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Insurance UK
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May 15, 2024
EU Insurers Press Commission On Priorities For Capital Rules
European insurers have warned the executive arm of the bloc that implementation of agreed changes to the Solvency II rules must accord with its goals on climate change and increasing competitiveness.
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May 15, 2024
Lloyd's Further Tightens 'Cyberwar' Insurance Cover
Lloyd's of London has tightened rules on members of the specialist insurance market over cover for state-backed cyberattacks.
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May 15, 2024
Experts See Risks In FCA's Soft-Touch Response To AI
The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.
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May 14, 2024
UK Gov't Rules Out NDA Ban In Harassment Cases
HM Treasury said Tuesday that the U.K. government will not commit to a legislative ban on nondisclosure agreements in harassment cases, rejecting a call from MPs to bring an end to the "abusive use" of NDAs to silence victims.
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May 14, 2024
Insurance Broker Jensten Launches Major Restructuring
British insurance brokerage Jensten said Tuesday that it is conducting a strategic restructuring by separating its underwriting business from its wholesale brokering division after recently raising nearly £170 million ($214 million) from its investors.
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May 14, 2024
EU Watchdog Sets Anti-Greenwashing Guidelines For Funds
The European Union's markets regulator on Tuesday published its final guidelines for firms using ESG terms in fund names, requiring 80% of the fund's investments to match the claimed criteria to combat greenwashing risk.
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May 14, 2024
Gov't To Add Legal Powers, Staff To Stop Benefits Fraud
The Department for Work and Pensions said Tuesday it will support new legislation to expand its powers to make arrests and conduct searches in its crackdown on benefits fraud.
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May 14, 2024
UK Pension Scheme Funding Edges Up £2.8B
The overall funding level of U.K. pension schemes edged up £2.8 billion ($3.5 billion) last month, according to official figures Tuesday, but experts warned that there was potential "volatility" on the horizon amid uncertainty over whether interest rates will change this year.
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May 14, 2024
Taxpayers Could Face Bill For 'Shadow Fleet' Oil Spill
British taxpayers could be on the hook for the cleanup if oil leaks from a ship operating without full insurance as a result of sanctions imposed on Russia, a senior figure at Lloyd's of London warned a panel of MPs on Tuesday.
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May 13, 2024
Pret Parent JAB To Dish Out Global Insurance Platform
JAB Holding Co. the owner of Pret a Manger cafes, said Monday that it is planning to build a global insurance company and an asset management business to build on the success of its existing pet insurance businesses.
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May 13, 2024
Warning On Surge In Mortgages Going Beyond Retirement
Almost half of new mortgages issued in Britain toward the end of 2023 reach beyond the state pension age, figures published on Monday show, raising the risk of an impending retirement crisis.
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May 13, 2024
UK Broker WTW Launches Ukraine Land War Insurance Cover
Insurance broker WTW said on Monday that it has struck a deal to insure cargo traveling over land in Ukraine that comes under fire amid the protracted war with Russia.
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May 13, 2024
Gov't Tells Finance, Law Watchdogs To Improve AML Reports
HM Treasury and Britain's anti-money laundering watchdog have told professional bodies in sectors including law and accounting to sharpen the focus in their annual reports on failures in compliance and supervisory actions.
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May 13, 2024
Demand Grows For Cross-Border Pensions In Unstable States
Cross-border pension and saving plans have more than doubled in just five years, with much of the growth in schemes covering employees in unstable countries, according to a survey published Monday.
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May 10, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Playtech file an intellectual property claim against online casino company OnAir Entertainment amid allegations of corporate spying, a broadcast equipment company sue its former owner amid allegations he conspired to inflate a customer’s finances, and aerospace company Vertical Aerospace hit a manufacturer with a claim following a test flight crash. Here, Law360 looks at these and other new claims in the U.K.
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May 10, 2024
Medical Device Co., Insurers Settle Equipment Damage Loss
A medical device manufacturer and its insurers have settled their coverage dispute over the manufacturer's claim it suffered an "equipment breakdown loss" damaging its mills, lathes and vacuum pump, the insurers told a Florida federal court.
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May 10, 2024
Costs Of Pension Portals Rise £54M Over Launch Delays
The cost of building new online pensions dashboards has risen by £54 million ($67.6 million) in three years as the project has faced delays due to poor governance, a damning report by the public sector audit watchdog said on Friday.
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May 10, 2024
Burges Salmon Steers £100M Pension Deal For Rathbones
Insurer Canada Life said it has completed a £100 million ($125.1 million) buy-in with the pension schemes of investment and wealth management company Rathbones Group PLC, in a deal steered by Burges Salmon LLP.
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May 10, 2024
FCA Warns Firms Of Market Abuse Surveillance Failings
The Financial Conduct Authority has warned in its latest market watch newsletter that some companies have inadequate or faulty systems to detect market abuse, with insufficient governance arrangements.
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May 10, 2024
MPs Mull Using Frozen Russian Assets For Ukraine Recovery
Politicians are to probe leading experts, including the head of financial crime and compliance at Lloyd's of London, on whether the U.K. should follow the European Union and use profits from Russia's frozen assets to help Ukraine, as they examine the sanctions regime.
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May 09, 2024
AmTrust Loses Cap Costs Fight In Lloyd's Syndicate Deal
A London court ruled Thursday that two reinsurers are entitled to cap at £1 million ($1.25 million) a range of expenses they are required to pay after they acquired AmTrust's economic interests in a Lloyd's syndicate.
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May 09, 2024
Insurer Beats Engineering Co.'s New Bid For $10M Payout
England's Court of Appeal said Thursday that an insurer should not be on the hook for $10.4 million (£8.3 million) after a ship crashed into an oil platform, throwing out a legal challenge by a French engineering company.
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May 09, 2024
Pension Watchdog In Talks With Gov't Over New Remit
The U.K.'s retirement savings watchdog said it is in talks with the government on formally extending its remit to encompass pension scheme administrators.
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May 09, 2024
Aviva Takes On Construction Co. Pension Scheme In Full
Insurance giant Aviva has secured the benefits of all uninsured final salary members of a pension plan sponsored by a British construction group in a deal guided by CMS.
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May 09, 2024
Watchdog Preps Rules For Banks To Repay High-Value Fraud
The payments watchdog has set out plans to extend its fraud reimbursement scheme to high-value bank transfers through the CHAPS system, reducing the risk that fraudsters will move there to avoid detection.
Expert Analysis
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Why Law Firms Should Monitor The Dark Web
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.
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Lessons From UK's Data Backlash
Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.
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Tech, Media, Telecom Investor-State Arbitration Is On The Rise
Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.
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Treat GDPR Compliance As A Marriage, Not A Wedding
Earlier this year, many businesses were so focused on ensuring that their privacy notices and customer lists were compliant by May 25 that they forgot that General Data Protection Regulation D-Day was just the first day of a new regime, rather than a one-day event, say Ben Pilbrow and Joanna Boag-Thomson of Shepherd and Wedderburn LLP.
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New UK And US Regimes May Deter Foreign Investment
Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.
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UK Employees May Soon Gain The 'Right To Disconnect'
Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.
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Q&A
A Chat With Faegre Client Development Chief Melanie Green
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
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UK's Proposed Investment Scrutiny Powers Are Far-Reaching
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
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Relief For Cos. Conducting UK Internal Investigations
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.
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Breaking Down The UK's Revised Corporate Governance Code
Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.
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Q&A
Back To School: Widener's Rod Smolla Talks Free Speech
In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.
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When To Use Options Analysis In Damages Assessments
In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.
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Opinion
UK 'Unexplained Wealth Orders' Will Discourage Investors
The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.
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Brexit: Bracing For A No-Deal Scenario
Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.
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Considering Contract Termination Under English Common Law
The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.