Legal/ Regulatory

Hiscox Action Group seeks to intervene in FCA test case

The Hiscox Action Group has instructed its lawyers to seek to intervene in the Financial Conduct Authority’s (FCA) High Court test case, alleging that Hiscox has refused to agree to an expedited arbitration process, a claim the London-listed insurer denies.

Why is Hiscox so keen on Sweden?

What connects Sweden with Hurricane Katrina, and an upmarket hotel chain? The answer is likely to materialise later today when UK regulator the FCA publishes the defence submissions of Hiscox and seven other insurers who are involved in a landmark test case examining their denial of liability over Covid-19 business interruption claims.

CIAB among 22 associations calling for a US trade credit reinsurance backstop

A group of 22 US retail, manufacturing and service associations – including the Council of Insurance Agents & Brokers – have written to the US Treasury, Department of Commerce and Federal Reserve to urge support for the establishment of a trade credit backstop, The Insurer can reveal.

Britain to ‘tailor’ insurer capital requirements post-Brexit

Britain will look to “tailor” capital rules for UK insurers once the Brexit transition period ends in December and will seek to overhaul the Solvency II rules inherited from the European Union, Chancellor Rishi Sunak said on Tuesday.

Aviva 2018 share buyback probe “remains a priority”: FCA

The Financial Conduct Authority (FCA) has told a parliamentary committee that a review into the UK’s largest insurer Aviva “remains a priority,” two years after the insurer surprised investors by announcing that it would buy back preference shares.

Spain and France argue on English court’s jurisdiction over Prestige oil spill P&I battle

Lawyers representing France and Spain have told a London court it does not have jurisdiction to hear cases accusing the European nations of violating an arbitration decision related to the MV Prestige oil spill that caused Eur1.5bn ($1.6bn) of damage.

FCA appoints LSE head Nikhil Rathi as new CEO

HM Treasury has named the chief executive of the London Stock Exchange Nikhil Rathi as the next permanent head of the Financial Conduct Authority (FCA).

Lloyd’s gives Probitas greenlight to set up managing agency led by former QBE team

Lloyd’s has granted ‘in principle’ approval for Probitas 1492 to establish a new managing agent, Probitas Managing Agency Limited (PMAL).

Former RSA Ireland CFO fined Eur70,000 and disqualified

The Central Bank of Ireland has fined former RSA Insurance Ireland chief financial officer Rory O’Connor Eur70,000 ($78,000) and disqualified him from working in a regulated financial firm for more than eight years over his role in an accounting scandal that emerged in 2013.

AmTrust and former CFO to pay $10.5mn to settle SEC charges

AmTrust Financial Services and its former CFO Ronald Pipoly have agreed to pay a combined $10.5mn to settle Securities and Exchange Commission charges that they failed to disclose material facts about how the company estimated its insurance losses and reserves.

Bermuda carriers maintain “healthy” capital levels in worst case stress test: BMA

All Bermudian insurers participating in an industry stress test would be able to meet their regulatory obligations and show “healthy capitalisation levels” under a worst case material loss scenario, according to the Bermuda Monetary Authority (BMA).

PRA warns on “significant” capital impact from BI wording uncertainty

The Bank of England’s Prudential Regulation Authority (PRA) has warned the uncertainty over some insurers’ business interruption policy wordings could have a “significant impact” on the capital positions of certain UK-regulated firms.

Mactavish hits out at ‘conflicts of interest’ at Herbert Smith Freehills over FCA test case

Insurance advisory firm Mactavish has accused City law firm Herbert Smith Freehills of being compromised by representing the Financial Conduct Authority in its landmark High Court test case over business interruption insurance claims.

Dentists pressure FCA to expand scope of BI test case

A trade body for UK dental practices urged the Financial Conduct Authority to expand the scope of its planned High Court action against insurers, arguing that “very few” of the business interruption policies held by its members will be affected by the findings of its test case.

Florida Supreme Court suspends lawyer that filed thousands of cases against insurers

The Supreme Court of Florida has granted a petition for the emergency suspension of the owner of a law firm that has filed thousands of first party and assignment of benefits lawsuits against the state’s insurers.

AM Best puts Applied’s CIC subsidiary on negative outlook amid regulatory limbo

The uncertainty around California Insurance Company (CIC) and its affiliates has prompted AM Best to assign a negative outlook to its ratings, as regulators continue to block the attempted merger of the Applied Underwriters subsidiary with a New Mexico-based insurer.

Alliant in double figures for hiring disputes in past two years

Alliant has recently settled four disputes, but a look through court filings reveals the expansive US broker is a magnet for lawsuits from rivals angry at its hiring practices – a number of which are still ongoing.

California commissioner Lara joins dissenting voices against proposed wildfire bill

California insurance commissioner Ricardo Lara has voiced his opposition to a new wildfire bill that would hit property owners in the Golden State with higher insurance rates.

FCA test case should confirm RSA’s “modest” virus exposures: Jefferies

The UK Financial Conduct Authority’s (FCA) test case into disputed business interruption claims relating to the Covid-19 pandemic will confirm London-listed RSA’s “modest” exposures to the pandemic, according to a bullish prediction from investment bank Jefferies.

US trade credit insurers ask Treasury for $60bn of support

US trade credit insurers have reportedly asked the US Treasury Department and Federal Reserve for about $60bn in government support.

Region

Topics

Events & Conferences

Content Types