InSure March 2010

This month's roundup of developments affecting the insurance industry sees the announcement that the FSA chief executive is to step down next summer, the European Commission initiating its review of the Insurance Mediation Directive, the FSCS announcing its plan and budget for 2010/11, ....

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Contents:

• FSA bans director for client money failings;
• FSA issues corporate governance consultation paper;
• FSA issues Solvency II IMAP update;
• Solvency II - final CEIOPS advice on Level 2 Implementing Measures;
• Solvency II - first Level 3 guidance.

This publication has been created to keep you up to date with recent changes and developments (and frequently forgotten core principles), which may cause you to change your corporate behaviour, and to bring to your attention any legal issues to which your business may be vulnerable. Contents:

• Lord Justice Jackson's Review of Civil Costs - comment;
• Dramatic new remedies for breaches of procurement law;
• Sky proves fraud against EDS: damages in excess of £200m, despite cap of £30m;
• Legal advice privilege and non lawyers - what is legal advice privilege?
• Constructing jurisdiction clauses in complex multi agreement situations;
• Rome 1: EU introduces Regulation for law applicable to contracts;
• The definitive sentencing guidelines: corporate manslaughter & health and safety offences causing death;
• Bank charges - OFT v Abbey National plc;
• Important developments for those dealing with disputes - in brief. 

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Jackson Paves The Way For Contingency Fees

New fee structures part of a package intended to reduce costs

Many clients will have felt the impact of contingency fees (advocates' fees based on a percentage of damages recovered) in judicial systems in the United States. A number of commentators on developments in US litigation have noted that contingency fees have resulted in major problems surrounding the conduct of cases and the administration of justice.

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English Court has jurisdiction to hear dispute between Bermudian insured and Swiss reinsurer

In Gard Marine & Energy Ltd v (1) Lloyd Tunnicliffe (2) Glacier Reinsurance Ag (3) Agnew Higgins Pickering & Co Ltd (9 October 2009), the English Court determined that it had jurisdiction to hear a dispute between insurance company Gard Marine & Energy Ltd ("Gard Marine") and Swiss reinsurance company Glacier Reinsurance Ag ("Glacier"), and that the governing law of the relevant reinsurance was English law.

Decision rejecting Solvent Scheme due to lack of 'problem' overturned

The Scottish Lion Insurance Company Limited

First Division, Inner House, Court of Session – 29 January 2010

The Scottish Court of Appeal has overturned a decision by Lord Glennie on 10 September 2009 in which he refused to sanction a solvent scheme of arrangement put forward by Scottish Lion.

It was held that he was wrong to have added a requirement that in the case of solvent schemes there had to be a 'problem'. British insurers breathe a sigh of relief.

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