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
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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US: A look at the impact and insurance regulatory challenges of InsurTech innovations, AI, machine learning, blockchain, and smart contracts
Hogan Lovells counsel Robert Fettman discusses the challenges and opportunities that InsurTech innovations and technologies like blockchain, distributed ledger technology (DLT), and smart contracts present to the U.S. insurance industry.
Click here to read the full interview.
Click here to read the full interview.
Unit-linked policies: a new judgement of the Italian Supreme Court
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…
Spain: Contingency measures following no-deal Brexit published –and they guarantee continuity of insurance contracts and smooth adaptation to new regime for British insurers
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…
UK: Corporate Insurance Newsletter – February 2019
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
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UK: OFSI flexes its muscles in imposition of first monetary penalty for breach of financial sanctions
Executive summary:
On 21 January 2019, OFSI issued its first monetary penalty for a breach of financial sanctions, marking a significant development in the UK’s evolving sanctions enforcement landscape. OFSI’s first use of its new monetary penalty powers, introduced by…
Webinar: Sanctions: Navigating the Labyrinth
The pace of change to the global financial sanctions landscape picked up dramatically during the course of 2018. Global (re)insurers, brokers and policyholders now face an increasingly complex lattice of measures imposed by the UN, U.S., EU, UK and other…
UK: PRA proposals to Increase the Part VII Transfer Transaction Fee
By Amy Crowe
On 13 February 2019, the PRA published Policy Statement (PS) 3/19, which sets out the PRA’s final policy on updating periodic fees and transaction fees for insurers. Notably PS3/19 implements a substantial increase in Part VII FSMA regulatory transaction…
UK: A pretty clean bill of health for the London Wholesale Broker Market
FCA publishes its Final Report for Wholesale Insurance Broker Market Study
The FCA has published today its final Report in respect of its Market Study of the wholesale insurance broker market.
The Market Study was launched in November 2017 with…
US: NAIC forms working group to explore alternative restructuring mechanisms for insurers seeking to transfer blocks of business
On 19 February 2019, the NAIC Financial Condition (E) Committee voted to form a Restructuring Mechanisms Working Group (the “Restructuring Working Group”) and a Restructuring Mechanisms Subgroup (the “Restructuring Subgroup”) to consider the issue of various insurance business transfer (“IBT”)…