Tesla CEO Elon Musk recently declared that the company intends to create an insurance product ‘much more compelling than everything else out there’. Victor Fornasier, partner at Hogan Lovells, discusses with Tom Inchley from Lexis Nexis, Tesla’s plans and what
Global Insurance Blog
International Insurance and Reinsurance News, Trends, and Cases
The Global Insurance Blog, published by Hogan Lovells, focuses on legal and regulatory developments affecting the insurance industry worldwide. It covers topics such as regulatory guidance and enforcement actions, insurance market responses to crises like COVID-19, supervisory expectations for insurers, and the impact of government measures on insurance operations. The blog also discusses prudential regulation, capital management, dividend policies, and compliance with reporting requirements under frameworks like Solvency II. It provides updates on insurance supervisory authorities' positions across different jurisdictions and addresses issues relevant to insurers, intermediaries, and policyholders in a global context.
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UK: Reinsurers entitled to reject “spiking” of mesothelioma losses
In the first judgment to provide guidance on the allocation of mesothelioma liabilities at a reinsurance level, the Court of Appeal in Equitas Insurance Limited v Municipal Mutual Insurance Limited [2019] EWCA Civ 718 has ruled that insurers cannot choose…
A useful reminder for the general insurance sector: FCA’s multi-firm review into the supervision by principal firms of their ARs in the investment management sector
By Jamie Rogers & Ellie Rees
On 20 May 2019, the FCA published findings from its multi-firm review into the supervision by principal firms of their appointed representatives (“ARs”) in the investment management sector (“Investment Management Sector Review”).
This review was conducted following the publication in…
Warranty and Indemnity Insurance – the practice behind the promise
By Jamie Rogers
Global mergers and acquisitions transactions hit $3.5 trillion in 2018 making it the third-largest year on record for M&A by value. Within the private equity and real estate investment worlds, the insatiable appetite for warranty & indemnity insurance (“W&I”) to…
Breakfast Discussion: Insurer restructuring, run – off and resolution: the view from both sides of the Pond
The past decade has seen far reaching changes in the occurrence, management and restructuring of liabilities in the life and non-life insurance sectors.
Please join a team of Hogan Lovells thought leaders from New York and London for a breakfast…
EIOPA to produce cloud outsourcing guidelines for insurers
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…
FCA warns GI firms to place greater focus on customer outcomes
By Lydia Savill
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…
UK: We didn’t start the fire: Motor insurer not liable for property damage caused by car repair fire on private premises
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…
UK: Changes to Financial Ombudsman Service (FOS): (1) increased award limit of £350,000; (2) jurisdiction extended to SMEs
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
…
Brexit: Italian measures for UK insurers and intermediaries
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…