Financial interest clauses: viable, useful, but not a panacea

Financial interest clauses: viable, useful, but not a panacea

Financial interest clauses: viable, useful, but not a panacea

A financial interest clause (FINC) is not a panacea for issues of compliance and regulation in the context of a global insurance programme, but it is a viable proposition, according to Praveen Sharma, managing director, global leader of the insurance regulatory and tax consulting practice at Marsh. He added that FINCs should be used as a matter of last resort.…

New deal for consumers: EU Representative Action on the home stretch

New deal for consumers: EU Representative Action on the home stretch

New deal for consumers: EU Representative Action on the home stretch

The die is cast. Consumers are set for greater rights to redress across Europe as the new legal action for the joint enforcement of consumer claims, as announced in the European Union’s New Deal for Consumers, is becoming a reality. The legislative procedure at European level, which started with the presentation of the draft directive on representative actions for the…

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Insurers will not be able to apply for new licences in South Africa as the regulator suspends granting new licences as the Covid-19 pandemic unfolds. On 10 June 2020, the Prudential Authority published Communication 1 of 2020, wherein the Prudential Authority has stated it is imposing a temporary moratorium on the issuance of new licences for a period of six…

Spanish court rules Covid-19 was a foreseeable event

Spanish court rules Covid-19 was a foreseeable event

Spanish court rules Covid-19 was a foreseeable event

Does Covid-19 constitute a force majeure event, a work-related accident or an occupational illness? Does the failure to supply sufficient and adequate personal protective equipment (PPE) constitute a breach of safety? A recent judgment given by the Labour Court of Teruel, Spain, on 3 June 2020, deals with these key issues. The proceedings were brought by  trade union FASAMET against…

BEAT update: Mitigation strategies

BEAT update: Mitigation strategies

BEAT update: Mitigation strategies

In 2017, the US Congress enacted Internal Revenue Code Section 59A – a new base erosion and anti-abuse tax, colloquially known as BEAT. As BEAT has been in force for a couple of years, it has led to a rethink of how insurers structure global insurance programmes, with various different approaches from the insurance sector designed to manage the impact…

Covid-19 claims against construction professionals – foreseeability of loss

Covid-19 claims against construction professionals – foreseeability of loss

Covid-19 claims against construction professionals – foreseeability of loss

This article looks at ways in which remedial works arising out of construction projects across the UK could be impacted by Covid-19 and who might be responsible for bearing added losses arising from such works. While the UK government has not ordered construction sites to close, and industry leaders have encouraged cooperation and fair dealing between parties on existing construction…

Using captives in multinational employee benefits programmes

Using captives in multinational employee benefits programmes

Using captives in multinational employee benefits programmes

Employee benefits are an important part of any global corporation’s risk and insurance spend. While many benefits are localised in nature, there are real advantages to managing them on a global level when possible. Matthias Helmbold, head of technical and services at MAXIS Global Benefits Network, and Matthew Latham, head of global programmes and captives at AXA XL, explain the…

Cybersecurity: Setting the tone at the top

Cybersecurity: Setting the tone at the top

Cybersecurity: Setting the tone at the top

An organisation’s approach to cybersecurity must be embedded within its overall approach to enterprise risk management, with boards responsible for enabling the right culture and frameworks, explain Sebastian Hess and Stephen Morton. Companies and their boards are faced with a highly dynamic cyber risk landscape, including more targeted ransomware threats and, more recently, exposures associated with increased remote working. The…

Global programme networks: quality matters (not just size)

Global programme networks: quality matters (not just size)

Global programme networks: quality matters (not just size)

Risk managers require many things from their insurer when it comes to serving their global insurance programmes. To begin with, they are looking for a network that covers all the territories in which their company needs insurance and risk management services. But it is not simply about the size of the network and the number of territories covered. Risk managers…

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