In December 2007, the London office of EAPD held an industry workshop to provide a forum for discussion of the European Commission’s Final Report into Business Insurance. The report sets out the findings of the EC’s sector commission inquiry into business insurance which was initiated in June 2005.
Third party claims: A decision of the High Court clarifies the law with regard to claims under the Third Party (Rights against Insurers) Act 1930
The case of Law Society v Dixit Shah (2007) EWHC 2841 (Ch) arose from the intervention of the Office for the Supervision of Solicitors into an association of firms owned by Dixit Shah which traded under “the BJ Brandon Group” name. The Law Society alleged that the OSS discovered that around £12.5 million of client money had been misappropriated by Mr Shah.
Insolvency: Highlands Insurance Company (UK) Limited
By Troutman Pepper Locke on
On 1 November 2007 the English Court placed Highlands Insurance Company (UK) Limited into administration. Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP have been appointed as the administrators.
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Costs: The English High Court has ruled on various costs issues following judgment in a late notification case involving the Lloyd’s Market
By Troutman Pepper Locke on
In HLB Kidsons (A Firm) v Lloyds Underwriters & Others [2007] EWCH 2699, a dispute arose over whether the claimant firm of accountants had properly notified claims to the defendant insurers.
Commercial Court Publishes Working Party Report On Long Trials
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
The Commercial Court has published the report of its Long Trials Working Party set up under the chairmanship of Mr. Justice Aikens. The Working Party was established following criticisms arising from the duration and cost of the infamous BCCI v Bank of England and Equitable Life trials.
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Solvency II: Quantitative Impact Study (QIS) 4 public hearing
By Troutman Pepper Locke on
In order to help prepare the ground for the development of implementing measures once the Solvency II proposal has been adopted, the Committee of European Insurance and Occupational Pensions (CEIOPS) will run a fourth quantitative impact study between April and July 2008.
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Financial Services Authority (FSA) programme: Commission disclosure in the commercial general insurance market
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 10 December 2007, the FSA announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure.
FSA: Appointed Representatives (ARs) review
By Troutman Pepper Locke on
A review by the FSA, published on 3 December 2007, has found that firms are not doing enough to ensure that their ARs are treating customers fairly in the sale of general insurance.
Financial Services Authority (FSA) Consultation Paper (CP): close links
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
In December 2007, the FSA published Consultation Paper CP07/21 entitled ‘Close Links’, in which it reviews existing close links requirements, which you can review by clicking here.
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Legislation Proposes Arsonist Registry
By Troutman Pepper Locke on
On December 5, 2007, H.R. 1759: Managing Arson Through Criminal History (“MATCH”) Act of 2007 passed in the House of Representatives by voice vote and is now in the Senate. MATCH would establish guidelines and incentives for U.S. states and territories to establish arsonist registries and require the United States Attorney General (“AG”) to establish a national arsonist registry and notification program.