Home HRCommunication HFW Insurance Bulletin – July 2020

HFW Insurance Bulletin – July 2020

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Costas Frangeskides, Partner, Holman Fenwick Willan LLP

HFW Insurance Bulletin – July 2020

In this isssue:

1. REGULATION AND LEGISLATION

UK: third country EU equivalence for financial services in doubt – but does it matter?

The UK’s chances of obtaining regulatory equivalence with the EU for financial services are in doubt, as the UK and EU have missed their self-imposed deadline of 30 June 2020 to complete the UK’s equivalence assessment. However, much of the (re)insurance industry is already prepared for equivalence not being obtained.

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2. COURT CASES AND ARBITRATION

England & Wales: Update on the FCA test case on the validity of COVID-19 business interruption claims

Last month, we reported on the progress of the FCA test case, after the FCA had filed its claim and the first Case Management Conference had taken place.

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3. MARKET DEVELOPMENTS

UK: Lloyd’s proposals on protection against a future wave of COVID-19

Lloyd’s has recently published a white paper on supporting global recovery and resilience for customers, and outlining how the global insurance industry could respond to COVID-19. The paper sets out solutions to offer greater protection against another wave of COVID-19 and future systemic risks.

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