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Insurance regulatory news, July 2021 #3 | Hogan Lovells


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Reports on recent UK and EU regulatory developments of interest to insurers and their intermediaries. See also our Financial institutions general regulatory news in the Related Materials links.
Contents
Part VII insurance business transfers: FCA GC21/3 on proposed changes to its approach
Solvency II: EIOPA supervisory statement on SCR breach
Solvency II: EIOPA opinion on use of risk mitigation techniques by (re)insurers
Solvency II: EIOPA consults on revision of guidelines on contract boundaries and on valuation of technical provisions
Nat Cat insurance protection gap: EIOPA feedback statement on pilot dashboard ....

United Kingdom , Supreme Court , Arch Insurance United Kingdom Ltd , Financial Conduct Authority , Occupational Pensions Authority , High Court , Arch Insurance , European Insurance , Nat Cat , ஒன்றுபட்டது கிஂக்டம் , உச்ச நீதிமன்றம் , வளைவு காப்பீடு ஒன்றுபட்டது கிஂக்டம் லிமிடெட் , நிதி நடத்தை அதிகாரம் , தொழில் ஓய்வூதியங்கள் அதிகாரம் , உயர் நீதிமன்றம் , வளைவு காப்பீடு , ஐரோப்பிய காப்பீடு , நாட் பூனை ,

Don't Be Fooled by the Numbers: How Insurance Companies Are Attempting to Create a False Narrative on COVID-19 Insurance Claims | Pillsbury - Policyholder Pulse blog


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Since the novel coronavirus landed in America, the insurance industry has worked hard to create the impression that there is no coverage for business interruption losses resulting from the pandemic. For the most part, insurers have discussed the “intent” of the policies and avoided specific policy analysis. The insurer disinformation effort recently started including citations to lists of court decisions obtained to date as if insurance coverage should be decided not on the terms of the contracts at issue but instead on the basis of an early win/loss record. A review of court statistics, along with two recent court decisions, expose the fallacy of the insurers’ argument. ....

Hyde Park , United States , United Kingdom , South Africa , South African , Justice Brigg , Arch Insurance United Kingdom Ltd , Financial Conduct Authority , Us District Court , Supreme Court , University Of Pennsylvania School Law , Zurich American Insurance Co , Royal Sun Alliance , United Kingdom Supreme Court , Pennsylvania School , Northern District , Zurich American Insurance , Hyde Park Grill , American Insurance , Sun Alliance , ஹைட் பூங்கா , ஒன்றுபட்டது மாநிலங்களில் , ஒன்றுபட்டது கிஂக்டம் , வளைவு காப்பீடு ஒன்றுபட்டது கிஂக்டம் லிமிடெட் , நிதி நடத்தை அதிகாரம் , எங்களுக்கு மாவட்டம் நீதிமன்றம் ,

UK Supreme Court Ruling Provides Sweeping Policyholder Relief For COVID-19 Business Interruption Losses | McCarter & English, LLP


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A January 15, 2021, decision from the UK’s highest court spells good news for English policyholders. In
The Financial Conduct Authority v. Arch Insurance (UK) Ltd., and others, UKSC 2020/0177, the Court held that 21 insurance policies sold by eight leading business interruption insurers provide coverage for losses resulting from COVID-19 and resulting public health measures taken by UK authorities. Approximately 700 types of policies across over 60 insurers and 370,000 policyholders could potentially be affected by the outcome of the Supreme Court’s rulings. 
The Court interpreted the following four types of clauses in the relevant policies: ....

United States , United Kingdom , Supreme Court , Arch Insurance United Kingdom Ltd , Financial Conduct Authority , Access Clauses , Disease Clauses , Indemnity Period , Notifiable Disease , Hybrid Clauses , Trends Clauses , ஒன்றுபட்டது மாநிலங்களில் , ஒன்றுபட்டது கிஂக்டம் , உச்ச நீதிமன்றம் , வளைவு காப்பீடு ஒன்றுபட்டது கிஂக்டம் லிமிடெட் , நிதி நடத்தை அதிகாரம் , நுழைவு உட்பிரிவுகள் , நோய் உட்பிரிவுகள் , இழப்பெதிர்காப்புப் காலம் , கலப்பு உட்பிரிவுகள் , போக்குகள் உட்பிரிவுகள் ,

Insurance regulatory news, January 2021 # 2 | Hogan Lovells


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Recent regulatory developments of interest to insurers and their intermediaries. See also our General regulatory news in the Related Materials links.
Contents
How competitive are UK insurance markets? Bank Underground article
TCFD recommendations: UNEP FI pilot report and guidance for insurers
COVID-19: Supreme Court judgment in FCA s BI insurance test case
On 15 January 2021, the Supreme Court handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2021] UKSC 1 on the issues on appeal from the High Court in the test case brought by the FCA seeking legal clarity on the meaning and effect of certain non-damage business interruption (BI) insurance policy wordings. The FCA has published a press release and updated its dedicated webpage on the test case to summarise the key aspects of the judgment and outline the next steps. ....

United Kingdom , Hogan Lovells , Principles For Sustainable Insurance Initiative , Supreme Court , Arch Insurance United Kingdom Ltd , United Kingdom Supreme Court , England Bank , United Nations Environment Programme Finance Initiative , High Court , Related Materials , Bank Underground , Arch Insurance , Sustainable Insurance Initiative , Financial Stability Board , Task Force , Climate Related Financial Disclosure , ஒன்றுபட்டது கிஂக்டம் , ஹோகன் லவ்ல்ஸ் , ப்ரிந்ஸிபல்ஸ் க்கு நிலையான காப்பீடு முயற்சி , உச்ச நீதிமன்றம் , வளைவு காப்பீடு ஒன்றுபட்டது கிஂக்டம் லிமிடெட் , ஒன்றுபட்டது கிஂக்டம் உச்ச நீதிமன்றம் , இங்கிலாந்து வங்கி , ஒன்றுபட்டது நாடுகள் சூழல் ப்ரோக்ராம் நிதி முயற்சி , உயர் நீதிமன்றம் , தொடர்புடையது பொருட்கள் ,

Covid-19: Business interruption insurance


15 January 2021
Insurance – Business interruption insurance – COVID-19
The Financial Conduct Authority (FCA) commenced the present test case under the Financial Markets Test Case Scheme (the scheme) for the benefit of insurance policyholders, who held insurance policies which covered them against losses arising from interruption of business, to urgently clarify whether or not there was cover in principle under a variety of different standard insurance policies for COVID-19 related business losses. The defendants were eight insurers who were leading providers of ‘business interruption’ insurance. The aim of the proceedings was to achieve the maximum clarity possible for the maximum number of policyholders and their insurers by considering a representative sample of standard form business interruption policies. The proper interpretation of four types of clauses in particular were considered, namely; (i) ‘disease clauses’; (ii) ‘prevention of access clauses’; ....

United Kingdom , North Yorkshire , West Bromwich , United States , City Of , Anthony Jones , Adam Kramer , Michelle Menashy , Cookv Lewis , Peter Ratcliffe , Douglas Grant , Jeremy Brier , Henry Moore , Reischerv Borwick , Clare Dixon , Max Evans , Caroline Mccolgan , Michael Bolding , Pv Societe Generale , Armitagev West Bromwich Building Society , Hiscox Insurance Company Ltd , Herbert Smith Freehills , United Kingdom Branch , Kookmin Bank , Arch Insurance United Kingdom Ltd , Ms Amlin Underwriting Ltd ,