Category: Intermediaries

EU guidance on “no-deal” Brexit suggests increased risk Hague Convention on Choice of Court Agreements won’t apply to exclusive English jurisdiction clauses agreed pre-Brexit

May 3, 2019

The post below was first published on our Litigation blog. As we have previously noted, there is some uncertainty over whether, following a “no-deal” Brexit, EU27 countries will apply the 2005 Hague Convention on Choice of Court Agreements where an… Read more

FCA review of the general insurance distribution chain – “at a glance” guide

May 1, 2019

In line with its continuing focus on fairness in pricing and customer value, the FCA has published a thematic review on the general insurance distribution chain (TR19/2). The review contains a clear warning to firms involved in the design and… Read more

Brexit – Impact of Article 50 extension on the UK Temporary Permissions Regime

April 17, 2019

Following last week's agreement between the UK and the EU to extend Article 50 until 31 October 2019, the FCA has confirmed that it will also extend the deadline for incoming EEA firms to enter the UK Temporary Permissions Regime… Read more

New decision tree on enforcement of English judgments in the EU27 post-Brexit

April 2, 2019

The post below was first published on our Litigation blog. Amidst the ongoing uncertainties in relation to both the nature and timing of Brexit, we have published a new decision tree on enforcement of English judgments in the EU27 post-Brexit. It… Read more

FCA Brexit guidance – too little, too late?

February 28, 2019

With a month to go until the UK is due to leave the EU, FCA guidance published yesterday is too late for most UK insurers and intermediaries to change their plans. Understandably, the FCA has waited for views to be… Read more

EIOPA issues Brexit advice – some good news for UK insurers and intermediaries?

February 21, 2019

Recommendations issued on Tuesday by EIOPA emphasise the importance of safeguarding policyholders in the event of a "no deal" Brexit. Encouragement given to EEA states to help UK insurers meet their obligations to EEA policyholders is particularly welcome. In some areas, EIOPA… Read more

INSURANCE AND REINSURANCE DISPUTES ANNUAL REVIEW OF 2018 PUBLISHED

February 7, 2019

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2018, published today, which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the… Read more

Hong Kong prepares for regulation of insurance intermediaries in mid-2019 – progress to date

January 22, 2019

The Hong Kong Insurance Authority (IA) is expected to assume responsibility for regulating insurance intermediaries from around the middle of 2019. In preparation for the new regime, the IA has launched a number of public consultations on guidelines and rules. … Read more

Brexit Final Political Declaration: Nothing [new] to see here?

November 22, 2018

The Political Declaration setting out the Framework for the Future Relationship between the EU and the UK was published earlier today. On financial services (including insurance), the final declaration essentially contains the same three points as in last week’s outline… Read more

Brexit deal – what does it mean for insurers and insurance intermediaries?

November 15, 2018

Yesterday's announcements on the terms agreed for the UK's withdrawal from the EU say relatively little about the future framework for cross-border trade in goods or services. More detail is expected on this next week. The final deal remains subject… Read more

Brexit – Deal on financial services may deliver little for insurance industry

November 2, 2018

Press reports over the past couple of days suggest that a deal struck by the UK government would "give UK financial services companies continued access to European markets after Brexit" and that "UK financial companies will be able to operate… Read more

Brokers’ negligence – guidance on the scope of the duty and causation

October 22, 2018

In Dalamd Limited v Butterworth Spengler Commercial Limited [2018] EWHC 2558 (Comm), Mr Justice Butcher considered a negligence claim against the Defendant insurance broker arising out of a fire at a waste recycling facility. The insured's claim succeeded in part.… Read more

Brexit Continuity Clauses: what policyholders need to know

September 27, 2018

We have assisted Airmic to produce a guide for policyholders on Continuity Clauses, which some in the insurance market are using to prepare for the impact of Brexit. The clauses aim to provide a level of contract continuity in the… Read more

COURT OF APPEAL DECISION IN ENRC: ORTHODOXY RESTORED ON LITIGATION PRIVILEGE, BUT NARROW INTERPRETATION OF “CLIENT” REMAINS FOR NOW

September 6, 2018

The Court of Appeal has handed down its eagerly awaited decision in the ENRC appeal: The Director of the Serious Fraud Office v Eurasian Natural Resources Corporation Ltd [2018] EWCA Civ 2006. At first instance, the High Court took a restrictive… Read more

HIGH COURT RULES THAT BROKER WAS NOT IN BREACH OF DUTY IN FAILING TO PROVIDE ORAL ADVICE IN RELATION TO THE DUTY TO DISCLOSE

July 11, 2018

In holding that a broker was not in breach of duty by failing to give oral advice in relation to the disclosure of criminal convictions the Court has provided a useful reminder of the extent of a broker's duty to… Read more

Near-final rules for extension of SMCR to insurers and brokers published

July 4, 2018

Near-final rules for the extension of the Senior Managers & Certification Regime (SMCR) to all financial services firms, including insurers and insurance intermediaries, have been published today by the PRA and the FCA. The FCA has also confirmed that the… Read more

EIOPA issues second warning about the impact of Brexit on insurance contracts

July 3, 2018

EIOPA has published an opinion and FAQs emphasising the need for insurers and insurance intermediaries to explain to policyholders how Brexit will affect their insurance cover. At first sight, EIOPA's comments appear to reinforce concerns that political compromise cannot be… Read more

PRA AND FCA CLARIFY IMPACT OF BREXIT TRANSITION FOR INSURANCE SECTOR

April 5, 2018

Recent announcements made by the PRA and FCA clarify their approach to Brexit following the European Council's agreement to a transition period for the UK's withdrawal from the EU. In particular, insurers, insurance intermediaries and other financial services firms have… Read more

INSURANCE AND REINSURANCE DISPUTES ANNUAL REVIEW 2017 PUBLISHED

February 8, 2018

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2017, published today, which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the… Read more

Delay to IDD start date/Guidance on UK approach to Brexit

December 20, 2017

Delay to IDD start date The EU Commission published draft legislation today (in the form of a proposed Directive and a proposed Delegated Regulation) to delay the IDD start date to 1 October 2018. It has agreed to requests for… Read more

LEGISLATING FOR THE UK’S WITHDRAWAL FROM THE EU

August 14, 2017

The European Union (Withdrawal) Bill was published by the Government in July 2017 and is the key piece of UK domestic legislation that will implement Brexit. Repeal of the European Communities Act: The principal purpose of the Bill is to… Read more

FCA CONSULTS ON EXTENDING THE SMCR TO INSURANCE INTERMEDIARIES

August 7, 2017

The FCA has published proposals to extend the Senior Managers and Certification Regime (SMCR), which already applies to banks, to other financial services firms. The new rules, which are designed to make individuals more accountable for their actions, will affect… Read more

New right to claim damages for late payment of insurance claims comes into force this week

May 2, 2017

New provisions in the Enterprise Act 2016 ("the Act") which give policyholders a potential right to claim damages in the event of late payment of insurance claims, come into force this week on 4 May. The new law will apply… Read more

FCA publishes its Business Plan for 2017/2018, Mission and Sector Views

April 26, 2017

The FCA has published its Business Plan for 2017/2018, setting out details of the specific areas of work the FCA is prioritising for the next year, as well as key trends in, and implications for, the markets and firms regulated… Read more

Wholesale Insurance Market Review

April 21, 2017

In its 2017/18 Business Plan, released on 19 April 2017, the FCA set out its intention to undertake a market study of the wholesale insurance market. According to its Sector Views, the FCA divides the General Insurance and Protection (GI&P)… Read more

Legislating for the UK’s withdrawal from the EU – the Government’s White Paper on the Great Repeal Bill

March 30, 2017

On 30 March 2017 the UK Government published its White Paper on the Great Repeal Bill: Legislating for the United Kingdom's withdrawal from the European Union. The principal purpose of the Great Repeal Bill will be to repeal the European… Read more

Exiting the EU – the die is cast

March 29, 2017

On Wednesday 29 March 2017, the UK Prime Minister, Theresa May, gave notice under Article 50 of the Treaty on European Union (TEU)("Article 50") of the UK's intention to leave the EU. This means, almost certainly, that two years from… Read more

Insurance and Reinsurance Disputes Annual Review 2016 published

February 9, 2017

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2016, published today, which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the… Read more

Reminder to brokers of the need to advise insureds on policy terms

January 25, 2017

In RR Securities Ltd v Towergate Underwriting Group Ltd [2016] the Court held a broker liable for failing to advise its insured client that certain safety precautions were required by insurers as a condition precedent to cover under a property… Read more

Brexit – Implications for insurance intermediaries

September 21, 2016

Following the UK referendum on EU membership, businesses have no alternative but to prepare for the UK's exit from the EU. Our "at a glance" guide highlights over two pages some key issues raised by the UK's withdrawal from the EU… Read more

Insurance Act 2015 comes into force today

August 12, 2016

Today marks the day that the Insurance Act 2015 (the "Act") comes into force. This is the most significant reform of UK insurance law in over 100 years. From today, the Act will apply to all new insurance and reinsurance… Read more

Better rights against insurers of ‘insolvent’ entities – finally here

July 28, 2016

A key question in any litigation is whether the defendant can satisfy a judgment. Where the defendant is both insolvent and insured a further issue is whether the claimant can ultimately recover payment from the insurer. This may be possible… Read more

Getting insured values wrong under the Insurance Act 2015: can insurers avoid the policy, apply average or even ‘double-dip’ with proportionate remedies?

July 25, 2016

Property and business interruption insurance policies commonly include an average clause permitting the insurer proportionately to reduce the value of the claim for underinsurance. The Insurance Act 2015 provides the insurer with proportionate remedies for breach of the duty of… Read more

New right for policyholders to claim damages for late payment of insurance claims

May 5, 2016

The Enterprise Act 2016 ("the Act") received Royal Assent yesterday. Among other reforms, the Act changes English law's approach to remedies for late payment of insurance claims and now gives policyholders a potential right to claim damages in the event… Read more

Insurance and Reinsurance Disputes Annual Review 2015 published

February 11, 2016

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2015, published today, which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the… Read more

High Court construes “in any way involving” in liability policy

February 10, 2016

The High Court has held that the words "in any way involving any act, error or omission" before a certain date in an exclusion clause in a professional indemnity policy meant "indirectly caused by". The act, error or omission must… Read more

9 months to go: How ready is the market for the Insurance Act 2015?

December 1, 2015

With just 9 months to go until the Insurance Act 2015 comes into force, how ready is the market? A recent survey carried out by Airmic among its members has revealed that: Only 53% of respondents believed they were prepared… Read more

A “blot on English insurance law”

October 7, 2015

Insurers successfully avoided a policy on the grounds of inadvertent non-disclosure. The High Court commented on the different outcome that would have been available under the Insurance Act 2015 which comes in to force in August 2016, remarking that the… Read more

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