Civil Liability Bill – issues to be raised at Lords Committee Stage debates on 10 & 15 May

Line-by-line scrutiny of the measures in the Civil Liability Bill – which will reform whiplash claims and re-set the legal basis for determining the discount rate – is due to take place in the Lords at Committee stages scheduled for 10 and 15 May. A raft of relevant materials has emerged over the last few days and is summarised in this post. There are three key documents: the new draft whiplash regulations, a letter from Justice Minister Lord Keen to Peers and the list of proposed amendments tabled to date. Continue reading

FCA publishes business plan for 2018/19

The regulator published its latest business plan earlier this week. The year over which it has outlined its priorities will, of course, come to an end as the UK formally leaves the EU and, assuming the outline treaty holds, begins a 21 month implementation period / transition phase. Among key cross sector priorities affecting general insurance (GI) firms are data security and resilience, treatment of existing customers (ie tackling the issue of dual pricing) and the ongoing prevention of financial crime. GI specific priorities include further work on customer value in long distribution chains and on competition in the wholesale broker sector. Continue reading

Terrorism insurance – moves to change basis of insurance and reinsurance coverage?

Two recent developments regarding the scope of (re)insurance protection against the consequences of terrorist incidents are noteworthy. Continue reading