Tag Archives: insurance

Financial firms: protecting customer personal data

A recent case provides a rare example of the criminal prosecution of an individual (in this case the former employee of an insurer) for breach of the Data Protection Act 1988 (DPA).  David Barlow Lewis was a former employee of … Continue reading

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Filed under Europe, European Regulation, FSA, FSA Rules, Insurance, Sector Updates by Herbert Smith Freehills, UK, UK Legislation, UK Regulations, Uncategorized

Mitigating cyber security exposures: risk transfer through cyber insurance

Now may be the time to review your cyber risk mitigation strategy and give serious consideration to whether the financial cost of cyber attacks could be transferred to insurers at a fair price. Cyber security is amongst the leading risks … Continue reading

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Filed under Americas, Asia, Australia, Europe, JURISDICTIONS, UK

Authorising third country insurance firms: has the Commission got it wrong?

Geoff Maddock, partner Email | Profile tel: +44 20 7466 2067 mobile: +44 7785 255016 By Geoff Maddock, corporate insurance partner Commission view on authorisation In July 2015 a Commission official expressed a controversial view on when third country insurance … Continue reading

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Filed under Europe, Insurance, UK, UK Legislation, UK Regulations, Uncategorized

FCA expresses concern over use of delegated authorities in general insurance

A recent FCA report on the use of delegated authorities in general insurance serves as a warning to insurers, in particular, to look carefully at whether current arrangements are “fit for purpose”.  Where they are not, changes must be made.  The FCA … Continue reading

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Filed under UK

UK: Insurance Act receives Royal Assent

The Insurance Act has today received royal assent, paving the way for the most significant change to English insurance contract law in over 100 years.  The Act will come into force in August 2016 following an 18-month lead in period. 

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Filed under Insurance, UK, UK Legislation

Insurance Regulation in 2015

So many developments are in the pipeline that we expect 2015 to be a landmark year for the insurance sector.  In this briefing, we consider how regulation may develop over the year.  We start by considering the prudential side and … Continue reading

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Filed under EU, Insurance, UK

UK Insurance Bill introduced to Parliament aims to modernise business insurance law

Following publication of the report of the Law Commissions of England and Wales and of Scotland, making recommendations for reform to modernise business insurance law, the Government has introduced an Insurance Bill to Parliament which includes the majority of those … Continue reading

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Filed under Draft Legislation, Insurance, UK, UK Government

EU: Solvency II – a guide to the legal process and next steps

Last November’s announcement that Omnibus II negotiations had, at last, come to an end means that insurers and reinsurers must now focus on what they need to do before 1 January 2016 to prepare for Solvency II.  Relatively little of the … Continue reading

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Filed under EU, Europe, European Regulation, Insurance, UK

UK: the FCA’s thematic review of insurance claims processes

In a speech on the growth of UK insurance entitled “Meeting the growth challenge”, Martin Wheatley, Chief Executive of the Financial Conduct Authority (FCA), announced the launch of a thematic review of the claims process in the insurance market.  Although this review will … Continue reading

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Filed under FCA, Insurance

Court of Appeal decides extended warranties are regulated insurance products

Re Digital Satellite Warranty Cover Limited There has been legal uncertainty about whether extended warranties on consumer goods might be regulated insurance products, falling under regulation of the Financial Services Authority (“FSA”). The Court of Appeal has now decided they … Continue reading

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Filed under Commercial Litigation, FSA Rules, JURISDICTIONS, UK