Legal/ Regulatory

Hong Kong watchdog in running for FCA CEO role

The chief executive officer of the Hong Kong Securities and Futures Commission (SFC), Ashley Alder is being considered for the top job at UK regulator Financial Conduct Authority (FCA).

Reinsurers need to act now on US BI issue: BCLP’s Sacher

Bryan Cave Leighton Paisner’s Jonathan Sacher has warned that overseas markets including London and Bermuda must take note of how the business interruption (BI) debate is evolving in the US, or else reinsurers could find themselves caught up in state legislation on which they have had no input.

PRA postpones insurance stress test on Covid-19 pressures

The Bank of England’s Prudential Regulation Authority (PRA) has decided to pause further work on its insurance stress test, in a move designed to alleviate pressures on firms during the Covid-19 pandemic.

Allianz latest to face prospect of BI legal action as London restaurant seeks court decision

Allianz Insurance, the UK general insurance arm of Allianz Group, is the latest carrier to face policyholder legal action over its business interruption policies with Edwin Coe LLP and Harris Balcombe LLP spearheading a group action.

AM Best estimates “devastating effect” of retroactive BI legislation

AM Best has warned that the impact of legislation that nullifies business interruption (BI) exclusions would be catastrophic, depleting the industry’s capital and surplus, prompting many multi-level downgrades and leading to widespread insolvencies.

DC retroactive BI proposal pulled ahead of vote

The Council of the District of Columbia has pulled a retroactive business interruption (BI) proposal that was initially included in a Covid-19 omnibus bill during debate, just hours after RIMS wrote it a letter asking for any action to be deferred until its impact on the insurance industry has been “fully vetted”.

NAIC issues Covid-19 related BI data call for all states

The National Association of Insurance Commissioners (NAIC) has announced a data call of admitted and non-admitted domestic insurers’ business interruption (BI) exposures that will involve insurance regulators in all 50 US states, the District of Columbia and US territories.

DC local government to consider mandating Covid-19 BI coverage

The legislative branch of Washington DC will this week discuss draft legislation that would mandate insurers cover Covid-19 business interruption (BI) losses for small businesses in the district.

RIMS acknowledges drawbacks in forcing insurers to retroactively cover BI

The chair of RIMS’s external affairs committee has told this publication the society recognises the challenges that would result from retroactively forcing insurers to cover business interruption (BI) losses, despite it sounding good for insureds in theory.

FCA to seek “urgent” UK court declaration as BI disputes intensify

Only two weeks after signalling it was comfortable with UK insurers’ general stance on Covid-19 business interruption (BI) claims, the Financial Conduct Authority (FCA) is now seeking an “urgent” court declaration on the disputed wordings.

Pool Re surplus pot in sights of BI hospitality action group

A UK-based action group formed to tackle insurers over rejected Covid-19 business interruption claims has gone to the Chancellor of the Exchequer, calling on Rishi Sunak to release excess Pool Re funds to support the hospitality industry throughout the global pandemic.

Thompson BI bill loses momentum in Congress as three co-sponsors withdraw

Three of the original nine co-sponsors of a bill introduced in Congress by Representative Mike Thompson earlier this month have withdrawn, suggesting the retroactive business interruption (BI) legislation has lost some momentum.

Michigan eighth state to introduce BI bill, Rhode Island considering one

Eight states have now introduced legislation that would retroactively force insurers to pay business interruption losses resulting from Covid-19, after a bill was introduced in Michigan.

Congress mulls alternative bill to Democrat’s retrospective BI proposal

The US House of Representatives is considering legislation that would legally obligate insurers to pay future business interruption claims arising from national emergencies but would not force insurers to provide retroactive cover for Covid-19 losses.

Tech start-up Solomonic lands £650K funding and steps up Covid-19 claims tracking

UK litigation intelligence and analytics firm Solomonic has recently closed a successful investment round, raising £650,000 in an oversubscribed fundraise.

Retail groups throw support behind Pria

Momentum is building behind a US pandemic backstop, with a broad coalition of US retail groups urging Congress to pass the Pandemic Risk Insurance Act of 2020 (Pria).

Insurers urge Illinois governor against BI executive action

Insurers and industry trade groups have written to Illinois governor JB Pritzker after hearing he was considering executive action that would require insurers to provide business interruption (BI) coverage retroactively.

Insurers should factor “unprecedented” fiscal support into decision making: PRA

The Bank of England’s Prudential Regulatory Authority (PRA) has reiterated its call to insurers to make “well-balanced” decisions on issues that may impact their internal ratings and to also take into account the “unprecedented level” of support provided by the Treasury and the regulators in the wake of the Covid-19 pandemic.

UK’s MoJ delays whiplash reforms over Covid-19 crisis

The UK government’s Ministry of Justice (MoJ) has once again delayed reforms to the whiplash claims process as a result of the “unprecedented impact” of the coronavirus pandemic on insurers and courts.

Heavyweight support puts Pool Re in pandemic pole position

Number 11 Downing Street – the home to the UK’s Chancellor of the Exchequer – has recently entertained three different early-stage propositions on how it could work with the insurance industry over a future pandemic reinsurance solution.

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