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Reinsurance Notes February 2010 |
 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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 InSure February 2010
This month's roundup of developments affecting the insurance industry sees CEIOPS releasing its first Level 3 Guidance on Solvency II, the FSA publishing a factsheet for general insurance providers, the Government excluding insurers from the Banking Act 2009, ....
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E-Alert: Are insureds under a duty to take care? |
One would expect insureds to act in their own best interest, and not to jeopardize their chances of recovery under an insurance contract. A couple of recent cases, however, have highlighted the limited extent of an insured's duty in this respect.
Contributory negligence
The case of Dunlop Haywards (DHL) Limited & Others v Barbon Insurance Group Limited & Others [2009] addresses the issue of contributory negligence on the part of the insured. It also provides useful guidance on the respective duties of producing and placing brokers.
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Read more... [E-Alert: Are insureds under a duty to take care?]
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LORD JUSTICE JACKSON'S COSTS REVIEW: THE FINAL REPORT - A SUMMARY
Lord Justice Jackson's Final Report following his Review of Civil Litigation Costs was published on 14 January 2010.
The areas under review canvassed in the preliminary report in May 2009 were wide ranging and raised the prospect of contingency.
Download (pdf)
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Insurance and Reinsurance Newsflash |
 15 January 2010
Pleural Plaques: Scottish Court declines to set aside legislation to make pleural plaques actionable.
Opinion of Lord Emslie
In the Petition of
AXA GENERAL INSURANCE LIMITED, and others
for Judicial Review of the Damages (Asbestos-related
Conditions) (Scotland) Act 2009 [2010] CSOH 2
Download (pdf)
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InSure January 2010
This month's roundup of developments affecting the insurance industry sees the Law Commission proposing a new consumer insurance law, the FSA consulting on standards for financial advisors and clarifying its approach to third-party capture, the ABI launching an actuarial guidance, ....
Download (doc)
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 London Market newsletter December 2009
In this month's issue:
- Lockheed Martin Group v Willis Group Ltd;
- Gard Marine & Energy Ltd;
- Dunlop Haywards & Others v Barbon Insurance Group Ltd;
- Seele Austria v Tokio Marine;
- Corus UK Ltd v Cavendish (UK) Ltd;
- QBE Insurance Europe Ltd & Amalfi Underwriting Limited v Timothy Higgins;
- A C Ward & Sons Ltd v Catlin (Five) Ltd;
- Lexington v Wasa & AGF;
- Stone and Rolls v Moore Stephens;
- Pleural Plaques Compensation - The Scottish Challenge;
- Seasons Greetings and catch up.
Download (doc)
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Litigation and Dispute Resolution |
Rome 1: EU introduces Regulation for law applicable to contracts
On Thursday 17 December the EU introduced a revision of the rules by which all courts within the EU (apart from Denmark) must decide which law applies to contractual obligations. The "Rome 1" Regulation replaces the Rome Convention of 1980, designed to harmonize conflicts of law between EU States. It must always be applied even if one or more of the parties to a dispute are based outside the EU and even where the law determined under Rome 1 is not the law of an EU State.
Rome 1 is relevant to all businesses which have any trade outside England and Wales.
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Read more... [Litigation and Dispute Resolution]
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Insurance Reinsurance Bulletin |
 December 2009
Recent Cases and Regulatory & Legislative Developments from:
- the UK;
- the US;
- Germany;
- France;
- Spain;
- Latin America;
- China; and
- Russia.
Download (pdf)
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Consumer Insurance (Disclosure and Representations) Bill |
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As part of their ongoing review of insurance contract law, the Law Commission and the Scottish Law Commission (the "Commissions") have today published the Consumer Insurance (Disclosure and Representations) Bill (the "Bill").
The Bill focuses on the period prior to the formation of the Insurance contract: Most crucially, it replaces the consumer's duty of utmost good faith with a duty to respond honestly and with reasonable care to questions asked by the insurer. Once the Bill becomes law, it will bring insurance law broadly into line with current Financial Ombudsman Service (FOS) practice.
The Bill follows on from the Consultation Paper published by the Commissions in July 2007 on the reform of insurance contract law and the summary of responses relating to consumer insurance published in May 2008.
Download (doc)
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 Winter 2009
Key issues covered in this edition include:
- LMX spiral losses recoverable on the basis of actuarial modelling;
- Ambiguity in proposal form to be construed against insurers;
- Arbitrator removed due to 'apparent bias';
- Local authorities and mutual insurance;
- Cause of action accrues when policy incepts;
- Draconian wording must be explicit.
Download (pdf)
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Client Alert 7 December 2009 |
 Unravelling the LMX Spiral?
The LMX market will be considering the recent judgment handed down in Equitas Ltd v R&Q Reinsurance Co (UK) Ltd [2009] EWHC 2787 (Comm) closely to ascertain precisley to what extent cedants can use Equitas's complex actuarial modelling technique to unravel their own spiral claims and move out of what the Judge described as the "lockdown" which has plagued it for years.
Download (pdf)
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