News

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”