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NEWS
This week's edition of Insurance & Reinsurance weekly highlights includes: the case of Malhotra Leisure Ltd v Aviva Insurance Ltd; Greensill, Gupta get 2027 trial date over US$400m dispute; Regulatory costs claim 3.3% of insurance brokers revenue; cases and decisions; and key dates for your diary.
NEWS
This week's edition of Insurance & Reinsurance weekly highlights includes: an analysis of Liberty Managing Agency Ltd and others v Marwan Chedid and George Salibi; Lessors say reinsurers owe USD4 billion for planes stuck in Russia; a BoE speech on Part VIII transfer process under the Friendly Societies Act 1992: EIOPA on the authorisation and ongoing supervision of private equity-related (re)insurance undertakings; plus key cases and dates for your diary.
NEWS
This week's edition of Insurance weekly highlights includes: EIOPA publishes technical specifications for small and non-complex insurance undertakings and groups; War-risk insurers can appeal stranded Russian planes ruling; plus key cases and dates for your diary.
NEWS
This week's edition of Insurance & Reinsurance weekly highlights includes: Case analysis written by Jennifer Haywood, barrister, arbitrator and mediator at Serle Court in relation to irreconcilable arbitral awards and judgments; Case analysis written by Crispin Winser KC, barrister at Crown Office Chambers on property insurance in relation to CAR policies; Top UK court won’t hear Excel business interruption test case; Arsenal, Liverpool settle with insurers in COVID-19 dispute; Early settlements could cut Russia aviation claims by US$10bn; Insurance losses from Baltimore bridge pinned at US$1.5bn; Global insurance prices dip for first time since 2017; The biggest developments in insurance in 2024; PRA corrects error in Solvency II standard formula mass lapse life underwriting risk rule; EU Solvency II: ESRB advice to EIOPA on criteria for identifying exceptional sector-wide shocks; EIOPA publishes strategic plan and work programme for 2024–2026; IRRD and Solvency II amendment published in Official Journal; cases and decisions; key dates for your diary; and other news highlights reported over the past week.
NEWS
This week's edition of Insurance weekly highlights includes: Nord Stream loses €580 million claim following war exclusion ruling (Nord Stream AG v Lloyd's Insurance Compay S.A.); FCA consults on simplifying Consumer Investment Disclosures; EIOPA revises its methodology on value for money benchmarks plus key cases and dates for your diary.
NEWS
This week's edition of Insurance & Reinsurance weekly highlights includes: a case analysis on Hassam v Rabot by Rob Weir KC (counsel for the interveners, the Association of Personal Injury Lawyers and the Motor Accident Solicitors Society) and Tom Westwell, barrister at Devereux Chambers; insurers don’t have to cover bribery loss (Project Angel Bidco Ltd (In Administration) v Axis Managing Agency Ltd); engineering company fights for US$10m insurance payout on appeal (Medgulf); Hiscox, Lancashire predict loss from Baltimore bridge; the European Insurance and Occupational Pensions Authority (EIOPA) publishes results of its peer review on the supervision of the Prudent Person Principle under Solvency II; cases & decisions; key dates for your diary; and other news highlights reported over the past week.
NEWS
This week's edition of Insurance weekly highlights includes: the case of AerCap Ireland Ltd v AIG Europe SA; LIIBA calls for public-private scheme for cyberattack; FCA updates travel insurance signposting rules for consumers with pre-existing medical conditions; FCA publishes Handbook Notice No 133; plus key cases and dates for your diary.
PRACTICE NOTES
This document contains details of Lexis+® Insurance & Reinsurance’s ‘Essentials’ Practice Notes which give an introduction to insurance legislation, reinsurance, key types of insurance and key pieces of insurance regulation. Insurance legislation Insurance Act 2015 Insurance Act 2015 (IA 2015)—essentials—this Practice Note considers the key provisions of the Insurance Act 2015, including the duty of fair presentation and remedies for breach of that duty. It also considers damages for the late payment of insurance claims under the Enterprise Act 2016. Consumer Insurance (Disclosure and Representations) Act 2012 (CI(DR)A 2012) A guide to the Consumer Insurance (Disclosure and Representations) Act 2012—this Practice Note looks at the background to the implementation of CI(DR)A 2012 and provides an overview of some of the main provisions in CI(DR)A 2012 in relation to consumer insurance and duty of care for misrepresentation in consumer insurance. Third Parties (Rights Against Insurers) Act 2010 Third Parties (Rights Against Insurers) Act 2010—this Practice Note looks at the key provisions of the Third Parties (Rights Against Insurers) Act 2010 and how it improves the
PRACTICE NOTES
Introduction to claims co-operation and control clauses All liability insurance policies are policies of indemnity, under which an insurer agrees to indemnify a policyholder against liability to a third party. The position used to be that an insured could only claim the indemnity once they themselves had made payment but in Post Office v Norwich Union Fire Insurance Society Ltd, the court confirmed that the right to be indemnified arose once the insured’s liability was ascertained by agreement or judgment. In addition, under liability policies insurers will also agree to indemnify the insured for all costs incurred in defending third party claims. These will sometimes be subject to a requirement of consent, not to be unreasonably withheld. If a claim is within a policy limit, other than any excess or deductible, insurers will have all the financial exposure in respect of the claim itself. Insurers may also be the only one with the expertise and resources necessary to deal with the claim. A clause is therefore necessary to give them the right, but not
PRACTICE NOTES
This new starter guide provides an introduction to insurance and reinsurance. It is aimed at junior lawyers and individuals who are new to insurance and reinsurance as a practice area. The guide focuses on key issues and includes links to additional resources and materials that provide more comprehensive information on the topics covered. What is insurance law? Insurance law can be split into three parts: • insurance contract law which governs the contractual relationship between insureds and insurers • the law of intermediaries which regulates insurance business which is transacted through agents (this is true for most insurance business) • insurance regulation and company law which is concerned with the financial soundness, probity and regulation of insurance companies For more information, see Practice Note: General principles of insurance contract law. Insurance policies are fundamentally contracts and the usual principles of contractual construction apply. For further guidance as to the nature of insurance contracts, see: Insurance contracts—overview and Practice Notes: • Identifying contracts of insurance in English law—an introduction • What is a contract of insurance? • Identifying a contract of insurance—flowchart • Insurable
PRACTICE NOTES
The following Insurance & Reinsurance resources, providing useful practical commentary, legislation, rules and guidance for Insurance & Reinsurance lawyers, whether in private practice or in-house, are available in Lexis+® UK. They are referenced and linked to in the Insurance & Reinsurance content in Lexis+® UK. Please note, however, the titles listed can only be accessed with the relevant Lexis+® UK subscription(s). General Title Summary Who should use this resource? McGee: The Modern Law of Insurance McGee: The Modern Law of Insurance considers the insurance contract, insurer’s liability, settlement, protection of third parties and specific types of insurance. Lawyers advising on insurance law. Halsbury’s Laws of England, Insurance, Volume 60 Halsbury's Laws of England provides the only comprehensive narrative statement of the law of England and Wales, covering every proposition of English law. The product is divided into
PRACTICE NOTES
This document contains a list of Insurance & Reinsurance trackers and timelines covering the developments and regulatory regimes that impact UK (re)insurance firms. Cases