We help you interpret how insurance policies should be considered against insurance legislation and market practice. We have dedicated subtopics on various types of insurance, such as professional indemnity insurance, trade credit insurance and motor insurance.
We help insurance practitioners interpret policy wording, and provide guidance on how and when to apply principles of aggregation, subrogation, the Insurance Act 2015 and the Third Parties (Rights against Insurers) Act 2010.
Provides advise on the The Financial Services and Markets Act 2000 which imposes a general prohibition on carrying out regulated activities in the UK other than by an authorised or an exempt person.
The module is designed around a core set of subtopics that deal with the principles of insurance and reinsurance law, such as subrogation or the duty to make a fair risk presentation. These subtopics span insurance, reinsurance, and intermediaries and
market practice.
Two other major topics are corporate, and regulation of insurance. These topics include guidance on a range of corporate and regulatory subjects including business transfers, establishment of branches and insolvency. Guidance on innovative or specialised
insurance and reinsurance structures such as insurance linked securities and captives is also found here.
Under ‘Regulation of insurance’, we cover all aspects of the national and international regulatory frameworks that apply to insurers, reinsurance and insurance intermediaries. This includes practical guidance on each type of regulated activity,
with a firm focus on what is relevant to the insurance industry. It also includes sub-topics dealing with governance and the prudential regulation of insurers.
The module also features subtopics on different types of insurance, all of which have their own characteristics and give rise to particular issues. These subtopics feature Practice Notes covering the relevant legal and practical issues, together with helpful materials such as checklists and precedents for letters before action and statements of case.
Insurance & Reinsurance analysis: Jonathan Goodliffe examines the changes proposed by the European Commission (the Commission) to the EU Solvency II...
Law360: Businesses are increasingly turning to cyber insurance to fend off unpredictable cyber attacks, as insurance companies are trying to stay...
MLex: EU insurers will be offered €90bn in short-term capital relief in a prudential overhaul set to be unveiled on 22 September 2021, MLex has...
Insurance & Reinsurance analysis: Up and down the country buildings clad in aluminium composite material (ACM) are in various stages of ‘repair’ as...
Law360, London: One in three businesses are still waiting for any form of payment, almost a year after the finance watchdog won a landmark insurance...
Loss settlement clausesReinsurance contracts may be proportional or non-proportional. Loss settlement clauses are observed in both types. The main...
Prudential requirements for UK insurers—introductionIntroduction to the prudential regulatory framework for UK insurers within the scope of Solvency...
Packaged Retail and Insurance-based Investment Products (PRIIPs)—essentialsThe PRIIPs Regulation, level 2 measures and UK implementation and BrexitThe...
The Money Laundering Reporting Officer (MLRO)OverviewThe requirements to have robust systems and controls in a regulated firm to prevent money...
Money Laundering Directive 4 (MLD4)—essentials MLD4, MLD5 and related EU measuresThe Fourth Money Laundering Directive (EU) 2015/849 (MLD4) was...
Outsourcing agreement—long formThis Agreement is made on [date]Parties1[Customer] a company incorporated in [England] with registered number [company...
Financial services outsourcing agreement (intra group)BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit...
Assignment of insurance policies: single company assignor—bilateral—specific moniesThis Deed is made on [insert day and month] 20[insert...
Terms of Business Agreement (TOBA)—insurer and managing agent/brokerAn Agreement dated [date] governing the conduct of Insurance Business...
Letter of intent—outsourcing servicesStrictly private and confidentialTo: [Insert legal name of customer organisation] (a company registered in...
Insurance premiumAn insurance premium is the sum paid for insurance or reinsurance cover and is the consideration paid by the (re)insured for the...
PRA Rulebook—introduction for the insurance and reinsurance sectorOn 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA...
Insurable interestThis Practice Note considers insurable interest, including insurable interest in construction and liability insurance. It also...
Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation...
Liability of the reinsurer to the insolvent insurance companyEffect of liquidation on reinsurance recoveriesWhen an insurer goes into liquidation, its...
Brexit—exiting the EU under Article 50 [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note contains...
The registration and regulation of friendly societiesWhat is a friendly society?There has been a system of registration, and with it regulation, of...
Double insurance and contributionOverlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover,...
Sanctions clauses and the effect of sanctions on insurance policiesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...
What is a contract of insurance?This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an...
Forms of reinsurance and terminologyThe parties to a reinsurance contract and reinsurance terminologyThe principal parties to any reinsurance contract...
Insurance reserves, claims data and loss development trianglesThis Practice Note explains insurance industry practice in relation to loss reserves,...
Conduct Rules for SM&CR FirmsBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation...
Warranty and Indemnity (W&I) insurance in private M&A transactions—guide to the key documentsWith the significant rise in the use of Warranty and...
The functions and duties of insurance brokers—policy placementThis Practice Note provides a high level introduction to the functions and duties of...
A guide to the Consumer Insurance (Disclosure and Representations) Act 2012Insurance contracts have always had an aura of mystery about them in the...
Public liability insurance—basic insurance principlesPublic liability insurance contractsInsuring clausePublic liability insurance indemnifies a...
Insurance—duty of disclosureDuty of 'fair presentation'Under the Insurance Act 2015, s 3 (IA 2015), the insured has a duty to make a 'fair...
A liability policy that covers losses arising out of claims or circumstances notified to insurers during its policy period, whether or not such losses occur after the policy period has expired.
Term imported from the European Pensions Directive 2003/41/EC. Under the scheme funding provisions of the Pensions Act 2004, it is the amount required, on an actuarial calculation, to meet a scheme's liabilities. The figure helps to determine the scheme contributions required to cover the liabilities.
Ultra vires translates to ‘beyond the powers’. It is used to describe an act which requires legal authority or power but is then completed outside of or without the requisite authority. In relation to corporations 'ultra vires' denotes some act or transaction on the part of a corporation which, although not unlawful or contrary to public policy if done by an individual, is yet beyond the corporation's legitimate powers as defined by the statute under which it is formed, or the statutes which are applicable to it, or by its constitution, although the scope of the ultra vires doctrine as it applies to companies and corporations is now restricted by statute.
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