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Q&A: The proposed new UK Insurer Resolution Regime
2023-02-01

Last week HM Treasury published its much anticipated consultation paper on introducing a dedicated Insurer Resolution Regime (IRR) in the UK, which would implement key international standards.

Filed under:
United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Freshfields Bruckhaus Deringer, Solvency II Directive (2009/138/EU), Banking Act 2009 (UK), HM Treasury (UK), Bank of England
Authors:
Priti Lancaster , George Swan , Kevin Whibley
Location:
United Kingdom
Firm:
Freshfields Bruckhaus Deringer
View Original Article
Even positive reforms can carry hidden risks -A potential limitation period “trap” in the UK’s Third Parties (Rights against Insurers) Act 2010
2023-01-23

At a time when, globally, insured businesses are under severe financial strain, the availability and extent of their insurance assets take on a new significance. It is significant not just for troubled businesses and their insurers, but also for third parties with potential or actual claims against those businesses.

Filed under:
United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Reed Smith LLP
Location:
United Kingdom
Firm:
Reed Smith LLP
View Original Article
Liability insurance in mass tort bankruptcy cases - A brief primer
2023-01-10

Chapter 11 bankruptcy as a means for resolving mass tort claims

Filed under:
USA, Insolvency & Restructuring, Insurance, Litigation, Reed Smith LLP
Location:
USA
Firm:
Reed Smith LLP
View Original Article
Insurers Beware of “Silent Crypto” Exposure
2023-01-04

The recent implosion of crypto firm FTX and its affiliates provides a case study for potential crypto exposure under traditional insurance policies. The FTX debacle is described herein is an introduction to a series of four articles on the potential liability exposure and coverage: Silent Crypto for D&O and Corporate Liability Insurance (Part I), Silent Crypto Exposure for Accountants (Part II), Silent Crypto Exposure for Lawyers (Part III), and Crime and Custody Coverage for Crypto Assets (Part IV).

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Insurance, Litigation, Due diligence, Cryptocurrency, US Securities and Exchange Commission, Federal Deposit Insurance Corporation (USA), FTX, SCOTUS
Location:
USA
View Original Article
UPDATED: Emergency legislation and measures around the world (COVID-19)
2020-07-20

UPDATED 3 AUGUST 2020

Updates marked with *

Updated: Ireland, Israel

We take a look at some of the recent emergency legislation and measures implemented by various nations around the world in response to COVID-19. As this is a rapidly developing crisis, please ensure you keep a close eye on the Lexology Coronavirus hub page for the most up-to-date information.

Filed under:
Argentina, Australia, Brazil, Canada, Chile, China, Colombia, European Union, France, Germany, Global, Guernsey, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Netherlands, New Zealand, Portugal, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, USA, Company & Commercial, Employment & Labor, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Leisure & Tourism, Public, Tax, Coronavirus, Coronavirus compliance, European Commission, HM Revenue and Customs (UK)
Location:
Argentina, Australia, Brazil, Canada, Chile, China, Colombia, European Union, France, Germany, Global, Guernsey, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Netherlands, New Zealand, Portugal, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, USA
View Original Article
Control Update - Winter 2016
2016-12-14

The potential cost of making or defending a claim is often a concern for anyone involved in litigation or arbitration. AG has since 2008 been at the forefront of sharing the risk with its clients, and the litigation funding market has responded with a variety of different options and opportunities. And it's also a developing topic for the courts. Our Control Update newsletter reports all the latest developments, both commercial and legal.

Litigation funders – extent of their involvement and liability for costs

Filed under:
Asia-Pacific, United Arab Emirates, United Kingdom, Insolvency & Restructuring, Insurance, Legal Practice, Litigation, Addleshaw Goddard LLP, Civil Procedure Rules (UK)
Location:
Asia-Pacific, United Arab Emirates, United Kingdom
Firm:
Addleshaw Goddard LLP
View Original Article
Revisiting the “old chestnut” The inherent discretion to confirm the powers of controllers appointed under Section 24 of the Insurance Law
2020-11-19

On 29 September 2020, Chief Justice Smellie QC handed down his judgment in the Matter of Premier Assurance Group SPC Ltd (in Controllership) (FSD Cause No. 210 of 2020) confirming the powers of the controllers appointed under section 24(2)(h) of the Insurance Law, 2010 (the "Insurance Law") so as to enable them to exercise their powers as against the "world at large". In doing so, the Chief Justice held that the Court has an inherent jurisdiction to supplement section 24 of the Insurance Law to "fill the practical gap" left by that provision.

Background

Filed under:
Cayman Islands, Insolvency & Restructuring, Insurance, Litigation, Walkers
Authors:
Rupert Bell , Chris Keefe , Daisy Boulter , Barnaby Gowrie , John O'Driscoll , Joanne Collett , Robert Foote
Location:
Cayman Islands
Firm:
Walkers
View Original Article
Insolvency 2022: Law and Practice
2022-11-25

1. State of the Restructuring Market

1.1 Market Trends and Changes

Filed under:
European Union, France, Global, Banking, Insolvency & Restructuring, Insurance, White & Case, Supply chain, Due diligence, Coronavirus, Cross-border insolvency, Insolvency, Solvency II Directive (2009/138/EU), European Central Bank
Authors:
Alexis A Hojabr , Saam Golshani , Alice Leonard , Amandine Grima
Location:
European Union, France, Global
Firm:
White & Case
View Original Article
US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions
2022-08-24

On August 11, 2022, the US National Association of Insurance Commissioners’ (“NAIC”) Executive (EX) Committee adopted a request from the Restructuring Mechanisms (E) Working Group (“RM Working Group”) to reopen the Property & Casualty Insurance Guaranty Association Model Act (#540) (“Model Act #540”) for amendment to ensure that policyholders will retain guaranty fund coverage following an insurance business transfer (“IBT”) or corporate division (“CD”).

Filed under:
USA, Insolvency & Restructuring, Insurance, Mayer Brown, National Association of Insurance Commissioners
Authors:
David W. Alberts , Lawrence R. Hamilton , Vikram Sidhu
Location:
USA
Firm:
Mayer Brown
View Original Article
Rehabilitation of Scottish Re: No per se liquidation standard for insurance rehabilitation plans
2022-08-23

In In re Rehabilitation of Scottish Re (U.S.), Inc., C.A. No. 2019-0175-JTL (Del. Ch. Apr.18, 2022), the Delaware Court of Chancery ruled, as a matter of first impression, that in a delinquency proceeding for an insurance company under Delaware law, there is no per se requirement that a rehabilitation plan meet a “liquidation standard” to obtain court approval. Under the “liquidation standard,” a rehabilitation plan must provide claimants at least “liquidation value,” or the value they would have received in a liquidation proceeding.

Filed under:
USA, Delaware, Insolvency & Restructuring, Insurance, Litigation, Hogan Lovells, SCOTUS, Delaware Court of Chancery
Authors:
Ryan M. Philp , Allison Wuertz
Location:
USA
Firm:
Hogan Lovells
View Original Article

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