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Insurance UK
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October 08, 2024
Gov't Urged To Commit To Pension Tax 'Lock' In Budget
The government must commit to a long-term pact on pension tax policy, experts said, warning that prolonged uncertainty is damaging consumer confidence.
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October 08, 2024
Bear 'Polluter Pays' Liability For Redress, FCA Tells Firms
The finance watchdog has warned investment firms that they must take responsibility for holding sufficient resources to pay redress to clients, saying it has seen significant liabilities being pushed onto the country's financial compensation program.
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October 08, 2024
FCA Warns Banks To Improve Anti-Fraud Systems To Cut APP
The financial watchdog has ordered banks and other payments firms to improve their anti-fraud systems and controls, as it expects businesses to target authorized push payment scams in this way.
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October 08, 2024
Broker, Property Firm Settle In £2M Fire Insurance Dispute
An insurance broker has reached a settlement in its attempt to pull a property management company into litigation brought by an investor seeking an insurance payout to cover the costs of rebuilding two properties tied to a fire in Glasgow.
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October 07, 2024
Putin Helped Airlines Survive, Insurers Say In Stranded Jets Trial
The Russian government did not order the country's private airlines to retain aircraft after Western sanctions were imposed, a group of insurers argued at trial Monday, but instead facilitated the necessary conditions for its aviation industry to survive.
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October 07, 2024
Firm's Boss Misled Insurer Over Suspended Lawyer, SRA Says
The solicitors' watchdog told a disciplinary tribunal Monday that the boss of a law firm misled insurers to cover up employing a lawyer who was banned from handling client accounts.
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October 07, 2024
Investors Urge UK Pension Reforms To Boost Returns
Investors have urged the U.K. to adopt new pension reforms designed to improve how pension schemes invest and operate following a call for evidence as the government carries out a review of pensions investment.
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October 07, 2024
Underwriter Rejects €1.6M Contract Cancellation Claim
A German underwriter has said it is not liable for €1.6 million ($1.75 million) in damages claimed by a Liechtenstein-based insurer that alleges it failed to end contracts correctly, saying it did not have a duty to record their termination.
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October 07, 2024
Watchdog Now Orders Banks To Pay Back APP Fraud Victims
The Payment Systems Regulator said Monday that new rules will provide world-leading protections to consumers who have been tricked into sending money to fraudsters through the banking system.
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October 04, 2024
SFO Seizes £295K From Convicted Tycoon In $700M Fraud
Britian's financial crime enforcer has seized £295,000 ($386,000) from a convicted fraudster imprisoned three times in connection with an international metal trading scam that defrauded lenders worldwide out of nearly $700 million more than two decades ago.
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October 04, 2024
Former TUI Pilot Loses Health Insurance Employment Claim
A former TUI Airways Ltd. pilot did not have the right to receive permanent health insurance benefits until the state pension age of 66 because his contractual retirement age was 65, an employment tribunal has ruled.
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October 04, 2024
AXA Adds New Platform For Measuring Climate Risks
Consultancy AXA Climate has officially rolled out a platform to help industrial companies with strengthening their sustainability reporting requirements and measuring the effects of climate-related risks on their sites, expanding its climate offering to a wider range of organizations.
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October 11, 2024
Covington Adds Mishcon Insurance Litigation Pro In London
Covington & Burling LLP has hired a dispute specialist as a partner to its global insurance practice group in London to lead the firm's policyholder disputes practice.
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October 04, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.
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October 04, 2024
Injury Claims Made Through Irish Board Rose 10% In 2023
Personal injury claims made to the Irish government grew 9.8% in 2023 over the previous year, the Injuries Resolution Board said Friday, citing a rise in road traffic accident claims.
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October 03, 2024
Putin Seized Planes In Political Act, Insurers Say At UK Trial
A group of aviation insurers are fighting to limit potential payouts for aircraft stranded in Russia, telling a London court on Thursday that orders from Russian President Vladimir Putin kept hundreds of Western-owned planes from being returned to their lessors in a political act after sanctions were imposed.
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October 03, 2024
New UK Anti-Fraud Law Could Fuel Prosecution Of Individuals
The new "failure to prevent fraud" offense that is likely to take effect in 2025 was written to target large companies that do not have internal controls to prevent such crime, but lawyers are warning clients that bosses will be expected to help pursue individual fraudsters
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October 03, 2024
Pension Co. Expects Greater Investment Plan Detail In Budget
More detail on how the British government plans to generate greater investment from the £800 billion ($1.05 trillion) defined contribution sector into the economy seems "highly likely" to feature in the upcoming autumn Budget, PensionBee has said.
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October 03, 2024
Herbert Smith-Led WTW Buys Stake In Wealth Manager
Insurance group Willis Towers Watson PLC said Thursday that it has acquired a minority stake in U.K. wealth manager Atomos, following an alliance between the companies since 2022.
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October 03, 2024
EU Finance Bodies Seek Clarity On Cybersecurity Compliance
Financial trade bodies across the European Union have urged regulators to clarify critical requirements under the Digital Operational Resilience Act, which is set to come into effect in January, saying they are not clear on how the cybersecurity legislation applies to them.
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October 02, 2024
UK To Give Banks New Powers To Combat Fraudsters
The U.K. government said Thursday it is introducing new laws enabling banks to extend investigations of suspected fraudulent payments.
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October 02, 2024
Parliamentary Ombudsman Probes Pensions Injustice
The independent complaints body for government departments has launched an inquiry into historical injustices in state pensions that could lead to hundreds of millions of pounds being paid out in compensation to women who were affected, a consultancy said Thursday.
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October 02, 2024
'Petsure' Name Infringes 'Vetsure' TM, Appeals Court Says
A pet insurance company has convinced an appeals court that shoppers would likely confuse its "Vetsure" trademark with its rival's "Petsure" name, given the conceptual similarity between the two.
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October 02, 2024
AerCap Battles Insurers Over Stranded Jets As Trial Begins
There is "no scope" for major insurers to refuse billion-dollar claims for planes seized by Russian airlines, lawyers for major lessor Aercap told the High Court on Wednesday on the first day of a trial that is likely to be a test case for other claims.
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October 02, 2024
Hogan Lovells Leads Royal London's 1st £30M Pension Deal
The Royal London Mutual Insurance Society Ltd. completed its first full scheme buy-in with the £30 million ($39.8 million) acquisition of The Retreat York Pension Scheme in a deal guided by Hogan Lovells and Wrigleys Solicitors, its adviser K3 Advisory said Wednesday.
Expert Analysis
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UK Arbitration Ruling Offers Tips On Quelling Bias Concerns
An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
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Bias Ruling Offers Guidance On Disqualifying Arbitrators
An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
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Insurance Policy Takeaways From UK Lockdown Loss Ruling
An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases
The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
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Unpacking The Building Safety Act's Industry Overhaul
Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
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A Rare Look At Judicial Interpretation Of LEG Exclusions
A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Decoding UK Case Law On Anti-Suit Injunctions
The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Employers Can 'Waive' Goodbye To Unknown Future Claims
The Scottish Court of Session's recent decision in Bathgate v. Technip Singapore, holding that unknown future claims in a qualifying settlement agreement can be waived, offers employers the possibility of achieving a clean break when terminating employees and provides practitioners with much-needed guidance on how future cases might be dealt with in court, says Natasha Nichols at Farrer & Co.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.