Legal/ Regulatory

House fails to act after Senate passes NFIP extension

US Congress looks to have failed to pass reauthorisation of the National Flood Insurance Program (NFIP) in time to stop it lapsing on 31 May, after the House of Representatives did not approve a disaster relief measure passed by the Senate.

Insurers face legal action over £30mn British Steel claim

Insurance advisory firm Mactavish is preparing legal action against the insurers of British Steel over an unpaid £30mn ($38mn) insurance claim filed before the manufacturer collapsed into liquidation on Wednesday.

JLT launches legal proceedings against Hyperion as defections intensify

MMC-owned JLT has begun legal proceedings in the UK against the London-headquartered intermediary Hyperion following a flurry of high-profile resignations, The Insurer can reveal.

Old Mutual board suspends CEO Moyo

The chief executive of South African carrier Old Mutual Life Assurance Company, Peter Moyo, has been suspended by the insurer’s board of directors after a “material breakdown in trust and confidence,” in an announcement filed on the Johannesburg Stock Exchange today.

Senate passes bill extending NFIP to end of September

The Senate has voted 85-8 to pass an emergency disaster relief measure agreed with President Trump that includes extending National Flood Insurance Program (NFIP) authorisation to 30 September.

Florida governor signs AOB bill into law

Florida’s legislation reforming assignment of benefits (AOB) has been signed into law by Governor Ron DeSantis, and will come into effect 1 July.

Gibraltar-based insurer files for liquidation as debts mount

Gibraltar-headquartered LAMP Insurance has submitted an application to the Supreme Court of Gibraltar to be placed in liquidation with an official receiver appointed.

FRC completes £6mn investigation into KPMG Lloyd’s audit failures

The Financial Reporting Council’s (FRC) investigation – which resulted in a £6mn ($7.7mn) fine for KPMG – into the preparation and audit of accounts for Equity Red Star (Syndicate 218 at Lloyd’s) came to a close last week after the best part of seven years.

Atlas Financial warns over reserves in notice of late filing

Embattled US commercial auto insurer Atlas Financial, which has yet to file its 2018 annual report, has warned of a potential material increase in reserves as it informed the SEC it cannot file its first quarter results on time.

EU removes Bermuda from blacklist

Bermuda has been removed from the EU’s list of non-cooperative tax jurisdictions during a meeting of the Economic and Financial Affairs Council (Ecofin).

US House passes bill extending NFIP to 30 September

The House of Representatives has passed a bill to extend authorisation of the National Flood Insurance Program, with the Senate now needing to take action to avoid the backstop expiring at the end of this month.

Bermuda proposes new collateralised reinsurer class

The Bermuda Monetary Authority (BMA) has released a proposal to introduce new classes of fully collateralised reinsurer and a new class of intermediary to reflect the growing interest in insurtech.

Georgia insurance commissioner indicted over alleged $2mn scheme

Georgia insurance commissioner Jim Beck has been indicted by a federal grand jury on charges of wire fraud, mail fraud and money laundering.

Finally some good news for Bermuda…

It’s not been a great year thus far for Bermuda’s (re)insurance industry and, by extension, the island’s economy.

CBL directors withdraw opposition to liquidation after bailout attempt fails

New Zealand-based CBL Corporation has been placed into liquidation by the High Court after the managing directors of the failed insurer withdrew their opposition to liquidate the group.

Ardonagh’s Ross and Burton back in court for final day of landmark poaching case

The ongoing war of words between Gallagher and the Ardonagh Group has finally drawn to a close with CEO David Ross and former Alesco employee Peter Burton recalled to the High Court.

Time to worry about TRIPRA again

The end of 2020 feels a long time away. But, as a note from AM Best makes clear, insurers with US terrorism exposure should start worrying about it now.

RenRe’s O’Donnell wary about impact of Florida reforms

RenaissanceRe is taking a wait and see approach to Florida’s legislative changes that increase the loss adjustment expense (LAE) reimbursement covered by the state cat fund and clamp down on assignment of benefits (AOB) abuse.

Burton pays back controversial £625,000 Ardonagh loan

Former Alesco broker Peter Burton has recently paid back the controversial offshore £625,000 loan from an offshore company that was sanctioned by the CEO of UK broker Ardonagh Group ahead of the energy specialist resigning to join the company.