Legal/ Regulatory

NY regulator orders insurers to accelerate looting payouts

The New York State Department of Financial Services (DFS) has issued an emergency regulation requiring insurers to accelerate the resolution and payment of claims from businesses and individuals who suffered damage as a result of looting.

Rims says Pria is “crucially important”

Rims has announced its support for the Pandemic Risk Insurance Act of 2020 (Pria) and launched a grassroots effort to get the bill passed.

Argo to pay $900K penalty in SEC settlement

Argo has reached a $900,000 settlement with the Securities and Exchange Commission after the Bermuda-based (re)insurer faced charges of failing to fully disclose perquisites and benefits provided to former president and CEO Mark Watson (pictured).

Group set up to establish Covid-19 BI case discovery protocols

The Institute for the Advancement of the American Legal System (IAALS) has launched a new project to create initial discovery protocols for US Covid-19 insurance claims, with a working group of 11 judges and defence and plaintiff lawyers.

Axa closes 10% higher on dividend news; Euro-listed P&C stocks surge

Shares in Axa closed 10 percent higher on Wednesday after the French insurer defied the recommendations of regulators and announced it would push ahead with its dividend to shareholders.

UK trade credit scheme to provide £10bn insurance backstop: reports

A government-backed scheme to provide a trade credit insurance guarantee during the Covid-19 pandemic will have the capacity to insure £10bn of transactions when it is unveiled later this month, according to reports.

FCA warns on Covid-19 impact to product value

The Financial Conduct Authority (FCA) has called on UK insurers and intermediaries to consider the impact of coronavirus on the value of insurance products and services and to make policy changes or issue premium refunds where necessary.

Law firm Michelmores mulls BI action with Hiscox, RSA and QBE in its sights

UK law firm Michelmores is the latest to consider launching group actions against insurers on behalf of firms who have had coronavirus-related business interruption claims declined by carriers including Hiscox, RSA and QBE.

Sunak mulls national insurance holidays for firms as part of coronavirus recovery package: reports

UK Chancellor Rishi Sunak is considering national insurance holidays for companies outside of London as part of an economic recovery stimulus package set to be announced in July, according to reports.

Under spotlight UK carriers respond to FCA BI test case

Four UK insurers – Argenta, RSA, Hiscox and Zurich – have responded to news that they have been selected by the UK’s Financial Conduct Authority to participate in the City watchdog’s landmark High Court test case into disputed business interruption claims.

MMC’s Glaser commends FCA’s “real leadership” over Covid-19 claims

The Financial Conduct Authority (FCA) is “showing real leadership” in its handling of disputed BI claims linked to the Covid-19 lockdown, said Dan Glaser, president and CEO of Marsh & McLennan Companies, as he warned that legal disputes could leak into the intermediary space as well.

Hiscox, Lloyd’s, QBE and RSA amongst insurers named in landmark FCA BI test case

The UK’s Financial Conduct Authority has revealed the eight insurers – including Hiscox, Arch, QBE, RSA and Zurich – who have disputed BI claims relating to the Covid-19 lock down and who will actively participate in its landmark High Court test case.

NCOIL welcomes Pria introduction, says further work needed

The National Council of Insurance Legislators (NCOIL) has applauded the introduction of the Pandemic Risk Insurance Act of 2020 (Pria) in US Congress but stressed that more discussion is needed.

Insurance associations urge Congress to pass liability protections

Four US insurance associations are among more than 200 trade associations and other groups that have written to Congress to request the quick enactment of liability relief legislation related to the Covid-19 pandemic.

ABI reiterates call for “significant” gov support on future pandemic cover

The Association of British Insurers (ABI) has reiterated its call on government to provide “significant levels of state support” to make pandemic insurance affordable for small businesses in the wake of the coronavirus pandemic.

PRIA takes step forward but carrier scepticism remains…

The Pandemic Risk Insurance Act of 2020 (Pria) has now been formally introduced with heavyweight support from MMC and RIMS but it would be an exaggeration to say the insurance industry is unanimously lined up behind it.

Brazil’s securities regulator opens IRB investigation

Brazil’s securities regulator CVM is opening an investigation into IRB Brasil Resseguros.

Marsh backs disgruntled policyholders in evidence submission to FCA BI investigation

Broker Marsh has submitted evidence to the Financial Conduct Authority (FCA) as part of the UK regulator’s High Court test case consultation into disputed business interruption (BI) policy wordings.

Lloyd’s wins court approval for Part VII Brexit transfer

Lloyd’s of London has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer of its existing European business to Lloyd’s Brussels.

Pria introduced in House with 20 co-sponsors

Representative Carolyn Maloney, along with 20 Democrat co-sponsors, has formally introduced a bill that would create a backstop for future pandemics similar to the one for terrorism insurance.

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