Legal & Regulation
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Oman regulator issues amended insurance regulations
Oman’s Capital Market Authority (CMA) has amended the executive regulations of the Insurance Companies Law. As first reported in our…
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Interim chair of UK’s Financial Conduct Authority appointed
The UK’s HM Treasury has appointed Richard Lloyd as interim chair of the Financial Conduct Authority (FCA) from 1 June…
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Australian government to launch reinsurance pool for cyclone damage
A reinsurance pool for cyclone and related flood damage in Australia has been announced by the country’s government. The pool…
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Australian regulator to modernise country’s prudential architecture
Australian regulators are focusing on new and emerging financial risks, changing business models and the digitalisation of finance, and plan…
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Merck cyber decision ‘wrong’ but expect further claims, warn experts
A recent decision by the Super Court of New Jersey Law Division, which held that pharma giant Merck could make…
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German insurers press government for risk mitigation and transfer action
As reported in Commercial Risk yesterday, the German Insurance Association (GDV) is cautiously optimistic about the outlook for 2022, despite…
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IRDAI further reduces obligatory cession to open up Indian market
India’s Insurance Regulatory and Development Authority (IRDAI) has announced the reduction of the obligatory cession of sum insured on each…
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Fenchurch Law forms reinsurance and international risks practice group
A new practice group focused on reinsurance amd international risks has been formed by Fenchurch Law. The law firm said…
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German insurers seek to reopen debate on PPP for future health crises
The German Insurance Association (GDV) has called on the recently installed German government to reopen discussions on a public-private partnership…
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Reinsurance for Covid-19 BI losses to boost FBD’s 2021 profit after court clarifies pub closures
Irish insurer FBD Holdings said it expects 2021 profits to be “significantly” ahead of target after reinsurers agreed to cover…
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House of Lords opens review of insurance market regulation including proportionality
The UK House of Lords Industry and Regulators Committee will tomorrow hear from insurance law experts on key matters of regulation…
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Risk managers must act now on German Supply Chain Act to avoid litigation
Risk and supply chain managers that work for companies based in or operating in Germany need to start work on…
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GFIA sets out key principles on use of suptech
The Global Federation of Insurance Associations (GFIA) has responded to the increasing use of innovative technology by supervisory agencies to…
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Big UK Covid-19 BI payouts on the cards as claims head to court, say lawyers
A new wave of UK Covid-19-related business interruption (BI) claims could see big payouts for corporate policyholders and a hefty…
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UK’s House of Lords begins inquiry into regulation of commercial insurance
The UK’s House of Lords has begun its inquiry into the regulation of the commercial insurance and reinsurance market. The…
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Merck ruling demands sharper focus on cyber risk management as cover tightens
The recent ruling by the New Jersey Superior court that insurers need to pay pharma giant Merck $1.4bn for losses…
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QBE files poaching suit against Applied Underwriters
QBE Insurance Group units filed suit against Applied Underwriters earlier this week in connection with Applied’s hiring of 13 people…
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Trump Organization accused of misleading Zurich over surety bonds
New York authorities have outlined alleged misrepresentations by the Trump Organization in its purchase of surety bonds from Zurich Insurance,…
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Expect further tightening in cyber cover after $1.4bn Merck award
The recent ruling by the New Jersey Superior Court that Chubb and other insurers need to pay pharmaceutical giant Merck…
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UK bars four EU financial services firms under post-Brexit regime
Four European financial services firms have been barred from conducting business in the UK, after its regulator said they failed…