Topic: Lloyd's

Enstar pulled the trigger faster than Annie Oakley‎

Both Rhode Island and Oklahoma have enacted insurance business transfer acts, which allow insurers to transfer and novate books or portfolios of business to insurers domiciled in the respective States.  Rhode Island’s Voluntary Restructuring of Solvent Insurers Act became effective on June 30, 2007, and is codified by the Rhode Island Department of Business (“DBR”) Regulation 68. 

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Insights into antitrust issues with joint underwriting focus of Mealey’s Emerging Insurance Disputes article from Locke Lord

Insurance companies face increased scrutiny from both government antitrust enforcers and the plaintiff antitrust class action bar. With many companies now undertaking a reassessment of their practices for compliance with antitrust laws, antitrust issues are arising with joint underwriting arrangements, such as pools and binding authorities, where a single underwriter prices and accepts risks on common terms for several insurers.

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UK: Transfer of Interests in Lloyd’s Corporate Members

In a market bulletin published on 14 February 2012, Lloyd’s announced a new Code of Practice and Guidance note in relation to the transfer of interests in Lloyd’s corporate members. Greater consideration is now being given to acquiring interests in corporate members as a means of acquiring underwriting capacity outside of the capacity auctions. 

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UK: Lloyd’s Publishes its Revised Claims Management Principles and Minimum Standards

In a market bulletin released on 31 March 2011, Lloyd’s set out its revised Claims Management Principles and Minimum Standards (click here for a copy of the bulletin). The revision is part of Lloyd’s Claims Transformation Project in order to “facilitate and increase the competitive advantage from the efficient handling of claims on their merits“. 

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