Legal/ Regulatory

Lloyd’s granted High Court approval for Brexit business transfer

The UK’s High Court has granted Lloyd’s approval to transfer its European insurance business to its Brussels subsidiary ahead of the UK’s departure from the EU at the end of the year.

Insurers hit out at EU’s financial services tax proposals

European insurers have criticised the European Commission (EC)’s proposed changes to the value-added tax (VAT) regime, saying the system is “outdated” and not correctly applicable to modern financial services.

FCA warns Lloyd’s/London market execs over potential Covid claims failings

The UK’s financial services watchdog has warned it will hold executives of Lloyd’s insurers to account if it finds evidence that customers with claims from the coronavirus pandemic have been treated unfairly.

Markerstudy: £185mn Co-op deal “progressing” despite 22-month PRA delay

UK MGA Markerstudy insists its agreed £185mn ($339mn) acquisition of the Co-op’s CIS General Insurance is still “progressing” despite an extraordinary 22-month wait for sign-off from the Bank of England’s Prudential Regulation Authority (PRA).

Swiss regulator to up pressure on insurer capital levels

Switzerland’s financial watchdog said it will increase its focus on insurers’ capital levels to ensure firms have sufficient reserves, as it set out its goals for the next four years.

Cleary: Reinsurers must brace for mounting Covid-19 disputes

As Covid-19-related losses creep their way up through reinsurance layers, “a number of issues” are beginning to arise and a new litigious battleground is forming.

FOIL names Newman as president

The Forum of Insurance Lawyers (FOIL) has elected Jennette Newman, partner at Clyde & Co, as its new president.

UK competition watchdog fines insurance comparison site £18mn

The UK’s antitrust watchdog has fined ComparetheMarket £17.9mn ($24mn) after finding the price comparison website had violated competition laws by stopping insurers from offering lower prices elsewhere.

Pria sponsor Maloney “open to all suggestions” on insuring pandemics

Stakeholders – including from Marsh and Chubb – have testified about the industry’s role in future pandemics at a House of Representatives subcommittee hearing, with Congresswoman Carolyn Maloney commenting that her pandemic risk insurance bill is merely a draft to be improved upon.

NRA agrees $2.5mn insurance settlement with New York regulator

The New York State Department of Financial Services (DFS) has agreed a settlement with the National Rifle Association (NRA) that includes a civil monetary penalty of $2.5mn for violations of New York insurance laws.

EC asks Aon-WTW rivals for views on $70bn+ M&A deal

More than eight months after Aon’s takeover of Willis Towers Watson (WTW) was first announced, the European Commission (EC) is canvassing rivals for their comments to outline any competition concerns, The Insurer can reveal.

Aviva mulls NED pay cut over preference share row: reports

Aviva is reportedly considering docking the pay of some of its non-executive directors in the wake of a long-running preference shares row and the insurer’s rebuke by regulators last month.

Aon-WTW file EC antitrust submission for $70bn+ deal

More than eight months after the audacious Willis Towers Watson (WTW) takeover was first announced, Aon has formally submitted its justification for the broking industry’s largest ever transaction to the European Commission (EC), The Insurer can reveal.

QBE: High Court’s BI decision adopted “wrong approach” to causation

The Commercial Court’s “misinterpretation” of disease clauses in disputed business interruption (BI) wordings has led the court to adopt a “wrong approach” to causation and needs to be rectified, the UK’s highest court has heard.

Choice and market definition key as Aon-WTW goes to the EC

Aon and Willis Towers Watson (WTW) have filed their formal submission with the European Commission (EC) to support the agreed deal within the context of EU antitrust rules, The Insurer revealed earlier today.

Australian regulator looks to revise insurer executive pay policies

The Australian Prudential Regulation Authority (APRA) is considering revising rules on the executive pay policies for the country’s largest insurers and banks following fallout from a government-backed inquiry.

Appeal: What to expect as the FCA test case heads to the Supreme Court

The September ruling in the Financial Conduct Authority (FCA)’s landmark test case will be examined in the UK’s highest court this week in a hearing set to have far-reaching consequences for both carriers and policyholders. With so much at stake and to make sense of the issues at hand, we speak to Bryan Cave Leighton Paisner LLP’s Jonathan Sacher and Richard Jennings about what the industry can expect from the Supreme Court…

Prime Insurance settles trucking case for $1mn after jury awards $412mn

Rick Lindsey-run Prime Property & Casualty Insurance (PPCI) has reached an almost $1mn resolution of a trucking case that led to a Florida jury verdict of $412mn after the insured did not defend itself.

PRA warns market on “weakening” reserves

The Bank of England’s Prudential Regulation Authority (PRA) has urged insurers to rethink reserving practices and warned assumptions may have weakened over time, particularly in the wake of the Covid-19 pandemic.