Legal/ Regulatory

Failed Gefion appoints liquidators

The Danish Financial Services Authority (DFSA) has confirmed that Gefion Insurance formally entered into liquidation on 13 July.

FCA seeks to impose risks on industry which it never agreed to bear: Hiscox

The UK’s Financial Conduct Authority’s assumption that losses arising from the coronavirus pandemic are covered by insurance seeks to “impose” a risk that the industry had never agreed to bear, Hiscox will argue in its defence during the FCA-led test case which begins next week.

Failed insurers land FSCS with £126mn bill

The UK’s financial services lifeboat fund paid a total of £126mn ($153.5mn) in compensation to customers of failed insurance firms during the 2019/20 fiscal year.

PRA looks to extend management conduct pressures on insurers

UK regulated insurers will be required to provide greater detail of how senior managers and executives breached conduct rules and any disciplinary action taken rather than simply notifying the regulator that an offence has occurred, the Bank of England’s Prudential Regulation Authority (PRA) has proposed.

APCIA to advocate for BCPP in meetings with House members

American Property Casualty Insurance Association (APCIA) members will meet virtually with members of the House Financial Services Committee over the next two weeks to advocate for its Business Continuity Protection Program (BCPP) pandemic proposal.

CII: UK policyholders struggle to afford premiums

Six in 10 insurance professionals have been contacted by customers who can no longer afford their premiums, according to the Chartered Insurance Institute (CII), as insurers continue to face regulatory pressure to alleviate customer premium pressures and maintain coverage during the Covid-19 pandemic.

Arch names Shulman North America general counsel

Arch Insurance has a new general counsel for its North American operations with Regan Shulman replacing Patrick Nails in the role.

Insurers claim to have tackled dual pricing ahead of FCA review

The Association of British Insurers (ABI) has said the sector has implemented measures to tackle the “excessive” disparity in pricing between new and existing customers ahead of a review by the UK’s Financial Conduct Authority (FCA).

Chubb adds heavyweight voice to US pandemic backstop debate

Chubb’s release of its proposal for protecting against future pandemics could serve to restore momentum to an issue that appeared to have stalled, providing a middle ground between the two proposals already out there.

Congressman Thompson introduces another retroactive BI bill

Representative Mike Thompson has introduced new legislation under which insurers could voluntarily pay certain Covid-related claims and get reimbursement from the federal government, with industry associations stating the bill would “undermine the entire system of contracts”.

Eiopa warns insurers over Covid-19 impact on product value

The European Union’s supervisory body has warned member states’ carriers to offer remedial action to customers over insurance products that have been affected by Covid-19.

RSA fights back in shareholder suit

London-listed RSA told the UK’s High Court its senior management team had no knowledge of an accounting scandal at its Irish subsidiary as the insurer seeks to fend off a legal suit brought by a number of investors over the fall in the carrier’s share price.

QBE’s Regan: breadth of wording driving FCA test case frustrations

The breadth of wording in UK business interruption policies is what makes the FCA High Court test case stand out from other jurisdictions on this point, said Pat Regan, chief executive of QBE Insurance Group.

DC Council passes legislation extending BI claims

The Council of the District of Columbia has approved legislation for the tolling of all time periods for commercial insurance policyholders to file business interruption claims stemming from Covid-19.

Bank of England warns on business interruption uncertainty

The Bank of England has warned that the highest level of uncertainty facing insurers surrounds whether they will have to pay on Covid-19 business interruption claims.

Atlas receives new Nasdaq note after failing to file Q1 numbers

Atlas Financial Holdings has received yet another delinquency notice from Nasdaq over its failure to file a quarterly report on Form 10-Q for the first three months of this year.

DOJ requests additional information on Aon-Willis merger

The antitrust division of the US Department of Justice (DOJ) has issued a so-called “second request” to Aon and Willis Towers Watson (WTW) over their merger, with the parties conceding in a proxy filing “it could take a significant period of time to achieve substantial compliance”.

First Group’s reserve strengthening a “lead indicator” of continuing US social inflation

The UK-listed transportation firm First Group has reported further reserve strengthening of its North American commercial auto liabilities in an indicator there may be more US casualty reserve strengthening to come.

Ireland’s Central Bank mulls legal action over Covid-19 BI cover

The Central Bank of Ireland is considering taking legal action to resolve coverage disputes between insurers and small business owners over whether losses resulting from Covid-19 should be covered.

Insurers call on EU to ease capital and investment rules

European insurers have urged the European Commission to make “focussed improvements” to the Solvency II regime to increase their investment capacity and support greater equity allocations within portfolios.

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