Tag Archives: insurance
Hong Kong Insurance Authority prepares for direct regulation of insurance intermediaries in mid-2019 – what is the progress so far?
It is anticipated that in around mid-2019, the Insurance Authority (IA) will take over the regulation of insurance intermediaries from the three self-regulatory organisations (SROs). In preparation for the commencement of the new regime, the IA has launched several public consultations … Continue reading
Following President Trump’s decision on May 8, 2018 to withdraw the United States from the Joint Comprehensive Plan of Action (“JCPOA”), the US government announced that it would re-impose pre-JCPOA nuclear-related Iran sanctions (both primary and secondary) that were lifted … Continue reading
How far can a sanctions clause protect a party from having to perform their contractual obligations – and in the case of Iran-related sanctions concerns, how does this interact with the Blocking Regulation? In Mamancochet Mining Limited v Aegis Managing Agency … Continue reading
With effect from 26 June 2017, the independent Insurance Authority (IA) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (OCI) in regulating insurers. The IA will be a much more powerful regulator than its predecessor, … Continue reading
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
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
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
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
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.