Age discrimination law demands new approach from insurers
by Gill Montia
Story link: Age discrimination law demands new approach from insurers
Questions are already being asked about the impact on the insurance sector of the Government’s new Equalities Bill, which aims to put an end to age discrimination in England and Wales while at the same time allowing employers to discriminate in favour of female and ethnic minority job applicants.
The proposals were outlined in the House […]
Insurers furious at Scottish asbestos ruling
by David Masters
Story link: Insurers furious at Scottish asbestos ruling
Insurers across the UK have been left fuming following new legislation from the Scottish Government giving those harmed by asbestos the right to claim compensation.
Last year, the House of Lords ruled that people exposed to asbestos could only claim compensation if the exposure had resulted in a physical problem.
Many people exposed to asbestos do not […]
AIG face lawsuit for deliberate deception
by David Masters
Story link: AIG face lawsuit for deliberate deception
US-based American International Group (AIG) is facing its first lawsuit following the company’s announcement of a $7.8 billion loss in the first quarter.
The insurance giant is being sued by Jacksonville Police and Fire Pension Fund.
Bernstein Litowitz Berger & Grossmann LLP filed the lawsuit in a New York court this Wednesday on behalf of […]
Axa’s IFA Thinc subsidiary fined £900,000
by Gill Montia
Story link: Axa’s IFA Thinc subsidiary fined £900,000
Axa’s independent financial adviser subsidiary, Thinc Group, has been fined a colossal £900,000 by the Financial Services Authority (FSA) for serious failures in its sub-prime mortgage business.
The FSA found evidence of poor record-keeping and a number of other offences, including the failure to demonstrate why some customers were sold sub-prime mortgages.
The findings questioned whether the […]
Lloyd’s warns of liability crisis for business
by Gill Montia
Story link: Lloyd’s warns of liability crisis for business
Lloyd’s of London has published a report highlighting the dangers of a liability crisis, should businesses fail to get to grips with litigation issues.
The report accompanies the launch of the third series of Lloyd’s 360 Risk project, which provides a forum for debate about key risk issues and their management.
The paper entitled “Directors in the […]
Solvency II upstages credit crunch for European insurers
by Gill Montia
Story link: Solvency II upstages credit crunch for European insurers
Standard & Poor’s (S&P) has published a new report in which it predicts that the fall in value of US sub-prime asset and the broader disruption in the capital markets created by the credit crisis will have limited implications for insurers headquartered in Europe.
The credit rating agency stated that the insurance operations of European financial […]
Scotland to extend time limit on personal injury claims
by Gill Montia
Story link: Scotland to extend time limit on personal injury claims
Commercial law firm, DWF, is opposing proposals by the Scottish Law Commission (SLC) to extend the time limit on personal injury claims from three to five years.
The reforms are intended to help those bringing claims for occupational diseases including asbestosis and mesothelioma, but DWF insurance partner, Simon Denyer, finds the SLC proposals surprising because “they […]
ABI impatient on personal injury claim reforms
by Gill Montia
Story link: ABI impatient on personal injury claim reforms
UK insurance companies are urging the Government to reform the legal system that deals with personal injury claims.
According to the Association of British Insurers (ABI) legal costs in the current system are high, while settlement times can be lengthy.
The Government has already drawn up plans to improve the process and the ABI is keen to […]
XL adamant that it is not part of a lawsuit
by David Masters
Story link: XL adamant that it is not part of a lawsuit
Frustrated by the media’s poor quality reporting, XL Capital Ltd. (XL) has released a statement to clarify that it is not subject to a lawsuit filed by Merrill Lynch International.
Merill Lynch International has filed a lawsuit against XL Capital Assurance Inc. (XLCA), a subsidiary of Security Capital Assurance Ltd. The lawsuit has been filed […]
Oval wins case against Berkeley
by David Masters
Story link: Oval wins case against Berkeley
Oval has reached a six-figure settlement with Berkeley Burke after former Oval employees who joined Berkeley took a number of clients along with them without getting Oval’s consent to do so.
Oval took legal action against rival broker Berkeley and against the four former employees. Success in court has seen them awarded with a six […]
AIG agrees to $13 million out of court settlement after legal battle
by David Masters
Story link: AIG agrees to $13 million out of court settlement after legal battle
American International Group (AIG) have come to a $13.5 million settlement with the Pennsylvania Insurance Department after allegations of false financial information and bid-rigging.
The allegations relate to an investigation by the department into an alleged false reinsurance deal between AIG and General Re Corp, which involved financial misreporting. Last month, a former AIG […]
Care home owners unaware of new law’s implications
by Richard Kilner
Story link: Care home owners unaware of new law’s implications
Gold Direct has conducted research into the awareness of forthcoming changes to the law on corporate manslaughter which reveals that a substantial number of managers and owners of care homes are insufficiently aware of its implications.
Worryingly, a majority of care home owners have little if any idea of the correct amount they should be paying […]
Three people charged following ‘cash for crash’ investigation
by David Masters
Story link: Three people charged following ‘cash for crash’ investigation
Three people have been charged for insurance fraud as part of the ongoing enquiry into ‘cash for crash’ scams in West Yorkshire.
Over the past 10 months West Yorkshire Police have been working in close conjunction with the Insurance Fraud Bureau (IFB) to expose thousands of pounds worth of alleged false motor accident claims.
Operation Pelican resulted […]
Chaucer and Towergate settle poaching dispute out of court
by David Masters
Story link: Chaucer and Towergate settle poaching dispute out of court
Towergate and Chaucer have come to an out of court settlement after Chaucer poached Towergate’s competition car business.
Towergate filed a High Court case against Chaucer on 30th January claiming that Chaucer had poached its business after terminating its underwriting contract with them. In addition, Towergate claimed that ten former employees had violated the terms […]
Firms subject to rising claims costs, warns Allianz
by David Masters
Story link: Firms subject to rising claims costs, warns Allianz
Allianz Legal Protection has warned that firms are increasingly subject to rising claims costs. This is due to new compensation limits for employment tribunals and redundancy pay.
The higher limits, which have been in effect since the beginning of this month, are:
The maximum amount of a week’s pay for calculation statutory redundancy pay has increased […]
Insurers face longer claims period after Lords’ ruling
by Richard Kilner
Story link: Insurers face longer claims period after Lords’ ruling
The House of Lords made a judgement today which effectively increases the time period during which a victim of abuse can seek financial compensation from their attacker.
The abuser’s employer may also be affected by the ruling, in areas such as education or social care.
Prior to the judgement a victim had to bring a sexual assault […]
Solvency II Directive Being Ignored, Says Deloitte
by Stewart Douglas
Story link: Solvency II Directive Being Ignored, Says Deloitte
The majority of UK insurers feel the introduction of the Solvency II capital adequacy directive will have a burdenous impact on their business, with even more less than adequately prepared to handle the implications of the European legal instrument when it comes in to force, according to a report released today by accountants and business […]
Lawyers welcome government position on pleural plaques
by Richard Kilner
Story link: Lawyers welcome government position on pleural plaques
Lawyers from legal firm DWF have welcomed the government’s decision not to legislate to overturn the House of Lords’ judgement on the pleural plaques case.
Late last year the Law Lords came to the view that pleural plaques, indicative of exposure to asbestos but without symptoms, were not on their own enough to warrant compensation.
In the […]
Thompstone Appeal Upheld In Landmark Case For Insurers
by Stewart Douglas
Story link: Thompstone Appeal Upheld In Landmark Case For Insurers
A high profile court case has today been upheld in the Court of Appeal following extensive litigation efforts over the way in which damages are paid in personal injury claims, which has paved the way for a further appeal to the House of Lords in order to determine definitively the law in that area.
The Court […]
PI Policy Activity To Increase, Says Flaxman
by Stewart Douglas
Story link: PI Policy Activity To Increase, Says Flaxman
The professional indemnity market could be about to experience strong growth off the back of forceably increased premiums in the wake of growing pressures in property markets, according to a leading industry expert today.
Flaxman Partners, a firm of top-flight independent risk consultants have suggested that professional indemnity premiums are likely to increase over the next […]
