As part of its aim to achieve 'credible deterrence' the FSA has recognised that action against individuals has a much greater impact in terms of deterrence than action against firms and has therefore made a strategic decision to investigate more individuals.

The evidence speaks for itself, already in 2009 there have been 6 enforcement actions in which individuals have been found culpable.

The aim of this briefing is to highlight the key obligations for individuals who become approved persons and highlight the risk of enforcement where such individuals do not fulfil their regulatory responsibilities.

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 InSure February 2009

This month's roundup of developments affecting the insurance industry sees the FSA starting to regulate connected travel insurance, publishing a clarification of ICOBS requirements and proposing changes to GABRIEL, the insurance industry urging to delay the disclosure of complaints, CEA setting out key issues arising from QIS4 ....

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Allianz SpA & General Assicurazioni Generali SpA v West Tankers Inc. 

Court of Justice of the European Communities (Grand Chamber) - 10 February 2009

The European Court of Justice (ECJ) has ruled that anti-suit injunctions granted by the Court of one Member State to prevent proceedings commenced before the court of another Member State, on the grounds that the parties are subject to an existing arbitration agreement, is contrary to existing EC Law.

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The European Court of Justice strikes a blow for the London insurance and reinsurance market

London's standing as a centre for international arbitration may be threatened by a recent ruling of the European Court of Justice.

It means that parties who commonly contract to settle any disputes through arbitration in London may instead be dragged into expensive litigation in other, unfamiliar EU jurisdictions.

London's standing as a centre for international arbitration may be threatened by a recent ruling of the European Court of Justice.

On 10 February 2009, the ECJ ruled that the English courts may not prevent a party starting or continuing court proceedings in another EU Member State, even if such proceedings are in breach of an arbitration agreement. It is for the courts of the Member State in which the proceedings have been issued to decide if they have jurisdiction, the ECJ said.

Reinsurance negotiations: parties bound as soon as slip policy is approved by email

Allianz Insurance Company Egypt v Aigaion Insurance Company SA [2008] EWCA Civ 1455

In this recent case, the Court of Appeal (the "CA") had to consider whether a contract of reinsurance negotiated by email (the "Reinsurance") had been concluded. At first instance the court had found in favour of the claimant reinsured ("Allianz") on the basis that a payment warranty (the "Payment Warranty"), which was central to the dispute, had not been incorporated into the Reinsurance (see E-alert 16 September 2008).