On 8 April Callum MCarthy, Chief Executive of the FSA, addressed the FSA’s annual Insurance Sector Conference on aspects of the wider financial context of the insurance industry.
FSA: International Developments in Insurance Regulation
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 8 April Hector Sants, Chief Executive of the FSA, addressed the FSA’s annual Insurance Sector Conference on the subject of international developments in insurance regulation.
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UK: Regulatory: Public session held on Market Reform Contract (MRC) for Binders and Lineslips
By Troutman Pepper Locke on
As was reported in previous blogs, the Market Reform Group (MRG) has been at the forefront of contract certainty reforms.
Competition law White Paper issued: Potential exposure for the insurance industry
By Troutman Pepper Locke on
On 3 April 2008, the European Commission (The Commission) published its long awaited White Paper (WP) on damages actions for breach of the European Community (EC) antitrust rules. …
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HM Treasury Publishes Responses Regarding its Part 7 Scheme Consultation
By Troutman Pepper Locke on
In the UK, insurance business transfer schemes (known as Part 7 transfers) allow an insurer or reinsurer to transfer portfolios of insurance or reinsurance business from another entity by way of a court sanctioned regulatory mechanism.
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The English High Court construes a condition in a marine insurance policy
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Mr John Pratt v Aigaion Insurance Company SA [2008] EWHC 489 (Admlty) the Court was asked to consider the meaning of “at all times” in the context of a condition to a marine insurance policy. …
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Massachusetts To Allow Six-Month Automobile Policies
By Troutman Pepper Locke on
On April 3, 2008, Commissioner Nonnie Burns of the Massachusetts Division of Insurance issued a new bulletin permitting insurance companies to offer the option of purchasing automobile policies with six-month terms. …
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The English High Court considers whether excess insurers could be joined into proceedings between an insured, its broker and a sub-broker
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Dunlop Haywards (DHL), Erinaceous Commercial Property Services Limited v Erinaceous Insurance Services Limited and Lockton Companies International Limited [2008] EWHC 520, the Claimants instructed the Defendant broker (Erinaceous Insurance) to renew professional indemnity insurance for the companies in the Claimants’ group and to procure a primary layer of insurance cover of £10 million and an excess layer of £10 million.
Plaintiffs Are Tripped Up by Loss Causation
By Troutman Pepper Locke on
Posted in D&O Liability, United States
Without question, the last year has been a tough one for securities fraud plaintiffs. …
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Risk Management? Red Sox Will Have To Sweep The World Series This Year For Fans To Get Free Furniture
By Troutman Pepper Locke on
Last fall, we posted about a New England furniture company that, backed by prize indemnification insurance, offered customers the chance to get their furniture purchase for free if the Boston Red Sox won the World Series. Click here. We later posted about the approximately 30,000 fans that won reimbursement of their furniture purchase when the Red Sox defeated the Colorado Rockies in the World Series. Click here.