News

Insurance-Linked Securities

Friday 18th May 2018 13:00 - 14:00

In this BILA lecture, Katherine Coates will talk about Opportunities for U.K. based ILS issuers under new U.K. ILS legislation

Summary of the key aspects of the new legislation
● Structures available to UK issuers
● Initial practical experience of the new regime
● Some of the differences between UK and other regimes
● Market opportunities

Latin American Jurisdictions - A discussion of global insurance programmes and the challenges they present.

Friday 20th April 2018, 13:00 - 14:00

In this BILA lecture, Christopher Cardona (HFW London) and Geoffrey Conlin (HFW Paulo) will talk about their experience of Latin American jurisdictions to inform a discussion of global insurance programmes and the challenges they present.

In an increasingly global marketplace, many international corporates operate in a wide variety of jurisdictions, where the commercial, fiscal and regulatory environment differs significantly from that of their home territory. While such companies face different risks across the globe, they want to ensure that they manage their risk in a consistent manner wherever they are doing business. The assessment of that risk and the composition of an appropriate insurance programme is a huge challenge.

In this presentation, Christopher Cardona (HFW London) and Geoffrey Conlin (HFW Paulo) will use their experience of Latin American jurisdictions to inform a discussion of global insurance programmes and the challenges they present, focusing in particular on the so-called financial interest clause, which purports to provide cover to a parent company in respect of any damage to its financial interest in its overseas subsidiaries.

They will consider:

• Different types of global programme e.g. local policies, global policies, controlled master programs and the operation of DIC/DIL and financial interest clauses
• Some of the main challenges posed by local regulatory, legal and claims regimes of key Latin American jurisdictions e.g. fronting ins/reinsurers, cession rules, interest and monetary correction
• Potential advantages and disadvantages of financial interest clauses
• English and local law issues when considering financial interest clauses e.g. insured interest, calculation of indemnity and local compliance issues

In this joint BILA and IIL lecture Melissa Collett will talk about the meaning of professionalism, ethics and duty of care in the context of insurance, and how to put professionalism into practice. She will also explain the professional body's role in raising standards of professionalism across the insurance sector.

Professionalism is vital to building public trust in insurance. Professionalism is not just about following regulator's rules and regulations. It's about creating the right culture and ethical standards. Breaking down professionalism into three key elements: competence, ethics and duty of care, can help put professionalism into practice. The Chartered Insurance Institute is here to help insurance professionals on their journey.

By the end of this lecture members would have gained an insight into:

• The 3 key elements of professionalism for insurance professionals
• How to put professionalism into practice
• The professional body's role in raising standards across the sector

This month, the London market launched the Single Claims Agreement Party model ("SCAP"). This is a ground-breaking agreement which is the product of collaboration between the London and International Insurance Brokers Association ("LIIBA"), the Lloyd’s Market Association ("LMA") and the International Underwriting Association ("IUA").　 SCAP is an agreement between insurers which will allow a single London market underwriter, whether in the Lloyd’s or company market, to agree claims on behalf of all underwriters subscribing to a slip on the same terms, whether they are in the Lloyd’s market, the company market or overseas.　 

In this talk, Simon Cooper of Ince & Co will discuss the structure, scope and operation of the SCAP as well as some of the issues and challenges that arose in drafting this important new agreement.

A medley of cases about building defects. Where does the risk lie?

Mark Williamson and Isabel Ost of Clyde & Co LLP will be speaking about GDPR 

Steven McEwan of Hogan Lovells International LLP will be speaking about "Legal and regulatory implications of Brexit for the insurance industry"

Professor James Davey of the University of Southampton will be talking about :"After the Gold Rush: Insurance Regulation in the FinTech Era"

James Davey is Professor of Insurance & Commercial Law at the University of Southampton. His interests in insurance span insurance contract law and theories of regulation. He draws on a wide range of sources to inform his practice, including US commercial contract and insurance law. He has published extensively in leading journals, including the Lloyd's Maritime & Commercial Law Quarterly and the Cambridge Law Journal. He was an invited participant in the Insurance Fraud Taskforce and the initial Flood Re steering group. He has acted in a research consultancy capacity in litigation subsequently decided at the appellate level.

Julian Burling is a barrister practising at Serle Court Chambers, who will be speaking on the topic of "Brokers - duties and developments"

Jeffrey Gruder QC will be speaking about Arbitrating Insurance and Reinsurance Disputes

Chaired by Lady Justice Gloster, President of BILA;

Speakers:

• Sir Richard Aikens, Brick Court Chambers
• Julian Burling, Serle Court Chambers
• Sean McGovern, XL Catlin [‎Chief Compliance Officer and Head of Government & Regulatory Affairs]

Dr Miriam Goldby will be speaking about "Modernisation of the London Insurance Market: Harnessing Electronic Communications in Support of Placement"

Abstract: In recent years, the London Insurance Market has seen a drive towards modernisation, with an aim to maintain the market’s competitiveness while at the same time increasing contract certainty for insurers and assureds alike. Within this context, the market has sought to harness electronic communications to support the placement process and maintain, throughout the placement period, an up-to-date record of discussions and negotiations. The most recent development in this regard, the PPL, has the potential to be a very significant step towards this objective. This lecture will examine the potential legal implications of these developments for the law relating to insurance contracts.

Bio:　Dr Miriam Goldby is Reader in Shipping, Insurance and Commercial Law at the Centre for Commercial Law Studies (CCLS) at Queen Mary University of London (QMUL), director of Centre’s LLM in　International Shipping Law in London, of its Dual LLM in Commercial Law (Singapore and London) offered in association with Singapore Management University and of the School of Law's MA in Law by Research. She is also Deputy Director of the Centre’s　Insurance Law Institute and Deputy Editor of the British Insurance Law Association Journal.　Prior to joining Queen Mary, Miriam conducted research as a Visiting Scholar at George Washington University in Washington DC, USA. Between September 2007 and December 2010 she held a lectureship post at the University of Surrey where she taught Contract Law, Commercial Law and Banking Law. She read for her PhD degree at University College London where she also held the post of teaching fellow between January 2004 and August 2007, and taught on the LLM Banking Law and LLM International Trade Law courses. She has published extensively on various areas of commercial and financial law. Since November 2012 she has participated in the work of UNCITRAL’s Working Group IV (Electronic Commerce) as delegate and as a member of the Experts Group and contributed to the drafting of an instrument on Electronic Transferable Records. She is the author of Electronic Documents in Maritime Trade: Law and Practice (OUP, 2013).

Adam Fenton QC will be speaking on the subject of "Late Payment of Claims"

Richard Wise and Anka Taylor will be speaking about M&A Risk Management.

Colin Edelman QC of Devereux Chambers will be speaking about the AIG Aggregation case.

PLEASE NOTE THAT THIS LECTURE REPLACES JEFFREY GRUDER QC'S LECTURE ON 'Arbitrating Insurance and Reinsurance Disputes: Transparent and Impartial?', WHICH WILL NOW TAKE PLACE ON April 10th 2017

BILA and the BILA Charitable Trust support the University of Southampton Insurance Law Moot – 5 and 6 March 2017