COVID-19: Webinar series: Legal perspectives for business

We are pleased to invite you to our weekly webinar series discussing the business challenges presented by the COVID-19 outbreak. The third webinar, entitled, ‘People: the challenges being faced’, will be broadcast on 7 April 2020 and will focus on a number of the key issues currently being faced by UK employers, as well as the government support that may be available. The webinar will be chaired by James Palmer, Chair and Senior Partner of Herbert Smith Freehills, who will be joined by expert colleagues who will share their experience and views on these issues.   Read more

COVID-19 Governance: Regulatory impact for insurers

The COVID-19 pandemic is creating significant health, social and economic challenges world-wide, forcing governments and businesses to assess the impact on their people, operations and governance. Our latest "at a glance guide" considers some of the announcements made to date by EIOPA, the PRA and the FCA.  These cover a range of issues including actions that insurers should be taking to protect customers and employees, encouragement to firms to preserve capital and the extension of reporting deadlines. Our COVID-19 crisis hub aims to help our clients navigate their way through the many legal and regulatory issues that COVID-19 creates for their businesses Read more

COVID 19 – PRA and FCA guidance on key workers in financial services

The UK Government has published guidance requesting that schools and other educational institutions provide limited care for children whose parents have roles that are critical to the COVID-19 response. This includes parents working in certain financial services roles, including in the insurance sector, that are essential to the functioning of the economy (referred to as … Read more

Sporting Event Cancellation Insurance: Will it play ball or be kicked into touch?

By RICHARD LIDDELL QC, 4 NEW SQUARE AND SARAH MCNALLY, PARTNER,  HERBERT SMITH FREEHILLS This article was first published by 4 New Square here. Many events, including music, theatre, conferences and exhibitions have been cancelled or postponed in the wake of COVID-19 and more will follow. Sporting events at grassroots and professional level have also been hit hard.  The most … Read more

FCA review of outsourcing by life insurers

This post was first published on our Digital TMT and Sourcing Notes blog. On 4 March 2020, the FCA published a short set of findings from its review of outsourcing in the UK life insurance sector. Despite the review’s narrow scope, the FCA’s findings are readily applicable to other outsourcing contexts, so regulated firms outside the life … Read more

BUSINESS INTERRUPTION AND EVENT CANCELLATIONS DUE TO COVID-19 – WHAT ARE THE POSSIBLE INSURANCE IMPLICATIONS? (UPDATED 19 MARCH)

Summary COVID-19 has been affecting life and businesses around the globe. The developments over the last few days have been moving fast: the World Health Organisation declared the disease as pandemic, COVID-19 has now been categorised by various governments (including those of the United Kingdom) as a notifiable disease, the US has restricted travel from … Read more

Brexit – PRA issues guidance to insurers with legacy business

The PRA has published guidance for UK insurers on their ability to service EEA liabilities once the Brexit transition period (called the “implementation period” in UK legislation) comes to an end on 31 December 2020. In our view, the guidance is consistent with the view that “expat business” (where policies were written in the UK … Read more

New Brexit Legal Guide section available: Insurance

The updated Insurance section of our Brexit Legal Guide is now available. This provides a useful overview, amongst other things, of whether the end of the transition period: requires incoming EEA (re)insurers and (re)insurance intermediaries to apply for, and obtain, full authorisation for their UK operations; will impact UK firms wishing to conduct activities in other jurisdictions without … Read more