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Legal and regulatory news

Central bank of Ireland covid

Central Bank of Ireland warns insurers over BI payouts

2021-02-19T10:38:00+00:00

Ireland’s central bank has warned insurers that it will scrutinise how they deal with Covid-19-related business interruption (BI) claims after policyholders won a court battle over cover for the pandemic.

Aon and WTW

Australian competition body latest to voice Aon-WTW concerns

2021-02-18T02:58:00+00:00

The Australian Competition & Consumer Commission (ACCC) has raised “preliminary competition concerns” over Aon’s planned acquisition of Willis Towers Watson (WTW) as the combination “will significantly lessen” the contest for broking services.

New York – Cyber

Eight NY auto insurers hit by “systemic” campaign to steal customer data

2021-02-17T21:21:00+00:00

At least eight New York auto insurers have been targeted by cybercriminals in “a systemic and aggressive campaign” to steal nonpublic information (NPI) such as driver’s licence numbers from their instant online automobile insurance premium quoting platforms, the state’s Department of Financial Services (DFS) has revealed.

Business interruption policy

BI test case findings raise questions about reinsurer follow obligations

2021-02-17T18:30:00+00:00

The pro-policyholder verdict handed down by the UK’s Supreme Court on disputed business interruption claims will place reinsurer’ follow obligations under scrutiny, according to Bryan Cave Leighton Paisner LLP’s Anthony Lennox.

Senate state Florida

Property insurance bill clears Florida Senate committee

2021-02-04T02:38:00+00:00

A key Florida Senate committee has approved a bill that would limit the use of a contingency fee multiplier when calculating attorneys fees in property insurance lawsuits as well as reduce the time to file claims to two years from three.

India

India to increase insurance foreign ownership cap to 74%

2021-02-02T03:39:00+00:00

India’s finance minister has announced an increase in the foreign direct investment (FDI) limit in insurance to 74 percent from 49 percent.

Business interruption policy

Trade bodies push back against new WA retroactive BI bill

2021-01-28T05:01:00+00:00

Industry trade bodies have hit back at Washington lawmakers over a newly introduced bill that would assist small businesses looking to recover Covid-19 related losses under business interruption (BI) coverages.

John Hayley – WTW

WTW agrees $90mn settlement of investor lawsuits over 2016 merger

2021-01-20T17:33:00+00:00

Willis Towers Watson (WTW) and co-defendants have agreed a $90mn settlement in two long-running lawsuits brought by investors over the 2016 merger of Willis and Towers Watson.

AIG

AIG latest insurer to suspend political contributions following DC riots

2021-01-13T23:23:00+00:00

AIG has joined a number of other insurance industry companies in suspending political action committee (PAC) contributions in the wake of the riots in Washington DC and some lawmakers’ opposition to certifying the electoral college vote.

II-AxaXL-pam_rosado

Axa XL fills general counsel position with MetLife’s Rosado

2021-01-13T20:36:00+00:00

Axa XL has filled its vacant general counsel position with Pamela Rosado who will return to the Axa Group of companies from MetLife next month.

DC riots

Insurance companies line up to suspend political contributions after DC riots

2021-01-12T23:32:00+00:00

Chubb, Travelers, The Hartford, Liberty Mutual and Aon are among the insurance industry companies that have so far taken action to suspend political contributions in light of last week’s riots in Washington DC and some lawmakers’ opposition to certifying the electoral college vote.

Robert Buckland

UK government delays whiplash reforms by another month

2021-01-12T08:01:00+00:00

The UK government’s Ministry of Justice (MoJ) has delayed for a fourth time the implementation of controversial reforms to the whiplash claims process as a result of the impact of the coronavirus pandemic on insurers and courts.

Dan Glaser MMC

MMC ends PAC contributions to lawmakers who objected to electoral college certification

2021-01-11T21:32:00+00:00

Marsh & McLennan Companies (MMC) has decided to end its political action committee (PAC) contributions to those lawmakers who objected to the certification of the electoral college vote.

Ricardo Lara – California wildfire

Almost 2.4mn policyholders protected by California wildfire moratorium

2021-01-04T19:11:00+00:00

A total of 2.4 million California policyholders are now included in the mandatory one-year moratorium preventing insurance companies from non-renewing or cancelling residential property coverage due to last year’s wildfires.

Arrowpoint Brooklyn

Arrowood Indemnity sues to avoid Diocese of Brooklyn abuse payouts

2020-12-29T23:49:00+00:00

The former US business of RSA now in run-off has filed a federal lawsuit arguing it should not have to cover settlements with victims who claim they were sexually abused by priests from the Diocese of Brooklyn because the church had allegedly covered up the incidents at the time.

Eiopa

Eiopa launches consultation on ORSA revisions to factor in Covid-19 impacts

2020-12-23T07:25:00+00:00

Europe’s insurance supervisor has launched a consultation on the Own Risk Solvency Assessment (ORSA) tool used by (re)insurers within solvency risk assessment to determine whether this needs to be revised in light of Covid-19.

Aon and WTW

EC confirms “Phase II” review of $70bn+ Aon-WTW deal; Aon says still confident of H1 2021 closure

2020-12-21T17:54:00+00:00

Aon says it still remains on track to complete its acquisition of Willis Towers Watson in H1 2021 despite the European Commission (EC) announcing today that it has initiated a “Phase II review” of the transaction, which increases the likelihood that it may insist on changes to the deal structure ...

John Houghtaling – Lloyd's

Louisiana court hears arguments in first US Covid-19 BI trial

2020-12-18T20:07:00+00:00

A Louisiana state court this week heard arguments in the Cajun Conti business interruption (BI) lawsuit, a dispute involving Lloyd’s underwriters and New Orleans restaurant Oceana Grill that is viewed as the first such case filed in the US and the first one to go to trial.

Insurance Europe

Insurers voice concern on Solvency II proposals ahead of 2021 legislative update

2020-12-17T19:38:00+00:00

Europe’s insurance supervisor has called for ‘evolution rather than revolution’ of the Solvency II framework in its advice to the European Commission ahead of expected legislative proposals to amend the directive in 2021.

Mark Watson SEC

Former Argo CEO Watson agrees $450,000 settlement with SEC

2020-12-16T10:15:00+00:00

Former Argo chief executive Mark Watson is to pay $450,000 in a settlement with the Securities and Exchange Commision (SEC) over the failure to disclose $5.3mn of perquisites and personal benefits he received from the Bermudian (re)insurer between 2014 and 2018.

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