Legal/ Regulatory

Almost 2.4mn policyholders protected by California wildfire moratorium

A total of 2.4 million California policyholders are now included in the mandatory one-year moratorium preventing insurance companies from non-renewing or cancelling residential property coverage due to last year’s wildfires.

Industry slams “no use to us” Brexit trade deal

The UK (re)insurance sector has voiced concerns that the post-Brexit trade deal will be of “no use” to the financial services sector once UK firms lose their European passporting rights on 1 January.

BaFin issues new rules as UK (re)insurers lose EU passporting rights

Germany’s Federal Financial Supervisory Authority (BaFin) has issued new rules preventing UK-headquartered (re)insurers from carrying out cross-border activities in Germany after the Brexit transition period ends.

ICA welcomes reform in wake of Northern Australia insurance inquiry

The Insurance Council of Australia (ICA) has urged the federal government to push forward with reforms to alleviate the tax burden on consumers living in areas with greater exposure to natural disasters.

Altmaier takes NAIC presidency for 2021

Florida insurance commissioner Dave Altmaier will hold the position of president of the National Association of Insurance Commissioners for 2021 as one of the regulatory body’s officers elected at its Fall 2020 national meeting earlier this month.

Zurich’s Naidu steps down as chair of FCA practitioner panel

Zurich UK’s outgoing CEO Tulsi Naidu is to step down as chair of the Financial Conduct Authority (FCA)’s independent practitioner panel.

BaFin: Brexit trade deal has only “limited” financial services impact

The German regulator warned this morning that the last-minute post-Brexit trade deal, penned by the EU and the UK on Christmas Eve, has only a “limited” application to financial services.

Arrowood Indemnity sues to avoid Diocese of Brooklyn abuse payouts

The former US business of RSA now in run-off has filed a federal lawsuit arguing it should not have to cover settlements with victims who claim they were sexually abused by priests from the Diocese of Brooklyn because the church had allegedly covered up the incidents at the time.

Eiopa launches consultation on ORSA revisions to factor in Covid-19 impacts

Europe’s insurance supervisor has launched a consultation on the Own Risk Solvency Assessment (ORSA) tool used by (re)insurers within solvency risk assessment to determine whether this needs to be revised in light of Covid-19.

Brazil to welcome ILS business from January after formalising framework

Brazil will welcome the formation of insurance-linked securities (ILS) structures from 4 January 2021 after the country’s regulator SUSEP formalised its framework for the instruments.

Arch receives approval for Brexit Part VII transfer

Arch Capital has received approval for the Part VII transfer of its EU business from its UK subsidiary to its Irish operations.

EC confirms “Phase II” review of $70bn+ Aon-WTW deal; Aon says still confident of H1 2021 closure

Aon says it still remains on track to complete its acquisition of Willis Towers Watson in H1 2021 despite the European Commission (EC) announcing today that it has initiated a “Phase II review” of the transaction, which increases the likelihood that it may insist on changes to the deal structure including potential divestitures.

Lloyd’s to impose capital loadings if electronic trading targets are not met in 2021

Lloyd’s has set out plans to impose capital loadings if managing agents fail to meet electronic trading targets in 2021.

Louisiana court hears arguments in first US Covid-19 BI trial

A Louisiana state court this week heard arguments in the Cajun Conti business interruption (BI) lawsuit, a dispute involving Lloyd’s underwriters and New Orleans restaurant Oceana Grill that is viewed as the first such case filed in the US and the first one to go to trial.

Insurers voice concern on Solvency II proposals ahead of 2021 legislative update

Europe’s insurance supervisor has called for ‘evolution rather than revolution’ of the Solvency II framework in its advice to the European Commission ahead of expected legislative proposals to amend the directive in 2021.

Former Argo CEO Watson agrees $450,000 settlement with SEC

Former Argo chief executive Mark Watson is to pay $450,000 in a settlement with the Securities and Exchange Commision (SEC) over the failure to disclose $5.3mn of perquisites and personal benefits he received from the Bermudian (re)insurer between 2014 and 2018.

Bank of England tells insurers to set out “orderly failure” plans

The Bank of England has called on insurance bosses to prove their firm could collapse without damaging the UK economy, as the watchdog sets out plans to enhance market resilience in the wake of the coronavirus pandemic.

EU set to launch “full-scale investigation” into $70bn+ Aon-WTW deal

Any delay to the Aon-Willis Towers Watson (WTW) combination will likely lead to “more talent outflow” from the two brokers, KBW has warned following reports that EU antitrust regulators are to open “a full-scale investigation” into the deal.

Supreme Court will not hand down BI test case judgment before January 2021

The UK’s highest court will not deliver judgment on appeal arguments in the Financial Conduct Authority (FCA)’s test case over disputed business interruption (BI) claims before January 2021, the regulator has confirmed.

FCA to examine how presence of Covid-19 can be proved following High Court BI judgment

The UK’s Financial Conduct Authority (FCA) has launched a consultation and draft guidance to help policyholders, insurers and intermediaries judge how the presence of Covid-19 may be proved in a particular area.

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