The Court of Appeal has awarded victory to the Financial Services Authority (FSA) in a case against solicitors Fox Hayes regarding the approval of financial promotions on behalf of others. The FSA was appealing a decision of the Financial Services and Markets Tribunal which overturned an FSA decision notice fining the Leeds-based firm £150,000 for approving financial promotions from unauthorised overseas companies. 

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Read More UK: FSA Wins Appeal Against Fox Hayes for Breach of Financial Promotions Regime

A federal district court in New Jersey has granted final approval of a $69 million settlement by Marsh & McLennan Cos. Inc. and other Marsh defendants in In re Insurance Brokerage Antitrust Litigation, 2:04-cv-5184 (D.N.J.), and In re Employee Benefit Insurance Brokerage Antitrust Litigation, 2:04-cv-1079 (D.N.J.). 

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Read More Court Approves Marsh’s $69 Million Settlement in Insurance Brokerage Antitrust Class Actions

On 12 February 2009 the Court of Appeal handed down its judgment in Greene Wood & Mclean LLP v Templeton Insurance Ltd. Templeton, incorporated in the Isle of Man, brought an appeal against the first instance decision ((2008) EQHC 1593 (Comm)) which permitted Greene Wood & Mclean LLP (GWM) to serve proceedings on it out of the jurisdiction on the basis that the claim was within CPR 6.20(5)(c). 

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Read More UK: Service of Proceedings Out of the Jurisdiction

In Qayyum Ansari v New India Assurance Ltd [2009] EWCA Civ 93 the Court of Appeal considered Qayyum Ansari’s (Ansari) appeal against the decision at first instance that Ansari’s claim under his insurance policy with New India Assurance (NIA) should be dismissed. …
Read More UK: Court of Appeal Rules that Cover Terminates on a Material Change of Facts Stated in Proposal Form

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) recently published a report on the results of its survey on the practical supervisory co-operation by Coordination Committees under the Solvency I framework. The survey was sent to the ‘lead’ supervisors of all 110 cross-border insurance groups. …
Read More CEIOPS Highlights Improved Performance of Authorities in the Supervision of Cross-Border Insurance Groups

Florida Insurance Commissioner Kevin McCarty (McCarty) issued an Order on February 13, 2009 announcing that he has conditionally approved the withdrawal plan , which State Farm Florida Insurance Company’s (State Farm Florida) submitted on January 27, 2009, as reported here. 

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Read More Florida Insurance Commissioner Conditionally Approves State Farm Withdrawal Plan

As previously discussed here, the government monopoly over the Costa Rican insurance industry ended in the Fall of 2008.  Seguros del Magisterio, S.A. has now become the first company authorized to compete with the Instituto Nacional de Seguros (INS). 

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Read More First Private Company Authorized to Compete in Costa Rican Insurance Market

A group of European insurers and reinsurers, including Allianz, AXA, Munich Re, Swiss Re and Zurich, have established PERILS AG, based in Zurich, to collect and provide industry-wide European catastrophe insurance data. PERILS is intended to provide a service similar to that provided by Property Claims Services (PCS) in relation to US catastrophes. …
Read More PERILS AG: European Catastrophe Data Company Established

Dornoch v Westminster International [2009] EWHC 201 (Admlty) relates the right of marine insurers under the Marine Insurance Act 1906 to take over a vessel after it has become a constructive total loss as the result of a collision. …
Read More UK: Dornoch v Westminster International – Court Declines to Join Primary Layer Insurers to Action by Excess Insurers