GRM Legal & Regulation
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UK to follow French lead as government consults on new captive regime
The UK risk and insurance management community received good news from its government this week, which announced plans to deliver…
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Brokers Tysers and H.W. Wood fined for Ecuador bribery by US DOJ
The US Department of Justice (DOJ) has fined UK-based reinsurance brokers Tysers and H.W. Wood for paying bribes to Ecuadorian…
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SEC actions against public companies, subsidiaries up sharply
The US Securities and Exchange Commission filed 91 actions against public companies and subsidiaries in fiscal year 2023, a 34%…
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IAIS urges insurance supervisors to act over nat cat protection gaps
The International Association of Insurance Supervisors (IAIS) published its report A call to action: the role of insurance supervisors in…
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Indonesian regulator unveils insurance development roadmap
Indonesia's Financial Services Authority (OJK) has published its Roadmap for the Development and Strengthening of the Indonesia Insurance Industry 2023-2027.…
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Indonesian regulator plans to bring in compulsory insurance
The Indonesian Financial Services Authority (OJK) is currently drafting government regulations for mandatory insurance in Indonesia for mass events and…
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IAIS elects new chair of executive committee
Shigeru Ariizumi, vice minister for international affairs at the Financial Services Agency of Japan, has been elected chair of the…
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Insurance Europe says EIOPA’s reinsurance supervision statement ‘disproportionate and overreaching’
Insurance Europe has expressed “serious concerns’’ about the European Insurance and Occupational Pensions Authority (EIOPA)’s draft Supervisory Statement on the supervision of reinsurance…
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LMA publishes new sanction clauses after French court ruling
The Lloyd’s Market Association (LMA) has published two suspension clauses to clarify where insurers cannot pay out because they would…
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Climate litigation on the rise across broad range of sectors
Litigation related to climate change, and the perceived failure by organisations to address it, is increasing. Activists are now targeting…
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Australian insurers to adopt sharper risk culture under new regime
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published an information package to…
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LMG looks to revive UK’s ILS regime
The London Market Group (LMG) is lobbying for changes to the UK’s insurance-linked-securities (ILS) regime, which has struggled to attract…
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New insurance partner for DWF London Global Risks
Andrew Symons has joined the DWF London Global Risks team as insurance partner following 11 years at DLA Piper. He…
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High court rules against Chubb in US False Claims Act case
The Delaware Supreme Court has affirmed a lower court ruling in favour of a residential mortgage company in litigation with…
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Paramount reportedly receives $71m from Chubb unit in Covid case
Paramount Pictures has reportedly received a $71m settlement from its coverage litigation with a Chubb unit over Covid-19-related delays in…
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Rising tide of lawsuits hits US trucking industry
Trucking companies in the US face a rising tide of lawsuits, despite improvements in safety, according to the US Chamber…
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DAC Beachcroft partners with Singapore law practice
Law firm DAC Beachcroft (DACB) has formed an association with Incisive Law, an independent Singapore law practice, to work together…
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Peter Spires steps down as general counsel at Lloyd’s
Peter Spires has decided to step down as general counsel at Lloyd’s to pursue fresh challenges in the Lloyd’s market.…
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Saudi Arabia sets out regulations for new insurance authority
The Official Gazette has published the details of the Regulation of the Insurance Authority in Saudi Arabia. The Regulation, approved…
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Saudi Arabian insurance authority will boost sector
The establishment of an independent insurance authority tasked with regulating and supervising the insurance sector in Saudi Arabia is expected…