The Office of Fair Trading, on 7 February 2007, referred the supply of PPI to non business customers in the UK to the CC. The subsequent CC investigation found that the vast majority of policies are sold at the same time that consumers take out loans or other credit and that consumers rarely shop around or switch PPI providers.
UK: Financial Services Authority (FSA) Review of Insurance Comparison Websites
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA continues to monitor insurance comparison websites to ensure that information is conveyed to the public in a clear, fair and not misleading way. In doing so, the FSA has revisited the 17 websites that were originally assessed in May 2008 to gauge where and how progress has been made since the initial review.
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The English High Court Considers the Challenge of Arbitration Awards Under s.67 Arbitration Act 1996
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
In Michael Wilson & Partners Limited (A company incorporated in the British Virgin Islands) v John Forster Emmott [2008] EWHC 2684 (Comm), the court was asked to consider whether a decision of an arbitral tribunal consisting of an answer to two procedural questions was an award as to its substantive jurisdiction, and as such open to challenge under s.67 Arbitration Act 1996 (the Act).
HK: Report on Foreign Insurers in China
By Troutman Pepper Locke on
Posted in Hong Kong
PwC published a report in September 2008, which gives an insight into how foreign insurance companies within the Chinese market view industry trends, the challenges they are facing and how they consider the insurance market in China will grow and evolve over the next three years.
UK: Limit No. 2 Limited v AXA
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
On 12th November the Court of Appeal handed down its judgment in Limit No. 2 Limited v AXA. AXA, who had taken over the reinsurers, a German company called Albingia, sought to avoid a claim for misrepresentation brought by the reassured, Limit No.2 Limited, who were syndicates at Lloyd’s.
Florida District Court Refuses to Dismiss Claim for Breach of Implied Warranty of Good Faith, Holding that It Was Not a Bad Faith Claim in Disguise
A Florida district court recently denied two insurers’ motion to dismiss a count for breach of the implied warranty of good faith and fair dealing. Arlen House East Condo. v. QBE Int’l Ins. Ltd., No. 07-23199, 2008 WL 4500690 (S.D. Fla. Sept. 30, 2008). The court rejected the insurers’ argument that the breach of implied warranty count was merely a “disguised” first-party statutory bad faith claim.
Florida Supreme Court Holds that an Insured Can Assign its Causes of Action Against a Nonparty Insurance Broker and Obtain a Release, Consistent with the Court’s Decision in Cope
In Wachovia Ins. Serv., Inc. v. Toomey, No. 06-1110, 2008 WL 4379587 (Fla. Sept. 29, 2008), the Florida Supreme Court answered two interrelated, certified questions from the Eleventh Circuit.
UK: EL Policies Triggered by Exposure to Asbestos and Not Development of Disease
By Troutman Pepper Locke on
At London’s Royal Courts of Justice today Mr Justice Burton handed down a hugely important decision regarding the trigger for employers’ liability policies in the context of long tail asbestos diseases. …
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Aon General Counsel Testifies Before House Committee on Financial Services on Proposed Insurance Program to Restore Liquidity to Financial Institutions
By Troutman Pepper Locke on
On Tuesday, November 18, 2008, the House Committee on Financial Services held a hearing regarding oversight of the Economic Stabilization Act of 2008 (the “Act”), government lending and insurance facilities, and their impact on the current economy and credit availability. …
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UK: FSA’s View of Life Insurance
By Troutman Pepper Locke on
Sarah Wilson, Director and Insurance Sector Leader at the FSA has given a speech on the FSA’s view of life insurance. She acknowledged that the insurance sector was coming under increased attention as a result of the turbulence in financial markets but stressed that it was stronger and better placed to deal with the stressed market conditions than during the last bear market of 2003