Legal/ Regulatory

EU watchdog mulls increased capital oversight to tackle climate risk

Europe’s insurance watchdog is considering introducing requirements for insurers to stress-test their capital levels against long-term scenarios for climate change.

Lloyd’s tells managing agents not to deduct govt grants from Covid-19 claims

The Corporation of Lloyd’s has told managing agents not to take advantage of schemes rolled out by the UK government to reduce the amount of Covid-19 business interruption claims they pay out to policyholders.

EU insurance watchdog to prioritise pandemic cover

The European Insurance and Occupational Pensions Authority (Eiopa) has pledged to focus on developing “shared resilience solutions” for the market to ensure that businesses in the region are able to get cover against future pandemics.

UK watchdog warns brokers on post-Brexit client money safety

The UK’s Financial Conduct Authority (FCA) has warned insurance brokers that hold clients’ money with third parties based in the European Economic Area (EEA) to ensure that the funds are not at risk as the end of the Brexit transition period.

QIC denied right to intervene in FCA BI test case

QIC Europe (QEL) – the European operating subsidiary of Qatar Insurance Company (QIC) – has been denied the right to intervene in the UK City watchdog’s High Court test case over the payment of insurance claims for businesses forced to close during the coronavirus lockdown.

Panel declines BI MDLs for four insurers but combines Society cases

The Judicial Panel on Multidistrict Litigation has decided not to centralise almost 280 business interruption (BI) suits filed in US district courts against Travelers, The Hartford, Cincinnati Insurance and Lloyd’s into insurer-specific proceedings but will combine over 30 cases against Society Insurance.

Lockdown timing and trends clauses in Spotlight ahead of FCA BI hearing

The UK Financial Conduct Authority’s (FCA) test case into Covid-related business interruption claims will reopen on Friday with the High Court expected to rule on technical points of contention between the regulator and the insurer defendants.

Policyholder group adds fifth proposal to US pandemic debate

A concept suggested by a group representing commercial policyholders means that five proposals for protecting against future pandemics have now been put forward in the US, with a Federal Insurance Office (FIO) subcommittee set to hear from the developers of the various options at its next meeting in December.

QIC seeks to intervene in FCA BI test case

QIC Europe – the European operating subsidiary of Qatar Insurance Company (QIC) – has sought to intervene in the appeal process of the UK Financial Conduct Authority’s (FCA) High Court test case on Covid-related business interruption claims.

Senate passes one-year NFIP reauthorisation

The US Senate has passed a one-year extension of the National Flood Insurance Program (NFIP) as part of government funding legislation that now awaits President Donald Trump’s signature.

FCA files skeleton argument ahead of BI test case appeal hearing

The UK’s Financial Conduct Authority (FCA) has filed its skeleton argument with the High Court in an attempt to clarify some points of contention between the regulator and the defendant insurers following the judgment of its test case into Covid-19-related business interruption claims.

UK competition watchdog forces Ardonagh to u-turn on £26mn Bennetts deal

UK broking consolidator Ardonagh is to sell Bennetts Motorcycling Services to address concerns raised by the Competition and Markets Authority (CMA) during its review of the recent acquisition.

Eiopa extends Parente’s term by five years

The European Insurance and Occupational Pensions Authority (Eiopa) has extended the term of Fausto Parente, the current executive director of Europe’s insurance watchdog, for another five years.

MDL panel mulls centralising BI suits into insurer-specific proceedings

The Judicial Panel on Multidistrict Litigation has held a hearing to consider creating insurer-specific proceedings that would centralise Covid-19 business interruption (BI) lawsuits against The Hartford, Cincinnati Financial, Society Insurance, Travelers and Lloyd’s underwriters.

Florida judge denies Hartford motion to dismiss Covid-19 BI case

US insurers have now been denied at least four motions to dismiss Covid-19-related business interruption lawsuits, with a Middle District of Florida judge ruling that a gynaecologist practice’s policy from The Hartford is ambiguous despite having an exclusion.

Recent rulings signal some pain ahead in US Covid-19 BI litigation

Four rulings on motions to dismiss Covid-19 cases this week – two of which involved dental practices – show that the hundreds of cases arising from the pandemic are likely to cause some gnashing of teeth among insurers despite the industry having the upper hand.

Watchdog urged to force insurers to pay Covid BI claims

Lawyers representing a group of policyholders have written to the Financial Conduct Authority (FCA) to report that some insurers are still refusing to pay out on business interruption claims following the UK High Court’s ruling last week.

FCA outlines regulatory concerns for international firms post-Brexit

The UK’s Financial Conduct Authority (FCA) has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK post-Brexit.

SoCal Edison settles subrogation claims for 2017 wildfires and 2018 mudslides

Southern California Edison (SCE) has settled with holders of insurance subrogation claims for almost 56 cents on the dollar in the pending litigation arising from the 2017 Thomas and Koenigstein fires and the 2018 Montecito Mudslides.

US House passes bill that would extend NFIP for a year

The US House of Representatives has passed a measure to extend the National Flood Insurance Program (NFIP) through the end of September 2021 as part of government funding legislation, with the focus now turning to the Senate.

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