Legal/ Regulatory

FCA urges insurers to make coverage allowances for Covid-19 claims

The Bank of England’s Financial Conduct Authority (FCA) has said it expects general insurers to act openly, fairly and flexibly when processing travel, motor, home and medical claims as well as communicating clearly any coronavirus-related policy suspensions and exclusions.

NJ considers bill that would force insurers to pay coronavirus BI losses

New Jersey lawmakers are considering the extraordinary step of enacting legislation that would require business interruption insurers to provide coverage for economic losses from Covid-19 regardless of any exclusions.

Former FCA head Bailey starts at BofE as markets tumble again

Headhunters take note: an Andrew Bailey appointment brings with it a tsunami of financial complications.

Disappointment for carriers as Florida contingency fee legislation dies in Senate

After Florida’s House passed a bill that would have limited the use of a contingency fee multiplier when calculating attorneys fees in property insurance lawsuits, the legislation has failed to make it out of a Senate committee.

Insurers spared IPT hike in Sunak’s debut budget

The UK’s newly installed Chancellor Rishi Sunak has spared insurers a feared rise in insurance premium tax (IPT) while unveiling a £30bn ($39bn) fiscal stimulus package to counter the shock of the coronavirus outbreak in his first UK Budget.

Former NY Insurance Superintendent Dinallo makes Debevoise return

Former New York State Insurance Superintendent Eric Dinallo has returned to law firm Debevoise & Plimpton to chair its insurance regulatory practice.

Lloyd’s faces renewed scrutiny for failing to maintain complaints systems

Lloyd’s of London is facing scrutiny – for the second time in a matter of months – for failing to maintain its internal complaints system.

Opening the floodgates?

A court ruling on the first proposed IBT in Oklahoma could lead to a surge of activity in the $350bn US legacy market…

FCA outlines climate reporting measures for FTSE insurance giants

The Financial Conduct Authority (FCA) has outlined new requirements for premium-listed issuers – which includes Admiral, Aviva and Legal & General – to report climate related disclosures.

A$5bn cat losses to pressure Australian market: APRA chair

While Australia is “well-placed” to cover the circa A$5bn ($3.32bn) insured losses stemming from extreme weather in the country since November, the disasters will “undoubtedly” affect price and availability of insurance going forward, according to the country’s regulator.

Global insurance equities slide on virus fears as investors flee to haven stocks

Safe haven government bonds reached historic highs while (re)insurance stocks across Europe and Asia tumbled on fears over economic disruption caused by the spread as cases approached the 100,000 mark.

PRA warns market on board diversity

The Bank of England’s Prudential Regulation Authority (PRA) has issued a warning to UK regulated carriers and insurance intermediaries to ensure their boards are adequately diverse and comply with the regulator’s rules on board diversity.

Enstar moves closer to first run-off transaction under new Oklahoma law

Enstar is seeking court approval for a legacy transaction in the US that is vying to be the first so-called insurance business transfer (IBT) under the new framework put in place by the state of Oklahoma in 2018, The Insurer can reveal.

BIBA urges UK chancellor to freeze IPT in 2020 budget

The British Insurance Brokers’ Association (BIBA) has called for the UK government to freeze the standard 12 percent insurance premium tax (IPT) when newly-appointed chancellor Rishi Sunak unveils the 2020 budget next week.

Lloyd’s names Miesowitz US General Counsel as Gunset exits

Lloyd’s has promoted Sabrina Miesowitz to US General Counsel as Joe Gunset leaves the role after almost twenty years at the Corporation for an advisory position at McGlinchey Stafford.

CII launches chartered title for MGAs as three achieve status

The Chartered Insurance Institute and the Managing General Agents’ Association (MGAA) have unveiled the Chartered Insurance Underwriting Agent (CIUA) title for managing general agents (MGAs), distinguishing between existing qualifications for brokers and underwriters.

AM Best warns London insurers over cyber exposures

AM Best will remind Lloyd’s and other London market (re)insurers later today that their cyber exposures are being increasingly scrutinised by the firm as an integral part of its rating agency process.

ABI-commissioned report says UK insurance tax is “regressive”

Ahead of the first Budget by the new UK Conservative Government has come analysis that the controversial Insurance Premium Tax (IPT) now costs the average British household £223 a year.

Pool Re cast in government net: what next?

Earlier today, it was announced the UK terrorism mutual, Pool Re, is to fall under government supervision following classification by The Office for National Statistics (ONS) that it is a public body.

Pool Re classified as UK government body by ONS in surprise move

The UK terrorism mutual reinsurer Pool Re – which counts more then 90 percent of all UK property insurers as members – has been formally classified as a government entity in an unexpected move that will likely trigger a debate about its long-term future, The Insurer can reveal.

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