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 InSure July 2009
This month's roundup of developments affecting the insurance industry sees the GEO consulting on the Equity Bill, the FSA chairman addressing the ABI, CEIOPS announcing Solvency II implementing measures, ....
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InSure June 2009
This month's roundup of developments affecting the insurance industry sees the FSA publishing feedback to CP "The Path To Solvency II", the European Commission proposing a new supervisory architecture in Europe, the FMLC raising concerns about the Banking Act, ....
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Insurance and Reinsurance Newsflash |
 VAT implications for insurers (and reinsurers) of the Swiss Re Germany - Advocate General's Opinion
VAT on portfolio transfers:
Are transfers exempt from VAT as "insurance transactions"?
On 13 May 2009, the Advocate General (Mengozzi) delivered his Opinion in the case of Swiss Re Germany Holding GmbH v Finanzamt München für Körperschaften (Case C-242/08).
The case concerned the transfer (with the consent of the reinsureds) of 195 reinsurance contracts from Swiss Re Germany to another Swiss Re company in Switzerland. The Swiss company paid an amount to Swiss Re Germany calculated by deducting the negative value ascribed to 18 of the contracts from the positive value ascribed to the 177 other contracts.
The issue was whether the transfer of reinsurance contracts from one reinsurer to another is an "insurance and reinsurance transaction" for VAT purposes and, therefore, exempt.
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InSure May 2009
This month's roundup of developments affecting the insurance industry sees the European Parliament approving Solvency II, the Equality Bill being introduced in the House of Commons, the FSA publishing results from its post implementation review of ICOBS, ....
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The final text of Solvency II was formally adopted by the Economic and Financial Affairs (ECOFIN) Council recently. A team from Addleshaw Goddard has prepared a step-by-step guide which outlines the new framework and its likely impact on the UK insurance industry.
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 London Market newsletter May 2009
In this month's issue:
- Non-disclosure/Breach of Policy Terms & Conditions;
- Jurisdiction/European Regulation 44/2001;
- Court of Appeal Decisions;
- Guest article.
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Sub-Agents and Sub-Standards |
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Outline/Summary
By its recent fine of £21,000 against Aspray Limited, an insurance intermediary providing claims management services in the retail market, the Financial Services Authority ("FSA") has sent a warning to the insurance industry as a whole about the effectiveness of their controls in relation to outsourcing, and in particular the delegation and sub-delegation of underwriting or claims authority.
The Aspray fine is an effective reminder of the important principle of establishing and continuing to operate management and control systems for agents, and that same principle equally applies to coverholders.
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Read more... [Sub-Agents and Sub-Standards]
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Helix Newsletter Issue 18 |
 April 2009
News from Helix. Included in this newsletter:
- Helix announces new CEO;
- AXA LM update;
- A.J.Gallagher update;
- Market News;
- Update from the US;
- Conference Information;
- Helix Easter Quiz.
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InSure April 2009
This month's roundup of developments affecting the insurance industry sees the European Union reaching agreement on Solvency II, the FSA publsihing the Turner Review, consulting on remuneration and clarifying ICG in the context of the current crisis, CEIOPS issuing the first set of advice....
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 Spring 2009
Key issues covered in this edition include:
- Ponzi / pyramid schemes;
- Meaning of 'Liable to pay damages';
- AON fine - how to deal with bribery, corruption and the FSA;
- Court of Appeal issues timely reminder on warranties.
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 Spring 2009
- Solvency II - is yours a model business?
- FSA arrows in on NEDs;
- Investing in mutuality;
- Tax opportunities for some;
- Passing the test;
- Personal effects: Steve Williams
- The devil's dictionary.
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London Loses Anti-Suit Powers |
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This February saw the European Court of Justice ("ECJ") hand down its nervously anticipated decision in the case of Allianz S.p.A. v West Tankers Inc, which largely follows the Advocate General's opinion on this case delivered last September.
Background
In August 2000, the Front Comor caused damage to a jetty in Syracuse (Italy) when it collided with it. The owners of the jetty, Erg Petroli S.p.A. ("Erg") claimed compensation from its insurers, Allianz and Generali, and commenced arbitration proceedings in London against West Tankers Inc. ("West Tankers") (the vessel owners) for the excess, in accordance with an arbitration clause in the charterparty.
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Read more... [London Loses Anti-Suit Powers]
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