The FCA has published a consultation paper (CP20/20) describing its approach to the authorisation of international firms.  In the context of Brexit, the FCA’s comments will be relevant to firms (including insurers and insurance intermediaries) who have established EEA hubs to mitigate the loss of passporting rights, while continuing to conduct some of their activities … Read more

Re Legal and General Assurance Society Ltd and another company [2020] EWHC 2299 (Ch) On 7 September 2020, the mature-savings business (the “Business”) of Legal and General Assurance Society Limited (“LGAS”) transferred to ReAssure Limited (“ReAssure”). That transfer was the result of an agreement signed in December 2017, under which ReAssure agreed to purchase the … Read more

With UK/EU deal negotiations in the balance and a no-deal scenario still possible, a panel of experts from Herbert Smith Freehills, the Financial Conduct Authority and McCann FitzGerald (for the Ireland perspective) will review the current state of play on Brexit and what comes next for the regulation of cross-border financial services. The webinar will take place between 2-3pm on 23 July 2020. Read more

Aspen Underwriting Ltd & Ors v Credit Europe Bank NV [2020] UKSC 11 In Aspen Underwriting Ltd & Ors v Credit Europe Bank NV (full judgment available here), the Supreme Court recently held that the High Court of England and Wales did not have jurisdiction to hear claims of fraudulent misrepresentation and/or restitution made by … Read more

Endurance Corporate Capital Limited v Sartex Quilts & Textiles Limited [2020] EWCA Civ 308 The Court of Appeal recently dismissed the insurer’s appeal in Endurance Corporate Capital Ltd v Sartex Quilts and Textiles Ltd (click here for the full judgment). Upholding the first instance decision of David Railton QC sitting as a deputy High Court … Read more

Now that W&I has been so widely used for a number of years, a body of notifications and claims is building. Most insurers and brokers prepare claims activity reports, with convergence of experience suggesting that there are notifications to around 20% of policies. Given that alternative dispute resolution or arbitration may be deployed there is … Read more

In Niramax Group Ltd v Zurich Insurance Plc [2020] EWHC 535 (Comm) the High Court held it was material to the assessment of a risk under an all risks contactors’ mobile plant policy (the “Policy”) that the insured had failed to disclose the fact that risk requirements concerning a separate buildings policy remained outstanding and that special terms had been imposed. Read more

The PRA and FCA have set out their expectations for UK-regulated firms under the Senior Managers and Certification Regime ("SMCR") in the light of the COVID-19 outbreak. A joint statement from the PRA and FCA applies to dual-regulated firms, while the FCA has published a separate statement for solo-regulated firms. Read more