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Following the CCSC’ s and the FSA’s latest discussions regarding the continued good progress being made by the market in achieving contract certainty, the CCSC has written to the CEOs of all UK Insurance Industry firms confirming the FSA’s agreement on certain issues. 

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Read More UK: Contract Certainty Reforms: FSA Confirms No Further Contract Certainty Figures Required and the Contract Certainty Steering Committee (CCSC) May be Disbanded

The much awaited European Commission’s (EC) final report into business insurance was published in September 2007 (click here for a link to the December 20, 2007 blog entry on the EAPD workshop into the competition inquiry).  The report urged the market to review its practices and recent statements by EC officials (speaking in a personal capacity at a web-seminar) suggested that the subscription market had months rather than years to carry out reviews and amend its current practices to avoid enforcement action. 

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Read More EU/UK: European Commission: Competition in Business Insurance Inquiry: Responses Prepared by Insurance Bodies

Following the introduction in July 2007 of a standardised form of insurance/reinsurance contract, the Market Reform Contract (the MRC), the Market Reform Group have published the Market Reform Contract Endorsement (the MRC Endorsement). The MRC Endorsement is a standard form endorsement document for effecting changes to insurance and reinsurance contracts including premium adjustments and reinstatement premiums. 

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Read More UK: Latest Step in Contract Certainty Reforms: The Market Reform Group in London Introduces the Market Reform Contract Endorsement

After a three-month break, effective January 1, 2008, Florida returned to a no-fault system and again mandated that Florida drivers carry personal injury protection (“PIP”) coverage.  PIP coverage pays the first $10,000 of medical costs for injuries related to automobile accidents, regardless of who was at fault. 

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Read More Florida No-Fault Statute Returns after Short Hiatus

The ABI has recently issued guidance on the payment of claims under Critical Illness, Income Protection and life insurance policies where medical information was not disclosed during the application process. 

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Read More UK: The Association of British Insurers (ABI) Publishes Guidance on Non-Disclosure and Treating Customers Fairly: Claims for Long-Term Protection Insurance Products

As one of his first actions upon taking office in January 2007, Florida Governor Charlie Crist asked the state legislature to increase the state’s hurricane catastrophe fund.  Crist’s initiative was designed to lower insurers’ costs, and insurers, which bought reinsurance from the state, were supposed to pass their savings on to policyholders. 

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Read More Governor Crist Assembles Trial Team To Review Insurers’ Compliance With Rate Reform

On 7 January 2008 the European Commission made public a report it had commissioned on Insurance Guarantee Schemes (IGS) in the European Union. IGSs provide last-resort protection for policyholders in situations where insurers are unable to provide cover, usually due to their insolvency. They are commonly financed from levies on the insurance industry. …
Read More Report Published on Insurance Guarantee Schemes in the European Union

The Companies Act 2006 (2006 Act) codifies into statute the general duties owed by directors to the company (although not to the exclusion of the previous common law duties and equitable principles).  There are both civil consequences for directors who act in breach of the duties and criminal sanctions for breaching the duty to declare an interest in existing transactions or arrangements. 

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Read More UK: Companies Act 2006: ICSA Guidance on Directors’ Duties

The English and Scottish Law Commissions are currently engaged in a wide ranging review of insurance contract law. Since September 2006 they have published a series of Issues Papers and one formal Consultation Paper setting out their proposals for reform to the law of misrepresentation, non-disclosure, warranties and agency in the context of pre-contract information. …
Read More The English and Scottish Law Commissions Have Published Their Latest Paper on Insurance Contract Law Reform