of the insurance broker in relation to the duty to disclose to insurers

In National Farmers Union Mutual Insurance Society Limited v HSBC Insurance (UK) Limited Gavin Kealey Q.C., sitting as a Deputy High Court Judge, ruled that the National Farmers Union (NFU) were not entitled to a contribution from HSBC (UK) Limited (HSBC) in relation to a payment that they had made to an insured, as this was not a case of double insurance. 

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Read More UK: High Court Rules on the Presence of Double Insurance

On April 13, 2010, the U.S. Senate Permanent Subcommittee on Investigations (the “Senate Subcommittee”) heard testimony from former executives of Washington Mutual Bank (“WaMu”) in its first day of hearings titled “Wall Street and the Financial Crisis: The Role of High Risk Home Loans.” …
Read More Former Executives from WaMu Testify in Senate Hearings

Eithne McCarthy, from the Financial Services Unit of the European Commission’s Competition Directorate General (DG Comp), made a presentation on the new Insurance Block Exemption Regulation (BER) to the Law Society’s Competition Section on 13 April 2010. …
Read More EU/UK: Presentation by Eithne McCarthy – the new Insurance Block Exemption Regulation

On 15 April 2010, the European Commission (Commission) published for consultation draft technical specifications for the QIS5 exercise. 

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Read More EU: Solvency II: draft technical specifications for fifth Quantitative Impact Study (QIS5) published

In Ian Hall v (1) Newall Heating Limited; (2) AGF Insurance Limited (March 2010) unreported, the court held that Mr Hall, who is suffering from mesothelioma caused by exposure to asbestos, could not identify AGF Insurance (AGF) as being liable, pursuant to the provisions of the Third Party (Rights against Insurers) Act 1930, to satisfy a default judgment obtained against Newall Heating (Newall). 

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Read More UK: High Court rules on existence of insurance policy

United States Senator Bill Nelson (D-Fla.) reports that, this week, Chinese president Hu Jintao told him this week that he would investigate problems with Chinese manufactured drywall. 

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Read More Chinese Drywall – Chinese president says that he will look into drywall responsibility