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 […]
Hiscox Urges Companies To Consider Corporate Manslaughter Act
by Stewart Douglas
Story link: Hiscox Urges Companies To Consider Corporate Manslaughter Act
UK insurer Hiscox has today advised that companies of all sized prepare for the introduction of the Corporate Manslaughter Act which commences at the start of April, and could pave the way for substantial legal costs and fines following streamlined processes for criminal convictions of companies.
In a statement released today by the insurance company, it […]
Hiscox Wins High Court Injunction
by Stewart Douglas
Story link: Hiscox Wins High Court Injunction
Insurance group Hiscox has today successfully won injunctive relief at the High Court against the contractors building the Pinnacle building over a site access dispute that had arisen between the two parties involved.
The Pinnacle project, which has been billed as creating an iconic addition to the London landscape, has been the subject of much controversy, […]
New Directive Could Lead To Fines For 9 In 10 Businesses, Say R&SA
by Stewart Douglas
Story link: New Directive Could Lead To Fines For 9 In 10 Businesses, Say R&SA
Over 9 in 10 businesses could be subject to up to £5,000 in fines and penalties after the Energy Performance Buildings Directive comes in to force for failure to comply with the law, according to a survey released today by Royal & Sun Alliance, with as much as two thirds of business surveyed completely unaware […]
DLA Piper Discloses Towergate Influence
by Stewart Douglas
Story link: DLA Piper Discloses Towergate Influence
Leading corporate law firm DLA Piper has today announced that they played an instrumental role in Towergate’s acquisition of The Broker Network, drafted in as legal advisers to the move worth in excess of £95 million made yesterday.
The top-flight law firm has a previous track record in managing and advising corporate strategy and large scale […]
FSA closes fraudulent Manchester-based broker
by Gill Montia
Story link: FSA closes fraudulent Manchester-based broker
The Financial Services Authority (FSA) has closed a Manchester-based insurance broker that has been selling insurance without underwriting in place, thus leaving clients uninsured.
M Young Legal Associates (MYLA) advised on and sold “after-the-event legal expenses insurance”, issuing policies in the names of NIG, IGI Insurance and Contractors Bonding, despite having no underwriting agreement in place.
The […]
