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Author - Jonathan Drake

BI consequentials hearing set for 2 October

FCA says the Court has confirmed the consequentials hearing following judgment in the BI insurance test case will take place on 2 October, probably in the morning. FCA will live stream the hearing, at which the parties...

FCA writes to CEOs on BI judgment

FCA has written to the CEOs of insurers following publication of the High Court judgment on the BI test case. It expresses its gratitude to the insurers that were parties to the case and to all those who have co...

Court approves insurance transfer

The High Court has approved a Part VII transfer of an insurance portfolio from Legal and General to Reassure. The portfolio includes around 900,000 insurance-based savings, pensions, life and with-profits business and...

FCA updates on BI test case

The test case FCA brought to get court clarity on the application of certain clauses in a number of business interruption insurance policies is now complete. FCA has now published the draft transcripts for days 1-7 of...

FCA publishes Day 2 BI test case transcript

FCA has published the draft transcript from Day 2 of the Business Interruption Test Case hearing.  Counsel developed the arguments from the details discussed on the first day, with reference to specific policies, and to...

Lloyd’s updates on Part VII and Brexit

Lloyd’s has confirmed that, as of the end of the Transition Period on 31 December, Members’ policies will be transferred to Lloyd’s Insurance Company SA. The affected policies will be those where all...

Day 1 BI test case transcript published

FCA has published the draft transcript of Day 1 of the business interruption insurance test case.  Much of the first day focused on how the pandemic developed, the actions of UK government and the effects on business...

FCA updates BI papers ahead of trial

FCA has updated its list of documents relating to the business interruption insurance test case in preparation for the trial starting on 20 July. The documents now published are: the agreed list of issues and common...

FCA updates on BI test case

FCA has published its and the Intervenors’ skeleton arguments for the trial, which will commence on 20 July.  Over the weekend, it published: its skeleton argument: this runs to over 300 pages and explains, among...

FCA serves BI insurance Reply

FCA has published its Reply and defence to Counterclaims to the Defences of the insurers in its Business Interruption Insurance test case, as well as its amended Particulars of Claim, the judgment from the first Case...

EIOPA updates on stress testing

EIOPA has published a further discussion paper on the methodological principles of insurance stress testing.  Following its first paper, last year, it is now planning to add some new elements to its stress test toolbox...

FCA publishes defences in BI test case

FCA’s latest update on its business interruption insurance test case: published the sealed Court Order from the Case Management Conference on 16 June; published the Defences of the defendants to the test case...

PRA writes to insurers on 2019 stress test

PRA has written a Dear CEO letter to firms participating in the 2019 Insurance Stress Test. The letter covers: Covid-19 resilience: tests showed the sector was robust to downside stresses, with the highest uncertainty...

FCA updates on BI insurance test case

FCA has published a new set of documents relating to the test case it is bringing to get clarity on the coverage of business interruption insurance during the Covid-19 crisis. It has on 10 June (today) announced that it...

Full details on BI case progress

We have now written a detailed article on the progress in FCA’s Business Interruption insurance test case, including summaries of FCA’s draft guidance, and its selection of polices, wordings and assumed...

FCA updates on BI test case

FCA has updated on its progress towards its test court case on business interruption insurance policies.  It has now reviewed around 500 policies from 40 insurers, and has identified 17 policy wordings that capture most...

PRA updates on ISPV supervision

PRA has updated on authorisation and supervision of insurance SPVs following consultation, and has published updated rules, an updated supervisory statement and an updated multi-arrangement insurance SPV new risk...

EIOPA takes Covid-19 action

EIOPA has set out its expectations on insurers as they try to manage the risks Covid-19 presents. Its key messages are: the importance of business continuity. It says regulators can help by being flexible on supervisory...

FCA guidance to GI distribution chain

We have written an article about FCA’s findings on potential harm caused by the general insurance distribution chain and its guidance to firms in the sector setting out its expectations of them.

FCA makes travel insurance PEMC rules

FCA has published its policy statement and final rules to help consumers with serious pre-existing medical conditions to understand the travel insurance market better.  The new requirements will: require firms that sell...

IUA publishes cyber exclusion clauses

The International Underwriting Association (IUA) has published two new cyber exclusion clauses: Cyber Loss Absolute Exclusion Clause (IUA 09-081): provides a broad exclusion against losses arising from the use of a...

UK / Switzerland deal reached on insurance

At the World Economic Forum in Davos, the Swiss and UK governments signed a deal to allow both countries to trade freely within the insurance sector post-Brexit. The agreement will come into force when the current EU...

FCA announces market study in insurance

On 31 October 2018, the FCA published the results of a thematic review on the pricing practices of household insurance firms. The review uncovered a number of issues on pricing practices. As a consequence, the FCA...

Lloyd’s Brussels obtains licence

Lloyd’s has announced that it has received licence approval from the National Bank of Belgium for Lloyd’s Insurance Company S.A. Post-Brexit, this subsidiary of Lloyd’s will be able to write non-life...

Treasury makes IDD perimeter law changes

Treasury has made the Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 and laid it before Parliament on 1 May. The Order makes changes, mainly to the RAO, to reflect the changes to...

The UK’s developing cyber insurance market

We have written an article that assesses the UK’s developing cyber insurance market in the context of the changing regulatory landscape and looks at the possible benefits and risks associated with the proposal to share...