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Latest Insurance & Reinsurance News

FCA seeks to claw back £7.5m in test case legal costs

The following Financial Services news provides comprehensive and up to date legal information on FCA seeks to claw back £7.5m in test case legal costs

UK accession to Lugano Convention—Is the door closing?

The following Arbitration news provides comprehensive and up to date legal information on UK accession to Lugano Convention—Is the door closing?

Law society urges action as negligence insurance plan ends

The following Insurance & Reinsurance news provides comprehensive and up to date legal information on Law society urges action as negligence insurance plan ends

Data protection considerations for insurers post-Brexit

The following Insurance & Reinsurance news provides comprehensive and up to date legal information on Data protection considerations for insurers post-Brexit

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 Conduct of business content

Practice notes

Insurance Distribution Directive (IDD)—organisational and conduct of business 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...

21st Apr

Q&As

Does the Insurance Distribution Directive apply to insurance intermediaries distributing only general insurance products (ie no insurance-based investment products)? What is the process for conflicts of interest for insurance intermediaries distributing only general insurance products (ie no insurance-based investment products)? What is the process for conflicts of interest for insurance intermediaries distributing insurance-based investment products?

Insurance Intermediaries: conflicts of interest and the Insurance Distribution Directive (IDD)This Q&A addresses how insurance intermediaries should...

Produced in partnership with Julia Dias QC of 7KBW 9th Apr

Practice notes

Insurance conduct of business—advice and product information requirements

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

26th Mar

Practice notes

FCA COBS 4 rules—Form and content of promotions

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

26th Mar

Practice notes

Cancellation of client contracts

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

26th Mar

Practice notes

Treating customers fairly—quality of advice and other key concepts

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

Produced in partnership with Jeanette Burgess of Walker Morris 26th Mar

Practice notes

Insurance conduct regulation—COBS and ICOBS

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

26th Mar

Practice notes

Retail product distribution

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

Produced in partnership with Dentons 26th Mar

Practice notes

Insurance conduct of business—cancellation rights and claims handling

Implementation of the Insurance: Conduct of Business Sourcebook (ICOBS)On 6 January 2008, the Financial Conduct Authority's (FCA) predecessor, the...

26th Mar

Practice notes

COBS 4—Direct offers and cold calls

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

26th Mar

Practice notes

FCA rules on information about firms, adviser charging and consultancy charging

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

Produced in partnership with Puesan Lam of DLA Piper 26th Mar

Practice notes

FCA COBS 4 rules—Putting together financial promotions

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

26th Mar

Practice notes

Insurance conduct of business—general matters and information requirements

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

26th Mar

Practice notes

COBS 4—Past, simulated past and future performance

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

26th Mar

Q&As

We are a UK insurance company authorised by the PRA and regulated by both the PRA and the FCA. Our insurance policies are sold by us by telephone, and by our corporate business partner companies through their websites and in their UK shops. Some of our customers live on Jersey. Therefore our Jersey customers could have bought our policies at home in Jersey via a telephone call or through the internet, or they could have bought one of our policies in a UK shop and then travelled back home to Jersey as a new policyholder. Which registrations do we need with the Jersey Financial Services Commission, and do we need to be registered or would it be because we have policyholders currently buying new policies? None of our policies are Long Term business.

According to the Jersey Financial Services Commission (JFSC):'...

26th Mar

Q&As

Does Insurance Distribution Directive (IDD) apply to reinsurance undertakings? Does IDD apply to captive reinsurance?

What does Insurance Distribution Directive apply to?Article 1(2) of the Insurance Distribution Directive (IDD) states that the IDD applies to any...

25th Mar

Q&As

The Insurance Distribution Directive (IDD) introduces CPD requirements (Art 10) for Insurance Distribution. Where an insurance undertaking uses a third party intermediary to distribute the products, would the CPD requirements apply to both entities?

The Insurance Distribution Directive (IDD), Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance...

25th Mar

Q&As

What are the implications of the Insurance Distribution Directive on insurance companies?

This Q&A assumes that ‘insurance company’ means an ‘insurer’ as defined by the Financial Conduct Authority (FCA) in their glossary (FCA Handbook)...

25th Mar

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...

25th Mar

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...

25th Mar

Conduct of business

View Insurance & Reinsurance by content type:

Latest Insurance & Reinsurance News

FCA seeks to claw back £7.5m in test case legal costs

UK accession to Lugano Convention—Is the door closing?

Law society urges action as negligence insurance plan ends

Data protection considerations for insurers post-Brexit

Featured Insurance & Reinsurance content

Double insurance and contribution

Insurance conduct regulation—COBS and ICOBS

PRA Rulebook—introduction for the insurance and reinsurance sector

What is a contract of insurance?

Most recent Conduct of business content

Popular documents

PRA Rulebook—introduction for the insurance and reinsurance sector

Written basis of plea and Newton hearings

Forming enforceable contracts—consideration

Recklessness in criminal cases

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