“The FSA has resisted calls for a full-scale debate on the regulation of with-profits funds, but it has promised a major review of how effectively life companies are implementing its current rules.”
OUT-LAW.com, 5th November 2008
Source: www.out-law.com
“MPs have recommended the fast-track deregulation and relaxation of the rules governing the Lloyd’s of London insurance market as the government is proposing to toughen up regulation of the banking industry.”
The Guardian, 21st October 2008
Source: www.guardian.co.uk
“On 13 October 2008, the Law Commissions published a summary of responses on business insurance reform.”
Law Commission, 13th October 2008
Source: www.lawcom.gov.uk
“Back from the dead canoeist John Darwin has launched a bid to appeal against his sentence, his solicitor said today.”
The Independent, 5th September 2008
Source: www.independent.co.uk
“John and Anne Darwin were each jailed for more than six years today for carrying out a £250,000 insurance con by faking his death in a canoeing accident.”
The Independent, 23rd July 2008
Source: www.independent.co.uk
“Ministers should set up a compensation fund for policyholders in the Equitable Life, the Parliamentary Ombudsman says.”
BBC News, 17th July 2008
Source: www.bbc.co.uk
“The wife of John Darwin, the canoeist who faked his own drowning, played an ‘equal and vital role’ in the scheme to gain £250,000 in insurance and pension payouts by staging his death, a court heard today.”
The Times, 14th July 2008
Source: www.timesonline.co.uk
“Policyholders in Equitable Life who lost £4 billion when the mutual insurer collapsed could now face an uphill legal battle to recoup their savings.”
The Times, 9th July 2008
Source: www.timesonline.co.uk
“Banks, mortgage companies and credit card providers could face a flood of mis-selling claims following a report from the Competition Commission that claims consumers are being overcharged £1.4 billion a year for payment protection insurance (PPI).”
OUT-LAW.com, 13th June 2008
Source: www.out-law.com
“Banks that have sold payment protection insurance (PPI) could face a wave of compensation claims after the Competition Commission said that 14 million consumers had been overcharged by an estimated £1.4 billion, or an average of £100 a year.”
The Times, 6th June 2008
Source: www.timesonline.co.uk
“On 28 May 2008, the Law Commission published a summary of responses to its Consultation Paper. The summary document reports the arguments that have been put to us on consumer insurance reform. A further paper will deal with business insurance reform. There is a wide consensus that consumer insurance law is in urgent need of reform – not only among consumer groups, lawyers and brokers, but also among most insurance companies.”
Law Commission, 28th May 2008
Source: www.lawcom.gov.uk
“The Financial Services Authority has warned insurance comparison sites that they must treat customers fairly and give correct information about quotes listed or risk a regulatory crackdown if they fail to provide consumers ‘with clear, fair and not misleading’ information.”
The Guardian, 9th May 2008
Source: www.guardian.co.uk
“Ten solicitors’ firms are being investigated with dozens of accident claims-handling companies for alleged insurance fraud.”
The Times, 22nd April 2008
Source: www.timesonline.co.uk
“A group of solicitors who were employed by a firm which has since gone into liquidation could find themselves being pursued for a contribution towards an unpaid insurance premium of £834,000 – despite the fact that they were not partners in the firm.”
Law Society’s Gazette, 10th April 2008
Source: www.lawgazette.co.uk
Wasa International Insurance Co Ltd v Lexington Insurance Co; AGF Insurance Ltd v Same
Court of Appeal
“The English court would construe contracts of insurance and reinsurance to give effect to the intention of the parties to cover environmental damage, unless there were clear indications to the contrary.”
The Times, 3rd April 2008
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
Kosmar Villa Holidays plc v Trustees of Syndicate 1243
Court of Appeal
“Where insurers acknowledged a claim under a policy knowing that the insured had failed to comply with a condition precedent in the notification clause, they did not elect to waive the insured’s failure and accept liability.”
The Times, 11th March 2008
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
“Where the wording in a contract of reinsurance was the same as or equivalent to that in the underlying contract of insurance, the two contracts should be given the same construction unless there were clear indications to the contrary.”
WLR Daily, 3rd March 2008
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“The Civil Justice Council (CJC) looks set to back ‘light-touch’ regulation of the fast-emerging market for third-party dispute funding, in a move that could further usher the model into the mainstream of UK litigation.”
Legal Week, 14th February 2008
Source: www.legalweek.com
“The private sector will challenge a group of London councils today (11 February) that have banded together to cut insurance costs, in a legal action that could have far-reaching consequences for other public sector bodies in the UK.”
Financial Times, 11th February 2008
Source: www.ft.com
“Insurance policies designed to protect consumers against a loss of income are so profitable that the lenders who sell them can earn revenue of £1,200 on a policy that can cost only £20 to sell, a report by competition authorities revealed yesterday.”
The Times, 29th January 2008
Source: www.timesonline.co.uk
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