Legal/ Regulatory

Convex obtains reciprocal jurisdiction reinsurer status in US

Convex has announced that its UK insurance company and reinsurance unit have received regulatory approval to operate as a reciprocal jurisdiction reinsurer in the US from 1 January 2022.

FCA pushes ahead with decision-making reforms

The UK’s Financial Conduct Authority has moved forward with changes to its decision-making process despite industry concerns over a possible lack of fairness and objectivity.

London FOIL names Birketts’ Coull as president

The London Forum of Insurance Lawyers has appointed Gavin Coull as president to lead the organisation next year.

UK’s lifeboat fund forced to step in following MCE collapse

The UK Financial Services Compensation Scheme has been forced to step in and protect policyholders after Gibraltar-based MGA MCE Insurance Company Ltd collapsed into insolvency.

Cali commissioner Lara mandates FAIR Plan to raise commercial coverage limits

California insurance commissioner Ricardo Lara has ordered the FAIR Plan to increase its commercial property limits to $8.4mn and business owner’s policy (BOP) limits to $7.2mn after the Golden State’s residual insurer failed to respond to his October request to submit a revised plan of operation to raise its protection levels.

Unico American delays Q3 filing amid independent investigation

California-based insurance holding company Unico American has delayed filing its third quarter 10-Q after its board’s audit committee launched an independent investigation of a deficiency in funds held by subsidiary Unifax Insurance Systems for the benefit of program carrier Crusader Insurance Company, which was recently placed into run-off.

Louisiana carriers State National Fire and Access Home set for receivership

Louisiana Insurance Commissioner Jim Donelon has filed injunctions against State National Fire Insurance Company of Baton Rouge (State National Fire) and Access Home Insurance Company of New Orleans to put the carriers into receivership in response to heavy Hurricane Ida losses.

Good news on the regulatory front but old habits die hard

In February 2019, London’s insurance broking grandees were getting twitchy. Word was out that the regulator Financial Conduct Authority (FCA) was to finally publish its findings into an exhaustive, sixteen month review into wholesale brokers’ business practices.

UK regulators to focus on competitiveness as well as rules

The UK Government has unveiled plans to reform the country’s financial regulatory regime in a move that will force regulators to have a greater focus on growth and international competitiveness after Britain’s exit from the European Union (EU).

LMA issues guidance to help market prepare for FCA pricing reforms

The Lloyd’s Market Association (LMA) has issued new rules designed to help insurers and intermediaries deal with a potentially “unmanageable administrative burden” caused by a Financial Conduct Authority’s (FCA) shake-up to industry pricing practices.

Sixth Circuit hands insurers another Covid-19 BI win in preschools’ appeal

The Court of Appeals for the Sixth Circuit has affirmed Philadelphia Insurance Companies’ win in a Covid-19 business interruption (BI) brought by 16 Ohio-based private preschools, marking that court’s third such ruling and eighth consecutive win for insurers in federal appeals in the US.

Rep. Maloney reintroduces Pandemic Risk Insurance Act

Congresswoman Carolyn Maloney has reintroduced the Pandemic Risk Insurance Act of 2021 (PRIA), which would create a backstop for pandemic risk, in the House of Representatives.

APCIA’s Gordon: “Hard to see” Congress tackling future pandemic risk issue

Congress is unlikely to make progress on legislation to address future pandemic risk any time soon despite several concepts suggested by the insurance industry, according to Robert Gordon of the American Property Casualty Insurance Association (APCIA), who added that the threat of retroactive business interruption (BI) legislation has also receded.

APCIA panel: Florida tort reform still needed as fears mount over other states

Litigation reform remains a real need in Florida despite attempts to control excessive and “outrageous” attorney fees, with concerns mounting that similar issues are now presenting themselves in states such as Louisiana and California, according to participants on a panel at the American Property Casualty Insurance Association (APCIA) conference.

APCIA’s Sampson warns of looming “trouble” from public policy miscalculations

David Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA), has issued a warning over the challenges facing the US insurance industry in the opening address of the association’s annual meeting in Denver, Colorado.

RPC: Hard market shifting balance of power on policy wordings

In an in-depth interview Simon Laird, global head of insurance at RPC, examines current market trends and highlights how the hard market has shifted demand for legal services

UK government launches review into stuttering ILS framework

HM Treasury is currently undertaking a review into the modest uptake of the UK’s onshore ILS regime after it was launched to great fanfare four years ago.

Insurers spared IPT hike as industry welcomes Sunak’s tax reforms

UK Chancellor Rishi Sunak has spared insurers a feared rise in insurance premium tax (IPT) while unveiling a series of new measures in a Budget designed to get the UK economy back on track, with insurers also welcoming clarity on new tax reforms.

FCA greenlights member vote on Bain takeover of insurer LV=

The UK’s Financial Conduct Authority has said it will not move to stop insurer LV= from proceeding with the controversial sale of its pensions and life insurance business to US private equity company Bain Capital.