A working group (chaired by Cooley partner, David Kendall) was established by the Financial Markets Law Committee (FMLC) to examine and report on the lack of clarity surrounding the distinction between a (re)insurer providing services in an EEA Member State and becoming established in that Member State (the “Issue”).
In its Report (available here), the Issue is examined with the UK as the primary jurisdiction and within the context of an EEA (re)insurer seeking to do business or doing business in the UK. Some analysis is also included of the law in other EEA Member States, and of related issues affecting non-EEA (re)insurers.
The report has not been reviewed, approved or adopted by the FMLC but it is published with the permission of the FMLC Secretariat (http://www.fmlc.org/), which was involved in early discussions and project coordination.
On 11 October 2016 Cooley hosted a breakfast forum on the House of Commons Treasury Select Committee Solvency II Inquiry. We collated the views of those attending the forum and a few others who had not been able to make it and submitted a note of those views to the Committee. The Committee has now published its report (Treasury Committee publishes Report on EU insurance regulation) and we are pleased that the evidence that we submitted has been taken into account in the Committee’s findings and recommendations.
The LMA, with the assistance of Cooley, has recently published a bulletin on the issues surrounding applicable law and jurisdiction post-Brexit. The bulletin, and Cooley’s briefing note on the subject, can be accessed here.
Routledge has published “A Practical Guide to the Insurance Act 2015,” co-authored by David Kendall and Harry Wright of 7KBW. The book serves as a thorough introduction to the act, which is the first comprehensive statutory reform of the insurance law of the United Kingdom since the Marine Insurance Act 1906.
London partner Becket McGrath has posted a Cooley alert on the recent decision of the Supreme Court in relation to the Brexit process, which can be read here.
Chris Finney and Mark Deem have published an alert on the recent High Court decision in relation to the triggering of Article 50, which can be read here.
Cooley has recently published an underwriter’s checklist to assist in navigating the Insurance Act 2015, which comes into force on 12 August 2016. It can be accessed here.