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September 2007
Reinsurance Law Update
Second Newsletter from Berwin Leighton Paisner LLP for 2007, which summarises some of the main recent insurance and reinsurance decisions in the English courts.
Follow Settlements, Brokers' Duties, Arbitration and Anti-suit Injunctions, Waiver, Hours Clause, Construction Insurance, Credit Insurance, Professional Indemnity, Subrogation, Assessment of Damages, Enforcement of Foreign Judgements.
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Helix AIRROC Panel Discussion - London Market Update |
September 2007
News from Helix
Helix/AIRROC Panel Discussion - London Market Update
Helix UK Limited in conjunction with AIRROC recently played host to a panel discussion in New York looking at the latest trends and developments in the London run-off market. Some of London's leading experts gave an insight into the key issues of 2007 and beyond. A picture of consolidation, two tier service standards, price hikes and a breakdown of traditional processes were hot on the topical agenda.
Download (pdf)
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Strategies for Discontinued Insurance Business |
September 2007
Strategies for Discontinued Insurance Business
This Norton Rose paper examines the merits and drawbacks of the strategies available to insurers wishing to discontinue a particular line of business. There are six principal strategies for dealing with discontinued business which are considered: retention of the book and run-off to expiry; outsourcing the run-off to a third party service provider; reinsurance by way of loss portfolio transfer; portfolio transfer to another carrier; and schemes of arrangement. As well as insurance companies, this paper examines Lloyd’s syndicates.
Download (pdf)
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The FSA invites comments on new arrangements for Part VII transfers |
September 2007
Run off update
The FSA invites comments on new arrangements for Part VII transfers
Part VII of the Financial Services and Markets Act 2000 ("FSMA") requires an application
made to court for an order sanctioning an insurance business transfer scheme to be
accompanied by a report by an independent expert on the terms of the scheme. The FSA also
has the right to participate in the proceedings.
Download (pdf)
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September 2007In-sure
This month's roundup of developments affecting the insurance industry includes the UK Competition Commission's Enquiry into PPI and the FSA's process guide on schemes of arrangement. Also in this issue, an AG briefing note on responsibilities of providers and distributors.
The UK Competition Commission's Enquiry into Payment Protection Insurance
The UK market for payment protection insurance (PPI) has come under fire. The Citizens Advice Bureau made a super-complaint to the Office of Fair Trading (OFT) about the unfairness of the current non-store cards related PPI offered to non-business customers in the UK. Having concluded that it had reasonable grounds to believe that certain features of PPI could prevent, restrict or distort competition, the OFT referred its enquiry to the Competition Commission in February this year.
Download (doc)
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European Commission final report: a stark warning to the insurance industry? |
September 2007
European Commission final report: a stark warning to the insurance
industry?
The European Commission (the “Commission”) has now adopted its final report
(the “Report”) on the business insurance sector enquiry. This follows
on from the interim report published on 24th January 2007, in which the Commission
highlighted a number of concerns on potentially anti-competitive practices
within the insurance and reinsurance industry.
Key Findings
The Commission’s key findings are as follows:
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Read more... [European Commission final report: a stark warning to the insurance industry?]
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Summer 2007
News from Helix
The Deal of the Decade
Speaking in public for the first time since the deal was announced, Equitas Chief Executive Officer Scott Moser addressed the Association of Run-Off Companies (ARC) yearly congress at the Merchant Taylors Hall on 27th February 2007. Mike Palmer reviews the deal and looks at what it means for policyholders, cedents, and the wider market. Mike also looks at what precedent if any, the Equitas secenario sets for tackling Lloyd's open years or post-Equitas run-off issue.
Download (pdf)
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The importance of jurisdiction and choice of law clauses |
August 2007
The importance of jurisdiction and choice of law clauses
- a European perspective
Whether you are the underwriter or policyholder, choosing the jurisdiction
for and applicable law to disputes arising out of your insurance (or reinsurance)
contract may well be seen as secondary to the more important issue of the terms
of cover, but the importance of those choices should not be under-estimated.
A good lesson in the different approaches of even mainstream insurance jurisdictions
can be had by looking at the experience of the production companies, banks,
insurers and reinsurers embroiled in the film finance saga, which has kept
the courts worldwide busy for the last seven years.
Download (pdf)
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DLA Piper Reinsurance Bulletin August 2007 |
August 2007
DLA Piper Reinsurance Bulletin August 2007
current issues, recent legal developments and court judgements relevant to the insurance and reinsurance industry.
In this issue:
- Defence of alleged settlement agreement in a reinsurance dispute - Korea
National -v- Allianz
- A defendant insured's duty to disclose details of insurance cover to a personal
injury claimant in Harcourt -v- Griffin
- "Accident" and follow settlements in Aegis -v- Continental Casualty
- Problems for carriers in dealing with agents under a binding authority in
Europ Assistance -v- Temple
- Insurers' duties regarding supervising repairs - Heap-Hammond -v- TNT
Download (pdf)
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Responsibilities of Providers and Distributors |
August 2007
Responsibilities of Providers and Distributors
In July 2007 the Financial Services Authority (FSA) published
on its website "Provider and Distributors Regulatory Guide Instrument
2007" (FSA 2007/41). The Annex to this instrument sets out the text
of the new Regulatory Guide "The Responsibilities of Providers and Distributors
for the Fair Treatment of Customers" (Guide) by which
FSA expresses its view on the various duties owned by product providers or distributors
to retail customers during the life-cycle of a product under the FSA Principles
and under detailed rules. The Guide takes into account changes to the Handbook
that have already been made or are due to come into force on 1 November 2007
with the implementation of MiFID.
Download (doc)
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Meeting the information management challenges of effective run off |
Summer 2007
News from Helix
Meeting the information management challenges of effective run-off
John West, a consultant for Helix UK based in Boston USA, points to how the various relationships between the numerous parties in run-off situations are accompanied by significant IT implications, including coping with multi-layers of information flow which began with the original insurance processes.
Download (pdf)
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August 2007In-sure
This month's roundup of developments affecting the insurance industry sees the European Commission's draft Directive for Solvency II and its call for further advice from CEIOPS. Also in this issue, the HM Treasury consults on the implementation of the Reinsurance Directive.
Insurance Claims could top £3bn
Insurers face more than £3bn of claims from the floods in June and July, forcing up the cost of insurance and raising questions about its availability, analysts have warned. The Association of British Insurers said it had received 8,000 claims from the flooding over the past 72 hours. Its initial estimate of the insurance losses from the deluge over recent days is £500m, taking total claims from the summer flooding to at least £2bn.
Download (pdf)
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