CONSTRUCTION OF EXCLUSIONS IN INSURANCE POLICIES

In Crowden and Crowden v QBE Insurance (Europe) Ltd [2017] EWHC 2597 (Comm) the Commercial Court found in favour of the Defendant insurer on the disputed construction of an "insolvency" exclusion in a professional indemnity insurance policy.  The case is… Read more

PRA proposes reforms to Solvency II regime

This article was first published on Thomson Reuters Regulatory Intelligence. The PRA has published the first of three consultation papers (CP21/17) on reforming the Solvency II regime. The consultation reflects PRA experience of working with Solvency II since its introduction in… Read more

Brexit and cross-border insurance contracts

On 14 September 2017, the UK Parliament published a letter from Nicky Morgan, Chair of the Treasury Committee, to Philip Hammond, Chancellor of the Exchequer, on insurers' ability, post-Brexit, to service insurance contracts sold under passporting arrangements with a duration that… Read more

LEGISLATING FOR THE UK’S WITHDRAWAL FROM THE EU

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

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

PRA adopts questionable approach to regulatory compliance

Recent comments made by Sam Woods, CEO of the PRA, about the PRA's approach to supervision are worrying.  A speech prepared for this year's Building Societies Annual Conference (but not actually delivered) is relevant to all authorised firms, not just… Read more

Wholesale Insurance Market Review

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

Exiting the EU – the die is cast

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

Court of Appeal considers meaning of notification wording

The Court of Appeal has upheld a decision of the Commercial Court that found an insurer could not rely on a notification condition precedent to avoid liability under a public and product liability policy. The judgment in Zurich Insurance PLC… Read more