Insurance Distribution Directive approved by the Permanent Representatives Committee on behalf of the Council: next steps

Coreper has approved the trilogue agreement on the proposed Insurance Distribution Directive (the IDD), on behalf of the European Council. The IDD is expected to be “minimum harmonising”, so the European Member States will be entitled to require more of the insurance distributors registered in their respective jurisdictions than the IDD […]

Solvency II third-country equivalence – an unexpected fly in the ointment

The European Parliament has published an exchange of letters between the chair of its Economic and Monetary Affairs Committee (Roberto Gualtieri) and the European Commissioner for Financial Stability, Financial Services & the Capital Markets Union (Jonathan Hill).

Court of Appeal considers operation of condition precedent to liability

In Milton Furniture Limited v Brit Insurance Limited [2015] EWCA Civ 671, the Court of Appeal considered whether Jay J was correct to deny Milton the right to an indemnity under its insurance policy for losses suffered as a result of a fire at its premises, on the basis that […]

FCA call to action: rule breaches in general insurers’ delegated authority & outsourcing arrangements

An FCA Thematic Review suggests that many more rule breaches are occurring in the general insurance market than we might have expected; and that insurers, intermediaries and outsourced-service providers should act quickly to identify and resolve them, if they want to avoid regulatory action. The FCA’s “Thematic Review TR15/7 – Delegated authority: Outsourcing in the general insurance market” takes a […]

High court considers scope of duty to notify claims

The case Maccaferri Limited v Zurich Insurance Plc [2015] EWHC 1708 (Comm) concerned a claim brought against the insurers (Zurich) for refusing to indemnify the insured Maccaferri (Maccaferri). The relevant policy included an obligation to “give notice in writing to the insurer as soon as possible after the occurrence of […]

Commercial court considers challenge to arbitral award

In Union Marine Classification Services LLC v The Government of the Union of Comoros [2015] EWHC 508 (Comm) the Commercial Court gave judgment on whether a section 67 Arbitration Act 1996 (AA 1996) application was the appropriate vehicle to challenge an arbitration award.