Legal/ Regulatory

BIBA urges UK government to lower cost of broking regulation

At the launch of its 2020 Manifesto, the British Insurance Brokers’ Association (BIBA) called on UK government ministers to make good on their promise of “sensible and proportionate” regulation, after its research revealed the country’s brokers face some of the highest direct costs out of 23 worldwide jurisdictions surveyed.

Failed CBL liquidators seek $60mn clawback from Irish subsidiary

The liquidators of failed New Zealand insurer CBL Corporation are seeking to recover Eur53.7mn ($59.6mn) from the company’s Irish subsidiary as shareholder legal action intensifies following the firm’s collapse in 2018.

AIG drops PwC in favour of Mazars for UK audit: reports

AIG has handed mid-tier auditor Mazars a mandate to audit its UK operations in a move that will see the insurance giant move away from the Big Four accounting firms for the first time, according to reports.

Bad faith reform is APCIA’s top Florida legislative priority for 2020

The American Property Casualty Insurance Association (APCIA) has revealed that its primary focus for Florida this year is on the state’s bad faith laws, workers compensation system and the assignment of benefits (AOB) in auto glass repairs.

War for talent drives broker disputes into 2020

Last year saw an unusually high amount of hiring disputes between brokers in the US. Three of these lawsuits have been resolved so far in 2020, but some high-profile clashes are still rumbling on between rivals such as Marsh, Aon, Alliant, BMS, Cobbs Allen, CRC and EPIC.

Chaucer greenlighted to write US excess and surplus lines

Specialty carrier Chaucer has received regulatory approval to write excess and surplus lines across the United States through its Ireland-domiciled insurer, Chaucer Insurance Company DAC.

Catalina strengthens UK corporate governance after FCA scrutiny

Bermudian-headquartered legacy firm Catalina Holdings has added Walter Gontarek and Bob Howe to the board of its UK subsidiaries as independent non-executive directors (INEDs) after the firm fell victim to a Section 166 review by the UK’s Financial Conduct Authority (FCA) last year.

FCA warns insurance market in 'Dear CEO' letter on culture in wake of misconduct reports

The Financial Conduct Authority (FCA) has warned insurance managers they may fail to pass the Senior Managers and Certification Regime (SM&CR) if they do not address non-financial misconduct and culture failings.

Liquidation of Florida insurer Windhaven takes effect

Windhaven Insurance, a major cedant of Greenlight Re until last year, has officially moved into liquidation after it was determined that attempts to rehabilitate the Florida private passenger insurer would be useless.

Guy Carp resolves dispute with Lockton Re defectors

Guy Carpenter and three executives that left the reinsurance broker last year to join Lockton Re have reached a settlement in the litigation over the defections.

JLT and NFP settle dispute over hires

Marsh & McLennan Companies (MMC) and NFP have voluntarily dismissed litigation that had raged since May last year over the private equity-backed retail broker’s hire of a number of former JLT Specialty executives.

2019 US class action litigation rate hits all-time high

The number of US federal securities class action lawsuits topped 400 for the third time in a row in 2019 while the chance of a listed company being sued hit a record high, according to RT ProExec’s Kevin LaCroix.

Argo and Voce agree truce after board concessions

The public battle between Argo and Voce Capital Management is coming to an end after the two parties entered into a cooperation agreement allowing for the addition of the activist investor’s nominees to the Bermudian carrier’s board.

Voce pushes for Argo directors’ exit ahead of planned retirement

Activist investor Voce Capital has continued to turn the screw on Argo Group by insisting that the NYSE-listed insurer moves swiftly to change its board of directors rather than wait for its scheduled 2020 AGM.

Cali DoI calls for motor affinity group discount reform

California’s Department of Insurance has proposed regulations to change the way affinity discount schemes are offered by motor insurers, to remove the so-called “redlining” that affects less affluent customers in the state.

Cali insurance commissioner Lara extends wildfire non-renewal protection to 1mn+ homes

The insurance commissioner for the State of California, Ricardo Lara, has broadened the protection of insurance non-renewal laws to 200,000 more homes in zip codes that are adjacent to the 2018 wildfires.

PRA clamps down on Lloyd’s whistleblowing controls as existing measures fall short

The Bank of England’s Prudential Regulation Authority (PRA) has imposed “enhanced monitoring and security” measures upon Lloyd’s of London after the watchdog discovered the Corporation’s only anonymous internal whistleblowing channel had not been operational for more than a year.

Seven-year Tria reauthorisation passed by Congress

The US Senate has approved a spending package that includes reauthorisations of the terrorism insurance backstop and the National Flood Insurance Program (NFIP), with the bill now heading to President Donald Trump’s desk to be signed into law.

Is Santa Claus coming to Washington?

US insurers will soon find out whether they have been naughty or nice when the US Senate decides if it will deliver a veritable wish list of legislation benefiting insurers, including what would represent a stunningly early renewal of the terrorism insurance backstop.

Florida auto insurer Windhaven placed into rehabilitation

Erstwhile Greenlight Re counterparty Windhaven Insurance Company, a Florida writer of non-standard private passenger insurance coverage, has been placed into rehabilitation amid allegations of under-reserving.

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