According to a recent Reuters article, Lloyd’s of London, the world’s largest insurance market, has said it will comply with sanctions signed into law by President Obama on July 1.
Lloyd's
UK: Lloyd’s Regulates Conflict of Interest for Underwriters of Broker E&O Insurance
By Troutman Pepper Locke on
On 6 July 2010, Lloyd’s issued Market Bulletin Y4408 (click here to see a copy of the bulletin) clarifying the reporting requirements of managing agents who underwrite broker errors and omissions (E&O) insurance. These requirements were issued in April 2010 by Market Bulletin Y4390 (click here to see a copy of the bulletin). …
China: Lloyd’s China Granted Licence to Write Direct Insurance
By Troutman Pepper Locke on
The China Insurance Regulatory Commission (the CIRC) has granted Lloyd’s China a licence to write direct insurance. This is in addition to Lloyd’s China’s existing reinsurance licence (granted in March 2007). The announcement was made by Lord Levene, chairman of Lloyd’s, on 19 May 2010 at the UK Pavilion at the World Expo in Shanghai. …
EU: Solvency II: draft technical specifications for fifth Quantitative Impact Study (QIS5) published
By Troutman Pepper Locke on
On 15 April 2010, the European Commission (Commission) published for consultation draft technical specifications for the QIS5 exercise.
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London Insurers: Iran on High Risk Area List as Sanctions Loom
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
According to a recent report from Reuters, London’s marine insurance market has added Iran to a list of areas deemed high risk. The Lloyd’s Market Association (LMA) announced the move on Monday, March 22, 2010, ahead of possible sanctions being pushed by the U.S., among other countries. …
UK: Lloyd’s Publishes its 2010 to 2012 Strategy and Reshuffles Management
By Troutman Pepper Locke on
On 8 February 2010, Lloyd’s released its 2010 to 2012 strategy plan, including specific corporate actions for 2010. The strategy plan follows a detailed review of the market’s position involving more than 50 managing agents, brokers and market associations.
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UK: Shadow Treasury Minister Speaks on Conservative White Paper
By Troutman Pepper Locke on
On 25 January 2010, Mark Hoban MP, Shadow Treasury Minister, spoke at a British Insurance Law Association seminar hosted at Lloyd’s and attended by a number of EAPD lawyers. Mr Hoban spoke on the Conservative Party White Paper, published on 20 July 2009, entitled “From Crisis to Confidence: Plan for Sound Banking” with a particular focus on the White Paper’s relevance to the insurance sector.
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Chaucer Latest Lloyd’s Entity to Consider New Domicile
By Troutman Pepper Locke on
Posted in Bermuda, European Union, Lloyd's, Regulatory, Solvency II, Tax Related Developments, United Kingdom
In an interview with Bloomberg, Chaucer’s chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment.
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Lloyd’s Publishes Service Companies Code of Practice
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
On 9 September 2009 Lloyd’s issued Market Bulletin Y4311 (click here to see a copy of the bulletin), informing the market that Lloyd’s has published a Service Companies Code of Practice. Codes of practice are issued by Lloyd’s under provisions in the Underwriting Byelaw and offer more detailed guidance to market participants on the standards Lloyd’s requires them to meet. …
UK: New Regulations Relating to Calculation of General Insurance Technical Provisions for Tax Purposes
By Troutman Pepper Locke on
The UK’s tax authority, Her Majesty’s Revenue and Customs (HMRC), has introduced new regulations relating to technical provisions made by general insurers, including members underwriting general insurance business at Lloyd’s.
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