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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Insurance industry still falling short on embedding risk management

A recent Moore Stephens’ survey has revealed that there is still some way to go in terms of embedding risk management into the UK insurance industry, given the FSA's continued focus on the whole area of risk management in regulated firms.

The survey was designed to assess how insurance entities are managing risk today and how risk management attitudes and practice in the industry have moved since the first Moore Stephens’ survey on this subject in March 2007.

Given the emphasis placed by the FSA on senior management responsibilities, we expected a significant increase in risk management maturity, but this was not the case. Despite some improvement, our survey reveals that while risk management frameworks and responsibilities have been set and people and resources allocated in the majority of insurance businesses, risk management continues to be low on board and senior management agendas.

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:

• Terminating contracts - damages and exclusion clauses;
• More protection for directors' home addresses;
• How much warning should defendants be given where they may have to pay an additional liability to a winning claimant?
• Apportioning damages between a fraudster and the 'merely negligent' professional;
• Limitation - how the rules work in practice;
• Summaries of recent developments for those dealing with commercial disputes. 

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Quarterly outsourcing journal 

The latest edition of Berwin Leighton Paisner LLP's quarterly outsourcing journal, *work it out.

In this issue BLP cover:

• The only constant is change - varying your contract; 
• Education, education, education - an Indian perspective; 
• Cutting consequences - beware the risks; 
• A safe destination - data protection in Spain; 
• Changing times - be prepared;
• Contract killings - make sure you get it right. 

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Insurance Block Regulation Exemption

Executive Summary 

The Insurance Block Exemption Regulation (EC) 358/2003 ("IBER") will expire on 31 March 2010. Six years after its entry into force, the Commission was required to submit a report to the European Parliament and Council on its functioning, together with any proposal for amendment in light of experience (which in this instance also includes information gained as a result of the Sector Inquiry into Business Insurance). The Commission submitted its Report with an accompanying Working Document on 24 March 2009. On 2 June 2009 the Commission also held a public hearing to present its current thinking and hear further representations from the industry before deciding whether to renew or partially renew the IBER.

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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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