1 SOLVENCY II 1.1 First batch of EIOPA consultations on technical standards under expected amendments to Solvency II Directive On 1 October 2024, EIOPA published its first batch of consultation papers on technical standards which relate to anticipated changes under the Solvency II Directive1.
A recent decision by the United States Bankruptcy Court for the Southern District of Texas in In re Walker County Hospital Corporation serves as an important reminder to clients that are purchasing or renewing directors and officers (“D&O”) insurance coverage that the “Insured versus Insured” exclusion must contain the broadest possible exceptions for claims brought against directors and officers following a bankruptcy filing. Without the specific policy language, current and former directors and officers may be exposed to personal liability.
Overview
Peabody Trust ("Peabody") issued proceedings against National House Building Council ("NHBC") to recover insured extra project costs incurred following contractor insolvency. NHBC sought to short circuit the litigation via an application for summary judgment and strike-out.
EIOPA Consultation on the new Proportionality Framework under Solvency II
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Overview
In August this year, the European Insurance and Occupational Pensions Authority ("EIOPA") published a public consultation ("Consultation") on the new proportionality framework proposed in the Provisional Agreement on amendments to the Solvency II Directive ("Provisional Agreement").
https://www.rhtlawcambodia.com/ 01/06 MONTHLY LEGAL UPDATE AUGUST 2024 I. OVERVIEW In August 2024, the Royal Government of Cambodia (“RGC”) continued to develop the country’s business regulatory environment. Below are some key regulations to be highlighted in this Monthly Legal Update: Sub-decree No. 194 on the Organization and Functioning of the National Committee on Trade Remedies; Prakas No. 044 on Rules and Guidelines for Reinsurance; Prakas No. 525 on the Abrogation of Prakas No.
A warm welcome to the Summer edition of Conyers Coverage. The whirlwind that is the Cayman Islands (re)insurance industry continues to blow with gusto! To keep you updated on recent developments, we include various items from our Insurance, Regulatory and Litigation teams, we ponder the possibilities and implications for the Cayman Islands in potentially securing Qualified Jurisdiction status with the NAIC and lots more beyond. We think there’s something for everyone in our latest edition so please dig in.
To NAIC or Not to NAIC?
When the COVID-19 Pandemic incepted, and issues arose as to whether affected policyholders could seek Business Income and Civil Authority coverage from the presence or suspected presence of SARS-CoV-2 and consequent orders of Civil Authority, I thought that the easiest question to answer was whether such policyholders had suffered physical loss or damage (“PLOD”) to their property.
The Majority PLOD Rule Prior to COVID-19
The Porter Davis liquidation in early 2023 put into sharp focus the practice of some builders taking deposits from owners before obtaining domestic building insurance for their work, insurance that helps to protect owners in the event of a builder’s insolvency.
In the case of Porter Davis, this practice left thousands of owners without insurance to recover the loss of their deposits, leading the State Government to implement a relief scheme to compensate home owners over $28 million, later extended to 20 February 2024 and expanded to other builders in liquidation.
Background
The collapse of Carillion in 2018 was arguably the UK's largest corporate insolvency in years, creating a lasting impact through job losses and the derailment of hundreds of public sector projects.