leading supervisory convergence
towards a high-quality prudential supervision throughout the
EU
strengthening the financial stability
of the insurance and occupational pensions sectors
delivering EIOPA s mandate
effectively and efficiently
Sustainability
Many of the key areas of focus incorporate sustainable finance
objectives. EIOPA aims to foster supervisory convergence across the
EU in the assessment of environmental, social and governance
(
ESG) risks, and promote standardised information
to identify sustainable investments and ESG risks.
Digitalisation
Digitalisation has accelerated dramatically due to COVID-19.
EIOPA acknowledges that it must strike a balance between
establishing a convergent and sound supervisory approach to
digitalisation and enhancing financial innovation as well as
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Insurance applications can be challenging. The questions are
often ambiguous and remembering every piece of relevant information
is difficult. However, being diligent is important, as an insurer
may deny coverage of a claim if an insured incorrectly answered a
question or failed to disclose material information. On the other
hand, insureds should be aware that courts will scrutinize claims
of inadequate disclosure on a reasonableness basis. Typically,
insurers cannot rely on answers to ambiguous questions in
application materials unless the nature of the risks those
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On 2nd February 2021, the Financial Intelligence Analysis Unit
(FIAU) issued an Interpretative
Note in relation to the interpretation of Article 2(1)(d) of
the Prevention of Money Laundering and Funding of Terrorism
Regulations (the
Regulations ), the
interpretation of which was causing difficulty to certain entities
and individuals operating within the insurance sector.
Regulation 2(1)(d) provides that any insurance intermediary
activities carried out by an insurance intermediary or by a tied
insurance intermediary with respect to long-term insurance business
and which intermediary or tied insurance intermediary is enrolled
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In brief - Queensland Supreme Court finds that, in the
circumstances, an excess policy was a marine policy subject to the
Marine Insurance Act
Insurance Contracts Act 1984 (Cth) does not apply to
contracts to which the
This was a critical issue considered by Justice Bond in the
Supreme Court of Queensland late in 2020 in the case of
The issue considered in this case is one which insurers are
often required to consider but which rarely reaches the courts for
consideration.
Court considers whether the excess policy was a marine policy
By: Noah Hodgson & Thomas Rodgers with special
contribution by Bob Shaw of Rogers Insurance
On February 11, 2021, the Supreme Court of Canada denied
Co-operators General Insurance Company s leave to appeal the
Ontario Court of Appeal decision in
Le Treport Wedding &
Convention Centre Ltd v Co-operators General Insurance
Company
1. As such, the Ontario Court of
Appeal decision in
Le Treport, rendered on July 29, 2020,
stands as good law. While this decision will not be binding
precedent in Alberta Courts, it will be very persuasive. The
Ontario Courts have long been a well-respected insurance court in
Canada, and Alberta has a history of following precedent set by the