Insurance UK

  • February 12, 2024

    Pension Reform Key For UK Savings Shortfall, Report Says

    Allowing workers to access some of their pension pots before retirement as well as increasing savings contributions could support scores of Britons who do not have enough saved for immediate challenges or for later life, a think tank said Monday.

  • February 12, 2024

    Reporting Rules For Russia Sanctions Get UK Update

    Businesses in Britain have to tell the country's authorities whether they are holding any cash or other assets for Russian financial and state institutions under new rules announced Monday.

  • February 09, 2024

    Insurer Liable For Exploiting Business Before Merger

    A motor industry insurer exploited an opportunity to provide warranties to a car dealership at the expense of the warranty provider that made the introduction during ill-fated merger talks, a London court ruled Friday.

  • February 09, 2024

    Court Says 'Catastrophe' Applies In COVID Reinsurance Cases

    A London court has allowed insurers to make claims under reinsurance contracts for business interruption losses claimed during the COVID-19 pandemic, saying that the outbreak of an infectious disease constitutes a "catastrophe" under the policy wording.

  • February 09, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen a Saudi Arabian property investor file legal action against RLS Solicitors, Aspire Pharma and Bayer Intellectual Property tackle a patent dispute, the owners of soccer club West Ham United FC raise a red card against E20 Stadium LLP with a commercial fraud action, and accountants BDO file another commercial claim against the managing directors of KGJ Insurance Services. Here, Law360 looks at these and other new claims in the U.K.

  • February 09, 2024

    UK Gov't Audit Backlog Plan Gets Watchdog Support

    The government has floated plans that would mandate local government bodies to publish audit accounts by a statutory deadline in a bid to clear a "concerning backlog" that Britain's accounting watchdog says undermines the sector.

  • February 09, 2024

    UK Insurers Agree To Pause Sales Of Asset Protection Cover

    The Financial Conduct Authority said on Friday that eight out of 10 providers of guaranteed asset protection insurance have stopped selling the product, after the watchdog warned that customers may be getting ripped off.

  • February 09, 2024

    UK Regulators Need 'Growth Mindset' Lloyd's Boss Says

    Financial watchdogs needed to change their mindset on international competitiveness in order to align with the U.K. government's plans for economic growth, the chair of Lloyd's of London said.

  • February 09, 2024

    Woodford Investors Get Court OK For £230M Redress Deal

    Investors in Neil Woodford's failed £3.7 billion ($4.6 billion) fund will get payment under a £230 million settlement scheme backed by the financial watchdog after the High Court signed off on the arrangement in a judgment published on Friday.

  • February 09, 2024

    UK Pensions Watchdog Faces New Wave Of Walkouts

    Workers at the U.K. pensions watchdog are planning another 12-day walkout after negotiations over pay demands failed, their union has said, marking their second strike action of 2024.

  • February 09, 2024

    FCA Sets Out Crime-Fighting Priorities For Finance Firms

    The finance watchdog has set out four priorities in its fight against financial crime as it emphasizes the damage caused by offenses such as money laundering, evading sanctions and terrorist financing.

  • February 08, 2024

    Apt. Owners Can't Avoid Arbitrating Ida Damage, Insurers Say

    Seven New Orleans-area property owners must submit their Hurricane Ida damage claims to arbitration proceedings regardless of whether one of two foreign conventions applies to the case over the other, a group of 10 insurers told a Louisiana federal court.

  • February 08, 2024

    Pension Reform Needed To Plug Growing Savings Shortfall

    Only 40% of households with defined contribution schemes will have enough saved for a moderate standard of retirement living by 2040, an insurer has said, arguing that higher pension contributions could prevent a "bigger cost-of-living crisis" in the future.

  • February 08, 2024

    Pensions Regulator Boosts Data Gathering After Funds Crisis

    The Pensions Regulator has said it has bolstered its gathering of data from the U.K.'s retirement funds in the wake of the liability-driven investment sector crisis.

  • February 08, 2024

    FCA Urged By Industry To Boost Investment Research

    The Financial Conduct Authority should boost investment research by giving asset managers more choice in how to pay for it, helping to make U.K. finance more competitive, according to an organization representing City institutions.

  • February 08, 2024

    5 Questions For Hogan Lovells' Regulatory Expert Rachel Kent

    Capital markets are in decline, as London Stock Exchange data shows there are 20% fewer listed companies than five years ago — but the Financial Conduct Authority is about to reform its convoluted rules on investment research. Here, Rachel Kent of Hogan Lovells tells Law360 why those reforms have become more urgent.

  • February 08, 2024

    UK Gov't Sets Up Pension 'Small Pots' Support Group

    The U.K. government has brought together a group of regulators and industry experts to implement proposals designed to help savers track their pensions, a move lawmakers said could benefit the average saver by £700 ($882) at retirement.

  • February 08, 2024

    Fox Williams Hires Fintech Partner From Deloitte

    Fox Williams LLP has hired specialist tech and fintech partner Chris Hill to its London office from Deloitte Touche Tohmatsu Ltd.

  • February 08, 2024

    Aviva's £460M AIG Life UK Takeover Gets Competition Probe

    The Competition and Markets Authority said on Thursday it has launched an investigation into Aviva PLC's planned all-cash acquisition of the U.K. protection business of AIG Life Ltd. for £460 million ($580 million).

  • February 08, 2024

    Arc Pensions Law Hires Litigation Pro From Pinsent Masons

    Specialist firm Arc Pensions Law LLP has hired pensions expert Ben Fairhead as a new partner from Pinsent Masons LLP.

  • February 07, 2024

    Women Need Extra 19 Years In Work To Close Pension Gap

    Women in the U.K. would need to work for an additional 19 years on average to retire with the same amount of pension savings as a man, according to research published on Wednesday. 

  • February 07, 2024

    City Regulator Warns It Cannot Fine Cloud Service Providers

    The Prudential Regulation Authority's senior leadership warned MPs on Wednesday that it will be unable to fine large third-party cloud service providers to banks and insurers like Google or Amazon Web Services under new powers.

  • February 07, 2024

    Pension Funding Hits Record Despite Gilt 'Roller Coaster'

    Pension funding in the U.K. reached a record surplus of £265 billion ($334.6 billion) in January despite the economic turbulence towards the tail end of last year, according to an analysis by PwC.

  • February 07, 2024

    UK Freezes Pensions Auto-Enrollment Thresholds Again

    Britain's pensions minister has said the government will retain the current earnings threshold at which workers are automatically enrolled into pension plans, citing "prevailing economic factors."

  • February 07, 2024

    FCA Tells Insurers To Provide Non-Financial Misconduct Data

    The Financial Conduct Authority has given insurers written notice to provide statistics on incidents of non-financial misconduct like bullying and harassment at their firms.

Expert Analysis

  • What TPR's Guidance On DEI Means For Pensions Industry

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    The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.

  • Ensuring Construction Project Insurance Cover Is Adequate

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    There are a number of ways for practitioners to secure appropriate insurance for a construction project, and it is as important to consider who is covered under the policy as it is the specific terms and obligations, say lawyers at Gowling.

  • Rebuttal

    2nd Circ. Reinsurance Ruling Correctly Applied English Law

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    Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.

  • Reserved Investor Fund Would Plug Gap In UK Finance Market

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    The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.

  • What Firms Need To Know About The FCA Consumer Duty

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    The Financial Conduct Authority's new consumer duty, in force from July 31, presents an opportunity for manufacturers and distributors of financial services to understand the importance of fair value for consumers, and the regulator will be taking a close interest in this, say Julie Patient, Mark Aengenheister and Virginia Montgomery at Hogan Lovells.

  • Greenwashing Suits May Implicate D&O Policies

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    As consumers, regulators, and state and local governments seek to use litigation to hold companies responsible for alleged greenwashing, businesses facing such claims have a number of approaches available for seeking insurance coverage under directors and officers policies, say attorneys at Haynes Boone.

  • 2nd Circ. Reinsurance Ruling Misconstrues English Law

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    The Second Circuit's finding in Insurance Company of the State of Pennsylvania v. Equitas Insurance, that London-based reinsurer Equitas owed coverage for losses outside the policy period, stems from that court's misinterpretation of English law on reinsurance policy construction, says Christopher Foster at Holman Fenwick.

  • 4 Emerging Risks For US Insurance Markets

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    Both insureds and insurers in the U.S. must be aware of significant inbound exposures — including the issues arising from opioids, climate change and artificial intelligence — that could lead to continued volatility in insurance markets, say Aidan McCormack and Wes Reichart at DLA Piper.

  • How The New UK Digital Markets Bill Will Affect CMA's Powers

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    The highly anticipated U.K. Digital Markets, Competition and Consumers Bill sets out far-reaching changes in terms of merger control and conduct requirements, but some are skeptical of the Competition and Markets Authority’s enhanced powers and potential for divergence in treatment between firms, say Ben Chivers, Stephen Whitfield ​​​​​​​and Nigel Seay at Travers Smith.

  • Key Takeaways From EU Proposal For Greenwashing Rules

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    If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.

  • UK Plan For AI Rules Raises Compliance Questions For Cos.

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    The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.

  • The FCA's Timely Plan To Reform Asset Management Regime

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    The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.

  • Questions Raised By UK Plan For ESG Ratings Providers

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    HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • Review Of Senior Managers Regime Provides Useful Insight

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    Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.

  • Highlights Of The UK's New Economic Crime Plan

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    With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.

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