Legal Developments

Potential hourly wage system

The Ministry of Labor and Social Development (MOL) is discussing a potential new employment system for Saudi employees named “Flexible Work” (Flexible Work). Flexible Work will be a system whereby an employee may be paid an hourly wage on a weekly basis in arrears, and various entitlements currently required under the Labor Law for conventional employees would not be required, such as:

The Great Brexit Debate dentons.com Introduction The UK is now counting down to the 23 June 2016 referendum on whether to stay in or leave the European Union. Dentons summarises the background to this momentous choice, and takes a deeper look at some of the legal issues involved in some key areas that would be impacted by a vote to leave the EU.

EIOPA has launched a Q&A tool to ensure the consistent application of the guidelines it publishes, including those aimed at preparing for Solvency 2 implementation. (Source: EIOPA Guidelines Q&A)

EIOPA has published the outcome of its November 2011 consultation on draft Guidelines for Own Risk and Solvency Assessment (ORSA). ORSA is an internal risk management tool aimed at capturing and dealing with all risks that might impact on a (re)insurance company’s solvency. ORSA processes need to be proportionate and tailored to fit the company’s structure and systems. This report by EIOPA focuses on its expectations about what ORSA should achieve rather than on how it should achieve it.

In response to the July 2, 2012 Order of Rehabilitation, and an anticipated Order of Liquidation, against Lumbermens Mutual Casualty Company and American Manufacturers Mutual Insurance Company (collectively, “Lumbermens”),1 we have prepared the following “frequently asked questions” guide summarizing issues related to: (i) the financial regulation of insurance companies; (ii) the liquidation and proof of claim process in Illinois; (iii) potential recovery by policyholders of the amount of “covered” workers’ compensation claims from state guaranty associations; (iv) policyh

This Update is produced on a monthly basis. It provides an update on new legislation in certain Middle East countries (Bahrain, Egypt, Jordan, the Kingdom of Saudi Arabia, Kuwait, Qatar, the Sultanate of Oman and the United Arab Emirates) where SNR Denton has offices. We also include Turkey and Lebanon updates from our affiliate and associate firms in Istanbul and Beirut respectively.

 FSA has set out its standards for “key attributes” of effective resolution regimes. The standards require each jurisdiction to:

 The CBI has responded to CRD4 publication saying it believes the Basel III reforms are "an important piece of the jigsaw to strengthen the global banking system", but that benefits from greater financial stability must be proportionate to the cost businesses will bear. In the CBI's opinion, the new rules:

A recent decision from the High Court in the Walker v Forbes litigation also reaffirms the Court’s protection of a defendant’s personal financial information. The plaintiff, Mr Walker, the liquidator of Property Ventures Ltd, sought discovery of the insurance policy of one of the defendants, Mr Hansen, in an attempt to determine the amount of insurance cover that Mr Hansen might have to meet the liquidator's claim against him.

The Australian Corporations Act 2001 provides that a company in liquidation that holds insurance for the benefit of third parties must pay the proceeds of the insurance policy to those third parties in priority to other creditors.  Insurance proceeds payable to third parties under this provision are subject to deductions of "any expenses of or incidental to getting in" those proceeds.  The liquidator of Brighton Hall Securities Pty Ltd sought directions from the court regarding the liquidator's entitlement to deduct his fees and expenses from the insurance proceeds.