Insurance & Professional Risks Annual Review published

    We are pleased to share with you our Insurance & Professional Risks Annual Review of 2022 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

    Court of Appeal considers presumption of proximate cause in exclusion

    In Brian Leighton (Garages) Limited v Allianz Insurance Plc [2023] EWHC 1150 Civ 8 the Court of Appeal construed the wording of a pollution exclusion and determined that it applied narrowly and only where pollution (or contamination) was the proximate cause of the damage. The case concerned a fuel leak which contaminated the insured property. … Read more

    Court considers whether contractual provision prohibiting assignment can prevent insurer’s subrogation rights

    In Dassault Aviation SA v Mitsui Sumitomo Insurance Co Ltd [2022] EWHC 3287 (Comm) the court considered whether a contractual prohibition on assignment of a contract encompassed a transfer of subrogation rights to an insurer by operation of Japanese insurance law. The judge reached her conclusions with “an unusual degree of hesitation” and noted that … Read more

    Introducing a UK Insurer Resolution Regime

    HM Treasury unveiled yesterday its long awaited consultation paper for a new Insurer Resolution Regime (“IRR“) with the consultation set to run until 20 April 2023. The management of UK (re)insurers in financial difficulty is currently handled through a mixture of standard corporate and (re)insurer-specific insolvency arrangements. Proposals to amend the existing insolvency arrangements for … Read more

    FCA review of Consumer Duty implementation plans – the good and the bad

    The FCA’s review of firms’ progress on implementing the Consumer Duty contains some important guidance for firms to follow in the lead up to 31 July 2023. Key areas to focus on Effective prioritisation – firms need to prioritise appropriately, focussing on reducing the risk of poor consumer outcomes and assessing areas where firms are furthest away from … Read more

    UK insurance regulation: looking ahead to 2023

    2022 proved to be as busy for insurance firms and regulators as we predicted last January. Yet more change can be expected in 2023. In Brexit-related news, the Treasury is taking forward plans to change the UK’s Solvency II regime. Its announcement coincided with the Autumn statement, signifying the importance attributed to Solvency II reforms … Read more

    FCA consults on gateway for firms approving financial promotions for unauthorised persons

    The FCA has set out its plans to operate a new gateway for the approval of financial promotions (CP22/27). Who could be affected? Firms which approve financial promotions for unauthorised firms should review and consider these proposals carefully. Unauthorised firms which currently rely on authorised firms to approve their financial promotions should also consider how … Read more

    HM Treasury announces final reform package following review of Solvency II

    A version of this article was first published on Thomson Reuters Regulatory Intelligence. The Treasury’s plans to reform Solvency II have entered their next phase after it published the results of its April 2022 consultation. This coincided with its Autumn statement, signifying the importance attributed to Solvency II reforms within the Government’s wider plans to … Read more