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Arbitration and the Right to a Fair Trial |
June 2007
Arbitration and the Right to a Fair Trial
Article 6 of the European Convention on Human Rights ( ECHR) provides an entitlement " to a fair and public hearing within a reasonable time by an independent and impartial tribunal established by law." The issue of whether an agreement to arbitrate violates this right has been considered recently by the Court of Appeal in two cases:
Stretford v FA Ltd and another (2007 EWCA Civ 238)
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Read more... [Arbitration and the Right to a Fair Trial]
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Solvency II – The Way Ahead |
June 2007
Solvency II – The Way Ahead
In anticipation of the publication of the draft Solvency II framework directive in Summer 2007, this In-Focus provides an overview of the process towards the new regulatory regime for the insurance industry, which is expected to become effective by 2010. On release of the draft directive, we will prepare and circulate a special guide on its impact.
Introduction
In Spring 2007 the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) launched its third round of quantitive impact study (QIS III) in relation to Solvency II. By way of consultation with the insurance industry, QIS III will look at the potential effects, on both insurance undertakings and groups of undertakings, of CEIOPS' latest proposals for the assessment of technical provisions and for the calculation of a solvency capital requirement (SCR) and a minimum capital requirement (MCR).
Download (pdf)
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Changing personal injury landscape likely to affect insurers |
Spring 2007
The past few months have seen some significant developments regarding insurers liability for personal injury payments, and how those payments are to be calculated. These changes are likely to affect both liability insurers and their reinsurers.
Download (pdf)
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In the Matter of Japan Insurance Company |
April 2007
Run Off update
Whether the court should exercise its discretion to sanction an insurance business transfer scheme where policies are governed by foreign law.
In the Matter of Japan Insurance Company
Download (pdf)
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Part VII transfers - current developments |
March 2007
7 March 2007. Deloitte and Addleshaw seminar on current developments with regard to Part VII transfers
On 7 March 2007 Deloitte and Addleshaw Goddard jointly held a seminar on current developments with regard to Part VII transfers. The seminar considered circumstances where Part VII transfers can be used to shift portfolios of business, recent challenges which have been made to Part VII transfers and the role of the independent expert.
Download Seminar Slides (pdf) | Download Seminar Slides (powerpoint)
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The ABC of reinsurance disputes |
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How effective are the
current UK dispute resolution methods of litigation, arbitration, mediation and
early neutral evaluation (“ENE”)?
Are they complimentary or mutually exclusive?
What is the anatomy of a dispute that precedes these? Julian Ward, managing
director of JTW Reinsurance Consultants and director of InterResolve and
WordingsPlus, provides a bullet point Summary
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Read more... [The ABC of reinsurance disputes]
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Can Employers' Liabilities Policies be included in Schemes of Arrangement or Commutations? |
February 2007
Run Off update
Can Employers' Liabilities Policies be included in Schemes of Arrangement or Commutations?
Re T&N Ltd
Download (pdf)
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Insurance and Reinsurance Top Ten 2006 |
January 2007
Insurance and Reinsurance Top Ten 2006
Davies Arnold Cooper's insurance & reinsurance Top Ten Review for 2006 reviews what they consider to be the leading cases during 2006. The selection is, of course, subjective, but is designed to provide a taste of the current approach adopted by the courts in insurance /reinsurance claims and prevailing issues for the insurance and reinsurance markets.
Download (pdf)
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Rocking at AIRROC
The second annual AIRROC Rendez-Vous took place recently in New Jersey - where many issues surrounding run-off were aired, discussed -and sometimes resolved. Jon Guy reports.
It was a choice which met with the approval of the vast majority of delegates at the recent AIRROC Rendez-Vous in Meadowlands, New Jersey who said the ability to keep the key participants at close quarters was one of the attractions.
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Read more... [AIRROC Conference Report]
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KWELM : Most of the story |
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By Chris Hughes, joint KWELM Scheme Administrator and Corporate Advisory and Restructuring partner at Kroll Talbot Hughes, reflects on the 14 year history of the KWELM run-off.
Prospects for creditors looked pretty grim when the KWELM group of companies failed in 1992 and went into one of the largest insolvency run-offs ever undertaken in the international insurance market.
Forecasts of the ultimate payout were problematic, but "guesstimates" put the figure at between 35 and 47 per cent.
Roll forward to September 2006, when a further $140 million is being distributed, taking the total amount returned to creditors to $3,570 million.
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Read more... [KWELM : Most of the story]
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Mixing the Sidecar Cocktail |
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Origins
The sidecar is a special purpose reinsurance vehicle developed as a by-product of recent natural disasters, in particular Hurricane Katrina and Hurricane Rita. The losses suffered in the hurricane seasons of 2004 and 2005 have had a serious impact on the balance sheets of reinsurers.
In addition, there has been a sharp increase in reinsurance rates and a shortage of reinsurance capacity, mainly for reinsurers' property catastrophe exposures. Hence, these sidecars are being set up by reinsurers to maintain or expand capacity.
It is widely acknowledged that the sidecars originated in Bermuda, with the earliest being set up in the 1990's, although one or two have been set up in the Cayman Islands, including Thunderbird Re (on behalf of Lloyd's of London).
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Read more... [Mixing the Sidecar Cocktail]
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Run-off? the emergence of an industry |
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The beginnings
In the late 1980's and early 1990's the full impact of asbestos upon the insurance and reinsurance industries became evermore apparent. As a consequence, a series of insolvencies followed around the globe, leaving insurance markets, including London, in a state of disarray.
What emerged over the following decade was a new industry dedicated to bringing timely closure to troubled companies and finality to discontinued businesses. This new sector is the run-off industry.
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Read more... [Run-off? the emergence of an industry]
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Contributors to RunoffMarket.com
Addleshaw Goddard LLP
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Berwin Leighton Paisner LLP
Bovill Limited
Charles Russell LLP
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CMS Cameron McKenna LLP
Davies Arnold Cooper
Dickstein Shapiro LLP
DLA Piper UK LLP
Edwards Angell Palmer & Dodge LLP
Helix UK Limited
JTW News
KPMG LLP
LG LLP
Lovells LLP
Mills & Reeve LLP
Moore Stephens LLP
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Run-Off & Restructuring
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