Regulation of insurance

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Recent developments in professional indemnity insurance for the construction sector

The following Construction news provides comprehensive and up to date legal information on Recent developments in professional indemnity insurance for the construction sector

Personal injury—EU law and direct effect, liability of the MIB (Colley v MIB)

The following Insurance & Reinsurance news provides comprehensive and up to date legal information on Personal injury—EU law and direct effect, liability of the MIB (Colley v MIB)

The Brexit trade deal—what it really means for financial services

The following Banking & Finance news provides comprehensive and up to date legal information on The Brexit trade deal—what it really means for financial services

Key insurance regulations to watch in 2021

The following Financial Services news provides comprehensive and up to date legal information on Key insurance regulations to watch in 2021

Featured Insurance & Reinsurance content

Double insurance and contribution

Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or...

Insurance conduct regulation—COBS and ICOBS

The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to...

PRA Rulebook—introduction for the insurance and reinsurance sector

On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook...

What is a contract of insurance?

This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of...

Practice notes

Forms of reinsurance and terminology

The parties to a reinsurance contract and reinsurance terminologyThe principal parties to any reinsurance contract are the reinsurer, who assumes the...

9th Nov

Practice notes

Marine insurance—general principles

This Practice Note describes the main principles of marine insurance as governed by the Marine Insurance Act 1906. It looks at the principles of...

9th Nov

Practice notes

Sanctions clauses and the effect of sanctions on insurance policies

The Practice Note entitled EU/UK financial and trade sanctions for insurers outlines the sanctions applicable to insurers, the nature of those...

Produced in partnership with Daniel Martin of HFW 12th Jan

Practice notes

What is fundamental dishonesty?

This Practice Note considers fundamental dishonesty both in the context of section 57 of the Criminal Justice and Courts Act 2015 (CJCA 2015) and the...

9th Nov

Practice notes

Claim for subrogation—a restitutionary remedy

What is subrogation?Subrogation is an equitable mechanism aimed at preventing unjust enrichment by permitting one party to ‘step into the shoes’ of...

9th Nov

Practice notes

Decennial insurance

Decennial insurance is insurance that is taken out by contractors to cover costs associated with the potential collapse of a building after completion...

Produced in partnership with David Savage of Charles Russell Speechlys LLP 12th Jan

Practice notes

Insurance—non-vitiation (non-invalidation) clauses

Vitiation of an insurance policyAn insurance policy may be vitiated (or invalidated) if the insured:•misrepresents or fails to disclose any material...

9th Nov

In-house

Practice notes

General principles of insurance contract law

What is insurance law?Insurance law can be split into three parts:•insurance contract law which governs the contractual relationship between insureds...

9th Nov

In-house

Practice notes

Motor insurance

Brexit: The UK's departure from the EU on exit day, ie 31 January 2020, has implications for practitioners considering road traffic accidents. For...

9th Nov

Practice notes

Financial Conduct Authority—Principles for Businesses (PRIN)

This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the...

9th Nov

Practice notes

Limitation—professional negligence claims

This Practice Note looks at the limitation period for professional negligence (prof neg) claims and explains how to determine the date of accrual in...

9th Nov

Practice notes

Insurance—duty of disclosure

Duty of 'fair presentation'Under the Insurance Act 2015, s 3 (IA 2015), the insured has a duty to make a 'fair presentation' of the risk to the...

9th Nov

Practice notes

Fraud, exaggeration and LVIs in personal injury claims

DefinitionsFraudDefined in Derry v Peek as where it is shown that:'a false representation has been made (1) knowingly, or (2) without belief in its...

Produced in partnership with Andrew Wilson 12th Jan

Practice notes

Warranty and Indemnity (W&I) insurance in private M&A transactions—guide to the key documents

With the significant rise in the use of Warranty and Indemnity (W&I) insurance in private M&A transactions, lawyers are increasingly involved in the...

Produced in partnership with Adrian Furlonge of Hemsley Wynne Furlonge LLP 12th Jan

Practice notes

Overview of the EU legal system

Brexit: This Practice Note contains guidance on subjects impacted by the UK’s withdrawal from the EU. As of 31 January 2020 (exit day), the UK is no...

Produced in partnership with Laura Bolado 12th Jan

Brexit

Practice notes

Insurance and reinsurance arbitration—an introduction

Arbitrations arising from insurance and reinsurance disputes share many common features with other types of commercial arbitration. This Practice Note...

Produced in partnership with Ralph Morley of 7KBW 12th Jan

Most recent Regulation of insurance content

Practice notes

SM&CR—application to insurers

On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) for UK banks, building societies,...

Produced in partnership with Carol-Ann Burton and Margarita Kato of Holman Fenwick Willan LLP and Dominic Pereira as research contributor 16th Jan

Practice notes

Insurance Distribution Directive (IDD)—essentials

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

16th Jan

Practice notes

Control of insurance companies

Regulatory background to insuranceThe Financial Services and Markets Act 2000 (FSMA 2000) established a regulatory regime for the financial sector,...

Produced in partnership with Alice Carse and Anna Greenkey of Devereux Chambers 16th Jan

Practice notes

The Connected Contracts Exclusion—Article 72B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001/544

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Jamie Rogers of Hogan Lovells 16th Jan

Practice notes

Anti-financial crime requirements for insurers

The Financial Conduct Authority (FCA) has statutory objectives which include the protection and enhancement of the integrity of the UK financial...

Produced in partnership with Marcus Bonnell, and Charlotte Thompson of RPC 16th Jan

Practice notes

EU/UK financial and trade sanctions for insurers

Insurers must negotiate a patchwork system of financial and trade sanctions. In the UK, the primary responsibility for administering the financial...

Produced in partnership with Dil-veer Kang of CMS, Charlotte Thompson of RPC and Marcus Bonnell and updated by Daniel Martin of HFW 16th Jan

Practice notes

An introduction to Lloyd’s of London

What is the Lloyd’s market?The Lloyd’s market is an insurance market, whose origins date back to the seventeenth century. Merchants would meet at...

Produced in partnership with The Society of Lloyd's Legal Team 16th Jan

Practice notes

Insurance Distribution Directive (IDD)—scope, registration, passporting and sanctions

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

16th Jan

Practice notes

Prudential requirements for UK insurers—Pillar 1 requirements

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Clyde & Co 16th Jan

Practice notes

Application of the FCA's COBS 4 rules to insurance

FCA's Insurance Conduct of Business Sourcebook (ICOBS) contains the standards that apply to all non-investment insurance product sales (general...

16th Jan

Practice notes

ICOBS Insurance: Conduct of Business Sourcebook—application, general matters, distance communications, information about the firm and product information

Background to ICOBSOn 6 January 2008, the Financial Conduct Authority's (FCA) predecessor, the Financial Services Authority (FSA) brought into force...

16th Jan

Practice notes

Outsourcing in the insurance sector

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

16th Jan

In-house

Practice notes

Insurance Distribution Directive (IDD)—insurance-based investment products

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

16th Jan

Practice notes

Outsourcing in insurance—one minute guide

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Simon Thomas of Goodwin 16th Jan

Practice notes

FCA supervisory approach and note to insurers

The FCA's approach to supervising firmsAccording to SUP 1A.1.4 G, the Financial Conduct Authority (FCA)'s regulatory approach aims to focus and...

Produced in partnership with Marcus Bonnell and Charlotte Thompson of RPC 16th Jan

Practice notes

FCA Handbook—introduction for the insurance and reinsurance sector

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

16th Jan

Practice notes

Prudential requirements for UK insurers—Pillar 2 and Pillar 3 requirements

Introduction to the prudential regulatory frameworkThis Practice Note is one of three that provides an overview of the prudential regulatory framework...

Produced in partnership with Clyde & Co 16th Jan

Practice notes