Legal/ Regulatory

Brillante Virtuoso: blood-soaked $77mn insurance claim scuttled in High Court

AIG-owned Talbot Underwriting and other Lloyd’s insurers do not have to pay a Greek bank $77mn for the explosion aboard an oil tanker because the ship’s owner orchestrated a fake pirate attack in an attempt to commit insurance fraud, the High Court has ruled.

FCA dual pricing review may drive up short-term PL rates: Canaccord Genuity

Findings from the UK Financial Conduct Authority (FCA) review into the “loyalty penalty” could have the opposite effect in the personal lines market and drive up rates in the near-term, analyst Canaccord Genuity predicts.

FCA mulls ban for UK insurers guilty of dual pricing practices

The Financial Conduct Authority is to consider whether to ban insurers who are found to be charging a so-called “loyalty premium” in an attempt to prevent an estimated six million UK policyholders from being overcharged about £1.2bn a year.

Eight former Clyde & Co partners launch new (re)insurance law firm

Eight former partners from Clyde & Co have set up a new insurance and reinsurance law firm called Atheria Law, headquartered in San Francisco.

Marex judgment quashes insurer hopes for Insurance Act guidance

Insurers will have to wait for further judicial guidance on the Insurance Act following the high court’s dismissal of commodities broker Marex Spectron’s claim against a number of marine cargo insurers.

Existing cannabis insurers ambivalent over Safe Banking Act passage

Carriers already writing cannabis insurance are in two minds over the SAFE Banking Act because it would make life easier for them but also bring new competition into the market.

McDermott confirms more Drinker partners for new insurance group

McDermott Will & Emery has revealed it has hired a total of eight partners from Drinker Biddle for its newly-created insurance transactions and regulation group.

Senate passes short-term NFIP extension

A short-term extension of the National Flood Insurance Program is heading to President Trump’s desk as part of funding legislation passed by the Senate.

Bank of England calls on insurers to combat climate change protection gap

Governor of the Bank of England, Mark Carney, has implored insurers to use their “expertise, money and perspective” to ease the financial burdens of climate change, after “a plague” of extreme weather events caused insured losses of $80bn in 2018.

PG&E finalises $11bn wildfire claims settlement

California utility Pacific Gas & Electric Company (PG&E) has finalised a definitive agreement to settle all insurance subrogation claims arising from the 2017 Northern California wildfires and 2018 Camp Fire.

McDermott Will & Emery hires Drinker Biddle quartet

Experienced (re)insurance lawyer Michael Halsband has joined McDermott Will & Emery as part of four senior hires from rival Drinker Biddle

House passes NFIP extension as part of funding bill

The US House of Representatives has passed a continuing resolution that includes an extension of the National Flood Insurance Program to 21 November.

PG&E agrees $11bn settlement with subrogation insurance group

California utility PG&E has agreed an $11bn settlement to resolve insurance subrogation claims from 2017 and 2018 wildfires, in what looks on the face of it to be a good deal for hedge funds that bought rights to the claims from insurers and for those carriers that didn’t sell them.

New Jersey fines Lockton Affinity over NRA insurance

New Jersey regulators have fined Lockton Affinity $1mn for administering a National Rifle Association-sponsored insurance program, following New York regulators last year hitting the broker with a similar $7mn fine.

Dorian threatens to test a changed Florida homeowners market

Increased reinsurance pricing, higher cat fund participation and reforms of AOB and FHCF rules mean Hurricane Dorian’s impact on Florida’s homeowners insurance market will look different to recent storms in the state.

Termination payments must not reward failure: EIOPA

The European Insurance and Occupational Pensions Authority (EIOPA) has outlined its strategy for clamping down on remuneration awarded to (re)insurance executives, stressing that any such payments must not reward failure.

The insurability of cyber penalties – whose fine is it anyway?

A lack of clarity remains around the insurability of the fines for infringement of GDPR – such as the recent large penalties against British Airways and Marriott – as well as FTC and SEC fines for privacy violations in the US.

FSCS to compensate Alpha policyholders as replacement cover deal collapses

The UK’s Financial Services Compensation Scheme (FSCS) is to compensate some 14,000 Alpha Insurance latent defect insurance policyholders after a deal to secure replacement cover collapsed.

PG&E wins right to retain control of bankruptcy

Bankrupt California utility company Pacific Gas & Electric (PG&E) will retain control of its multibillion-dollar bankruptcy process after a judge denied requests by two groups of creditors to file their own Chapter 11 exit plans.

Mercury’s record $27.6mn California fine upheld

California’s Department of Insurance has claimed victory in a 20-year battle with a Mercury General subsidiary after the state’s supreme court denied the insurer’s petition appealing a $27.6mn fine.

Region

Topics

Events & Conferences

Content Types