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Recent proposals to amend insolvency rules applying to insurers aim to enhance and clarify existing powers for a court-ordered write-down of an insurer’s policy and other contractual liabilities under section 377 FSMA. Other proposed measures include: a moratorium on certain contractual termination rights in service contracts and financial contracts to which insurers are party; a … Read more
Diversity and inclusion (D&I) has featured heavily in speeches by our UK regulators in recent months. The FCA, PRA and Bank of England (the regulators) have now published a discussion paper (DP21/2) which aims to kick-start discussion on how the financial services sector, with the help of the regulators, can “accelerate the pace of meaningful change” … Read more
With three UK based InsurTech companies earning “unicorn” status in 2021, the UK InsurTech market has the potential to be one of the most dynamic in the world. However, investment and impactful innovations in the insurance sector have so far been primarily focussed on small business and personal lines, as well as improving the efficiency … Read more
On 28 June 2021, the European Commission adopted two decisions confirming the UK as an adequate jurisdiction for GDPR and Law Enforcement Directive purposes. As the interim data transfer window under the Brexit Trade Agreement expired on 30 June, this was just in time to allow the uninterrupted free flow of personal data from the European Union to … Read more
In what is now the leading authority on the application of the decision in South Australia Asset Management Corpn v York Montague Ltd [1997] AC 191 (SAAMCO), the Supreme Court has held that a mutual building society’s claim for damages for economic loss fell within the scope of its auditor’s duty of care in giving (admittedly) negligent … Read more
The FCA has implemented a package of remedies to address problems identified in its market study looking at pricing practices in home and motor insurance markets. “Price walking”, a practice which means that existing customers can pay considerably more at renewal of their policies than new customers for the equivalent cover, will be prohibited. Read more
The Court of Appeal has dismissed the insurer’s appeal in Zurich Insurance Plc v Niramax Group Ltd [2021] EWCA Civ 590. Upholding the first instance decision of Cockerill J (discussed in our earlier blog post here), the Court of Appeal held that the insured’s non-disclosure of material facts had not induced the insurer to renew … Read more
On 23 April 2021 the Supreme Court handed down its judgment in Burnett or Grant (Respondent) v International Insurance Company of Hanover Ltd (Appellant) (Scotland) [2021] UKSC 12, a Scottish case regarding the application of a ‘deliberate act’ exclusion in the context of a public liability policy and a death caused in the business of … Read more
A recent decision of the Court of Appeal has clarified the approach that English courts should take to retained EU law following the UK’s withdrawal from the EU. The case concerned the interpretation of an EU regulation which until 31 December 2020 (“IP completion day“) had direct effect in the UK but which now applies … Read more
