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 InSure October 2009
This month's roundup of developments affecting the insurance industry sees the ABI warning of the costs of Solvency II, the European Commission proposing a new insurance regulator, the FSA unveiling measures to protect PPI consumers and publishing TCF good & poor practice examples, ....
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Asbestos Litigation in France |
 September 2009
Asbestos is a substance that has been widely and lawfully used by industries, before being identified as dangerous and triggering significant litigation.
Asbestos-related illnesses have appeared later in France than compared to other countries due to the fact that French companies started using asbestos later than their foreign counterparts. While in other countries the number of patients seems to decrease, this is not the case in France where asbestos, used in a professional context is said to kill approximately 2,500 people each year with an increase of 25% every three years. Scientists estimate that the peak of mortality should occur between 2025 and 20401 and that asbestos will claim the lives of 100,000 victims in France.
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What, Never? Well, hardly ever! |
 The Court of Session judgment in Re Scottish Lion Insurance Company Limited
- When considering whether the statutory majority in value of claims (75%) has been achieved the Court's inquiry is not limited to whether the valuation is perverse or irrational and is a matter of both jurisdiction and discretion;
- The principle of "creditor democracy" would apply when a scheme is proposed in a situation where there is a problem requiring solution;
- A solvent scheme is an instance where "subject to other considerations" creditor democracy would not carry the day;
- It is incumbent on the company proposing the scheme to adduce in evidence reasons which might justify why the majority of creditors is attempting to coerce the minority.
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Insurance Reinsurance Bulletin |
 September 2009
Recent Cases and Regulatory & Legislative Developments from:
- the UK;
- the US;
- Germany;
- France;
- Spain;
- Latin America;
- and China.
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Ground-breaking ruling in proposed Scottish Lion Scheme of Arrangement
On 10 September a Scottish Court took the view that the creditors of the Scottish Lion Insurance Company Limited should be unanimous in approving a solvent Scheme of Arrangement of the company.
The view of the judge, which upheld the objections of 5 dissenting (US) creditors, has enormous potential ramifications. It threatens the whole viability of solvent Schemes of Arrangement as a mechanism for effecting planned exits from the market, or specific sectors of it, and releasing capital for re-deployment elsewhere.
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Read more... [Reinsurance Group Alert]
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InSure September 2009
This month's roundup of developments affecting the insurance industry sees the FSA explaining the status of guidance, introducing a remuneration code of practice, the IAS publishing the global reinsurance market report, ....
Download (doc)
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Client Alert 11 September 2009 |
 The Risks of Failing to Detect Fraud
Those who place and underwrite insurance on behalf of accountants will be interested in the impact of a judgment handed down by the House of Lords on 30 July 2009 in Moore Stephens (a firm) -v- Stone & Rolls Limited (in liquidation) [2009] UK HL 39 which considered whether a firm of auditors could be held liable for failing to detect a fraud committed by one of its clients. The judgment in the case has been eagerly awaited and received much media attention. This claim was described as being "...a rare and extreme case...".
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 Summer 2009
Key issues covered in this edition include:
- Lords overule the Court of Appeal in Wasa v Lexington;
- Court joins insurers to proceddings against broker;
- Master policy did not 'drop down' in respect of claim for legal costs;
- Equity Bill - age and insurance.
Download (pdf)
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House of Lords, 30 July 2009
- The House of Lords finds for reinsurers, in a ruling of strict orthodoxy and traditional insistence on the primacy of the contract terms;
- An English law facultative reinsurance contract is not to be read so as to cover damage arising outside the period of cover, even if the primary policy, governed by Pennsylvania law, is adjudged by a US court to grant such coverage;
- Reinsurers have no obligation to follow a settlement - or a judgment - that would not be covered by the reinsurance policy as a matter of law.
Download (pdf)
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Insurance Regulatory Alert July 2009 |
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The latest Regulatory Alert from Moore Stephens, designed to keep you up-to-date with the latest requlatory developments in the insurance industry.
Contents
- Changes to Financial Services Compensation Scheme (FSCS);
- Director banned for inadequate control and business wound up;
- HSBC fined over £3m for information security failings;
- New rules for Approved Person;
- CEIOPS releases its second set of advice on Solvency II Level 2: implementing measures.
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Read more... [Insurance Regulatory Alert July 2009]
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InSure August 2009
This month's roundup of developments affecting the insurance industry sees the FSA changing rules for approved persons and publishing "real life" cases, Sir Walker publishing his review on corporate governance, HM Treasury publishing its visions for the insurance industry, ....
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Client Alert 3 August 2009 |
Reinsurers breathe a sigh of relief as the House of Lords ends a year of uncertainty for the interpretation of "back-to-back" contracts - but have the Law Lords simply stored up more trouble for the future?
On the day that the House of Lords brought down the curtain on centuries of judicial law-making, the Law Lords also emphatically overturned the decision of the Court of Appeal in the case of Wasa & AGF -v- Lexington and ended another long-running legal saga - with significant implications for the London reinsurance market.
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