In February we reported that Lloyd’s was to apply for admission as a reinsurer in Brazil (see the post here: https://www.insurereinsure.com/BlogHome.aspx?entry=479).
Lloyd's
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.
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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Lloyd’s Guidance for Run-off and RITC Syndicates
By Troutman Pepper Locke on
On 25 March Lloyd’s issued Market Bulletin Y4139 (the Bulletin) providing additional guidance for the preparation of the 2009 individual capital adequacy (ICA) submissions for run-off and specialist RITC syndicates. The guidance should be read in conjunction with Market Bulletin Y4128 (the Guidance), issued on 29 February, which sets out the general guidance for 2009 ICA submissions to Lloyd’s.
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The UK House of Lords has overturned a Court of Appeal decision as to whether the avoidance of a composite policy in respect of one party negates another party’s cover
By Troutman Pepper Locke on
Brit Syndicates Ltd v Grant Thornton International UKHL 18 concerned an appeal by the insured, GTI, against a Court of Appeal decision in favour of its insurers. …
Read More The UK House of Lords has overturned a Court of Appeal decision as to whether the avoidance of a composite policy in respect of one party negates another party’s cover
English Court of Appeal Considers the Effect of a Notice Clause in a Public Liability Policy
By Troutman Pepper Locke on
The Claimant in Kosmar Villa Holidays plc v Trustees of Syndicate 1243 [2008] EWCA Civ 147 was a tour operator who had a public liability policy with the Defendant’s predecessor, Euclidian Direct Limited (Euclidian). …
Read More English Court of Appeal Considers the Effect of a Notice Clause in a Public Liability Policy
Proposed Legal and Market Reforms at Lloyd’s are Published
By Troutman Pepper Locke on
On 7 March the UK Treasury published its awaited market reform proposals in the consultation paper, “Proposals for a legislative reform order to amend the Lloyd’s Act 1982”.
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Read More Proposed Legal and Market Reforms at Lloyd’s are Published
Lloyd’s Hosts Anniversary Seminar in Tel Aviv
Mark Meyer, a partner in the London office of Edwards Angell Palmer & Dodge, attended the recent seminar hosted by Lloyd’s in Tel Aviv, Israel, to mark 60 years of trading with the country. …
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UK: Forthcoming Consultation on Lloyd’s Act Amendments Expected to Allow Third Term for Chairman of Lloyd’s, Lord Levene
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
HM Treasury is expected to publish a consultation paper shortly (in the next few weeks) on updating Lloyd’s corporate governance procedures and other matters concerning the efficient operation of Lloyd’s. The consultation period will last 3 months. …
Read More UK: Forthcoming Consultation on Lloyd’s Act Amendments Expected to Allow Third Term for Chairman of Lloyd’s, Lord Levene
Proposal to Trial Messaging Hub Experiment at Lloyd’s
By Troutman Pepper Locke on
Lloyd’s may purchase a messaging hub service for the market in a bid to improve the efficiency of the London placement process. The hub will minimise the variety of standards and systems currently used and enable clearer communication. Lloyd’s is considering the purchase of an appropriate ready made tool rather than building a bespoke platform.
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Read More Proposal to Trial Messaging Hub Experiment at Lloyd’s