Insurance and Reinsurance Disputes Annual Review 2020

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2020, published today, which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the insurance and reinsurance market. Read more

FCA confirms proposals to prohibit “price-walking”

The FCA’s Final Report on general insurance pricing practices concludes that retail home and motor insurance markets are not working well for all consumers and confirms proposals to prohibit “price walking”. The FCA’s reforms include the following key changes: Firms will be prohibited from imposing a “loyalty penalty” on customers at renewal of their policy. … Read more

Beyond Brexit – what now for insurers’ legacy business?

As expected, the terms of the trade deal agreed between the UK and the EU on 24 December 2020 mean that Solvency II passporting rights are no longer available to UK insurers wishing to conduct insurance business in the EEA. For UK insurers with policyholders in EEA States, this creates a particular concern that they … Read more

Court of Appeal overturns refusal to approve Prudential/Rothesay Life transfer

The Court of Appeal has today allowed an appeal from Mr Justice Snowden’s refusal to approve the transfer of some 370,000 annuities from The Prudential Assurance Company Limited to Rothesay Life plc. The court has confirmed that there were errors in Mr Justice Snowden’s approach to the exercise of the court’s discretion on insurance business … Read more

FCA consults on approach to authorising international firms

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

Practical implications of the ReAssure/Legal & General Part VII judgement

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

Upcoming webinar: Financial services – Update and preparations for no-deal

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