Legal/ Regulatory

Key vote on California’s disaster insurance bill scrapped

Progress has stalled on a bill that would allow California to take out insurance and buy catastrophe bonds against wildfires and other disasters.

Lloyd’s sued for “bad faith” by high profile investor Harry Parshall

The Society of Lloyd’s is being sued by the high-profile London market figure Harry Parshall in a dispute which may test the boundaries of Lloyd’s liability to its members.

No end of D&O hikes in sight after high H1 securities fraud filings

New data reveals the rapid pace of securities fraud case filings has continued in the first half, against a backdrop of D&O insurance hardening that is expected to last for at least another 18 months.

Technical accounts boost Swiss non-life insurers’ 2018 profits by 26%

Direct non-life insurers regulated by the Swiss Financial Market Supervisory Authority (Finma) have booked a combined annual profit of CHF 6.75bn ($6.81bn), up 26.4 percent compared to 2017.

Florida Supreme Court dismisses closely watched AOB suit

Citing reform that came into effect at the start of this month, the Florida Supreme Court has narrowly voted to reverse its decision to review a dispute over assignment of benefits (AOB) involving Ark Royal Insurance and a contractor.

Atlas Financial to appeal NASDAQ non-compliance

Embattled US auto insurer has received notice from NASDAQ that it is not in compliance with its listing rules because it still has not filed reports for 2018 and the first quarter.

The insurers most exposed to PG&E’s bankruptcy

Insurers and investors with more than $20bn of subrogation claims against PG&E have proposed a plan to reorganise the utility. Its bankruptcy also has implications for its own liability and D&O insurers.

Associations slam Senate NFIP bill’s WYO provision as unacceptable

Insurance associations are strongly opposing a bill introduced in the US Senate that would extend the National Flood Insurance Program (NFIP) for five years.

FSCS gives green light to Alpha replacement cover

The UK’s Financial Services Compensation Scheme (FSCS) has agreed a deal to secure replacement cover for bankrupt Danish insurer Alpha Insurance’s policyholders with a new, solvent insurer.

ABI calls on MOJ’s Gauke to review ‘misleading’ Ogden assessment

The Association of British Insurers (ABI) has called on UK Justice Secretary David Gauke to rethink the “misleading and wholly disingenuous” impact assessment that underpinned his decision to lift the Ogden discount rate by less than expected.

New York fines Berkshire’s Applied Underwriters $3mn for overcharging

Applied Underwriters has said it is pleased with a settlement under which New York’s Department of Financial Services (DFS) found the Berkshire Hathaway subsidiary overcharged many small and medium-sized employers for unapproved workers compensation products that violated New York law.

FCA’s Bailey highlights need for post-Brexit regulatory shake-up

The Financial Conduct Authority (FCA) plans to reassess its conduct regulation after Britain has completed its withdrawal from the European Union, the regulator’s chief executive Andrew Bailey has said.

California commissioner Lara faces backlash over industry donations

California’s insurance commissioner Ricardo Lara has promised to return more than $54,000 that he received in industry campaign donations, the majority of which came from individuals with ties to Applied Underwriters.

Industry bodies disappointed with Ogden rate change

A number of industry bodies have made public their disappointment and surprise in the Ministry of Justice’s decision to alter the UK’s personal injury Discount Rate from -0.75 percent to -0.25 percent.

UK motor insurers’ stocks dip following MoJ discount change

UK motor insurers’ share price response has been muted as the Ministry of Justice unveiled a new personal injury discount rate this morning (15 July) of -0.25 percent.

EIOPA proposes streamlined Solvency II reporting

The European Insurance and Occupational Pension Authority (EIOPA) has embarked on a major consultation exercise which could see a substantive reduction and simplification of insurers’ Solvency II reporting requirements.

Danish regulator bars Gefion from business expansion

The Danish Financial Supervisory Authority (DFSA) has ordered unrated Danish provider Gefion not to increase its volumes of business.

FCA imposes £230mn in fines in 2018/19

The Financial Conduct Authority has imposed a total of £227.3mn ($283.2mn) in financial penalties for the year ended 31 March 2019, marking the most expensive year of fines the regulator has dished out for three years.

Lloyd’s gets tough on silent cyber

Lloyd’s has issued a new mandate in a bid to eradicate non-affirmative or “silent” cyber risks from policies incepting on or after 1 January 2020.

Lloyd’s third party oversight revamp set for Q1 2020

Changes to Lloyd’s third party oversight byelaws – designed to modernise existing arrangements and drive down compliance costs – will come into force in the first quarter of next year.

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