Global Insurance Blog

International Insurance and Reinsurance News, Trends, and Cases

Blog Authors

Latest from Global Insurance Blog

On 27 March 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a report that looks at outsourcing to the cloud by (re)insurers. The report was issued in response to the European Commission’s request (through its FinTech Action Plan published on 3 March 2018) that the European Supervisory Authorities – EIOPA, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) – explore the need for guidelines on outsourcing by regulated…
FCA publishes the results of its Thematic Review into GI insurance distribution chains The FCA’s Thematic Review into GI insurance distribution chains (published on 10 April 2019) has concluded that certain GI sector manufacturing, sales and distribution approaches can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service. The report highlights how the remuneration of all the parties in the distribution chain can result in customers paying significantly higher prices than…
In R&S Pilling t/a Phoenix Engineering v UK Insurance Limited [2019] UKSC 16, the Supreme Court addressed the question of whether or not a motor insurer should be liable for property damage caused by a fire which was started whilst a vehicle insured by it was being repaired on private land. The Facts Mr Holden, a mechanic employed by Phoenix Engineering, was working overtime and asked to use the loading bay at the premises to…
From 1 April 2019 two significant changes take effect: The jurisdiction of the FOS is extended to cover small and medium-sized enterprises, certain charities and trusts and personal guarantors; and The FOS award limit is increased from £150,000 to £350,000 (an increase of 133%). These changes follow a short consultation process in late 2018.  For more information on the detail of the changes and the FCA responses to the consultation see the FCA policy statement
Last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit (the “Decree”). The final version of the Decree is expected to be issued soon and will enter into force upon the publication on the Official Journal. Amendments in the final version of the Decree cannot be excluded at this stage, but significant deviations from the below are not expected as the Decree…
On 14 March 2019, the Supreme Court of Appeal (SCA) dismissed an appeal by Centriq Insurance Company Ltd (Centriq) against a ruling of the Free State High Court holding liable a financial advisor under a professional indemnity insurance policy. The SCA held that Centriq could not rely on an exclusion in the policy that was at odds with its purpose, which was to indemnify a financial advisor for breach in connection with negligent financial advice.…
On 5 March the Italian Supreme Court issued a new important judgment on unit-linked policies and their nature. Unlike previous decisions rendered over the past years, in which the Supreme Court merely referred to the lower courts the task of assessing the features of the disputed policies so as to verify whether they could be considered as financial or insurance products, this time the Supreme Court set out detailed and precise guidelines. Click here to continue…
What is all about? Brexit month is finally here –or is it? Interests at stake on both sides of the Channel, fearing consequences of a no-deal Brexit, may end up cristalysing in a delay and extension to Article 50 of the TEU. Whatever the case, as things stand now, the UK is due to leave the EU on 29 March, 2019, regardless of whether there is a deal with the EU or not. In an…
The Hogan Lovells’ Corporate Insurance Newsletter for February  has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Latest Brexit related consultation papers and other material from the HM Treasury, PRA and FCA The FCA’s final report on its review of the wholesale insurance brokers market review The European Commission’s request to EIOPA for technical…