Risk managers must intensify efforts to identify deforestation liability in supply chain

Risk managers must intensify efforts to identify deforestation liability in supply chain

Risk managers must intensify efforts to identify deforestation liability in supply chain

Companies involved in, or buying from, the $45bn global farmed-shrimp industry, have been warned that a lack of transparency about its role in deforestation, particularly across mangrove forests in southeast Asia, poses a massive financial risk as bodies turn their attention to implementing ecological limits and new rules to stem the destruction and penalise those responsible. The European Union is the…

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

India’s planned new data protection bill, which is based on the EU’s General Data Protection Regulation (GDPR), is likely to be set before parliament in February or March. The updated bill that was originally proposed in 2018 has recently been updated and contains a number of controversial additions. These include criminal liability for directors and officers who are found responsible…

Gulf employers urged to act fast on cross-border benefits as Dubai introduces new scheme

Gulf employers urged to act fast on cross-border benefits as Dubai introduces new scheme

Gulf employers urged to act fast on cross-border benefits as Dubai introduces new scheme

The Dubai International Finance Centre (DIFC) has announced a one-month delay until 1 February for the introduction of its new defined benefit system, which offers employers the opportunity to opt out and develop flexible cross-border schemes that are compliant for employees in multiple jurisdictions and ideal for global insurance programmes. Experts in Dubai say this is just the start. It…

Tesco Christmas card shock increases pressure for tighter supply chain rules

Tesco Christmas card shock increases pressure for tighter supply chain rules

Tesco Christmas card shock increases pressure for tighter supply chain rules

Calls for stronger EU rules covering human rights in global supply chains will have got louder this week as UK supermarket group Tesco was forced to suspend production of charity Christmas cards at a factory in China, after a six-year-old girl found a plea for help from workers inside a card. Risk and insurance managers have become increasingly involved in…

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

D&O underwriters are increasing their scrutiny of US American Depository Receipts (ADRs), following recent cases that point to likely increased class action exposure for foreign companies. Recent legal cases in the US have shown foreign companies with ADRs – derivative securities issued by a depositary bank – may be more exposed to securities class action litigation than previously thought. In…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Autonomous ships to take decades says Kennedys, amid low levels of public support

Autonomous ships to take decades says Kennedys, amid low levels of public support

Autonomous ships to take decades says Kennedys, amid low levels of public support

The buzz around autonomous shipping could be premature, with the adoption of fully automated ships likely to take decades rather than years, according to law firm Kennedys. The legal and regulatory obstacles are too substantial for autonomy to reach its full potential any time soon, the law firm said. Regulatory standards led by the International Maritime Organisation (IMO) and the…

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

The UK P&I Club has warned member shipping companies that it has been notified by Oasis P&I Services Company of cases in Guangzhou, Shanghai, Qingdao and some other Chinese ports where local Maritime Situational Awareness (MSA) offices have strengthening supervision and imposed penalties on ships that were found to be in breach of sulphur fuel rules. The club explained that…

Australia’s continuous disclosure regime under the microscope as class actions rise

Australia’s continuous disclosure regime under the microscope as class actions rise

Australia’s continuous disclosure regime under the microscope as class actions rise

The rapid rise in class actions brought in Australia against corporations operating under the continuous disclosure regime for listed companies shows no signs of abating, based on latest analysis from law firm Jones Day in its recently published fifth review of Australian class actions. The recent connected rise in directors and officers (D&O) claims will inevitably continue as a result,…

IUMI calls for action on ‘alarming’ cargo theft risk

IUMI calls for action on ‘alarming’ cargo theft risk

IUMI calls for action on ‘alarming’ cargo theft risk

The International Union of Marine Insurance (IUMI) has called for greater law enforcement and business action to mitigate the growing risk of cargo theft, which it warns has reached “alarming proportions”. In a position paper published to coincide with its annual conference in Toronto, IUMI proposed dedicated cargo theft taskforces to coordinate law enforcement across borders and develop effective networks…

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