A SUMMARY OF MAJOR DEVELOPMENTS IN KEY AREAS GENERAL COUNSEL UPDATE 27 February 2014 LEGAL GUIDE EDITION 37
Hogan Lovells Corporate Insurance Newsletter June 2014 UK PRA publishes PS5/14: PRA Rulebook PRA publishes statement of policy on the financial stability information power The PRA’s approach document to insurance supervision updated PRA publishes SS7/14: Reports by skilled persons PRA publishes statement of policy on the use of PRA powers to address serious failings in the culture of firms PRA publishes its annual report and accounts 2014 FCA publishes a market study into retirement income: revised terms of reference FCA publishes FG14/6 - Annuity comparison websites: financ
US – ONGOING CONSIDERATION BY NAIC OF RESERVE FINANCING, USE OF CAPTIVES, AND PRINCIPLE-BASED RESERVING
FSA has set out its standards for “key attributes” of effective resolution regimes. The standards require each jurisdiction to:
Introduction
Carey Olsen’s restructuring and insolvency team has succeeded in applying to the Royal Court for the restoration of K2 Insurance Limited (“K2”), a liquidated and dissolved company, enabling the company to subsequently recover a substantial asset. Advocate David Jones and Associate Harry Stirk acted for Ian Damarell of BDO Limited, the liquidator of K2.
The Facts
What’s on the horizon? A focus on dispute resolution in the Year of the Rooster What's on the horizon? A focus on dispute resolution in the Year of the Rooster 1 What to expect in the Year of the Rooster In this bulletin we examine some of the key dispute resolution and regulatory challenges facing business managers, financial controllers, and in-house counsel in the Year of the Rooster. 1.
Did you know that when a liquidator makes a court application, it is important to identify the appropriate applicant, not only as a procedural matter, but also from a costs perspective?
All good where the liquidator succeeds in the court application
The current litigation landscape for professionals in Hong Kong is relatively benign: but is this the lull before the storm? Accurate records are kept of all actions commenced in the Hong Kong High Court, which deals with claims of over HK$1 million. The graph above shows the number of claims begun by writ each year over the last 15 years. This data covers all claims, not just those against professionals, but gives an indication of the general litigation trends.
Freshfields Bruckhaus Deringer Recovery and resolution planning October 2015 1 The Financial Services and the Treasury Bureau of the Hong Kong Government (FSTB) in conjunction with the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and the Insurance Authority (IA)1 on 9 October 2015 published a paper entitled An Effective Resolution Regime for Financial Institutions in Hong Kong: Consultation Response and Certain Further Issues (CP3).2 Background Following from the recent global financial crisis, the G20 tasked the Financial Stability Board (FSB) with
The Third Party (Rights Against Insurers) Ordinance Cap 273 (TPRAI) in Hong Kong allows third parties to claim against the wrongdoer’s liability insurer in the event of insolvency. The Supreme Court of New Zealand (the country’s highest court) found in BFSL 2007 Ltd (in liquidation) v. Steigrad [2013] NZSC 156 (known as the Bridgecorp case) that under the equivalent statutory provision in New Zealand, payment of defence costs do not reduce the limit of indemnity.