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The association of british insurers is a trade association representing the vast majority of UK insurers (both general and life). It has a decreasing influence in pensions policy but is active on institutional investment matters such as shareholder action and remuneration policies of quoted companies. It does not always agree with the Pensions and Lifetime Savings Association (formerly the NAPF) which looks after the interests of company pension funds.
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Solvency II—timeline (2007–2023) [Archived] ARCHIVED: This timeline is archived and is no longer maintained. For key developments relating to the EU’s Solvency II framework (Directive 2008/138/EC), see EU Solvency II—timeline. For key developments relating to the UK's Solvency II regime, see UK Solvency II—timeline. 2023 Date Source Document Description 20 December 2023 Official Journal REGULATION (EU) 2023/2859 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainabilityDIRECTIVE (EU) 2023/2864 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 amending certain Directives as regards the establishment and functioning of the European single access point Regulation (EU) 2023/2859 establishing a European Single Access Point (ESAP) providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability and Directive (EU) 2023/2864 amending certain Directives as regards the establishment and functioning of the ESAP was published in the Official Journal of the...
UK Solvency II—timeline This timeline shows key developments relating to the UK's Solvency II regime. For earlier developments see Solvency II—timeline (2007–2023) [Archived]. 2024 Date Source Document Description 18 December 2024 PRA Update on the Dynamic General Insurance Stress Test The Prudential Regulation Authority (PRA) has announced the postponement of the launch of the Dynamic General Insurance Stress Test (DyGIST) from the initial timeline to May 2026 intending to reduce the burden on general insurers in 2025 as they prepare to report on the new Solvency UK regulatory returns. It will also allow for more efficient use of PRA resources.See: LNB News 18/12/2024 46. 18 December 2024 PRA PS20/24 – Solvent exit planning for insurersSS11/24 – Solvent exit planning for insurers The PRA has published a Policy Statement PS20/24 on solvent exit planning for insurers, responding to the feedback received on the consultation paper CP2/24. The PRA also published a Supervisory Statement SS11/24, setting out the PRA's expectations for UK insurers to prepare for an orderly 'solvent exit' as...
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Open offers This Practice Note focuses on the key aspects of open offers and the matters that require consideration when an open offer is being carried out by a company either: • admitted to listing on the official list (Official List) of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange (LSE) (Main Market) (listed company), or • admitted to trading on AIM, a market operated by the LSE (AIM company) (both a listed company and an AIM company being a company). It does not cover placings or rights issues. For information on these transactions see Practice Notes: Placings, A guide to cash box placings, Rights issues—key considerations and Rights issue—procedure for a listed company. What is an open offer? An open offer is: • an offer made by a company to existing shareholders • to subscribe for or purchase new shares (or other securities) for cash • in proportion to their holdings, ie a...
Amendments to ABI Model Form of Guarantee Bond Introduction The ABI Model Form of Guarantee bond was first published in 1995 and was updated (in 2002) to incorporate reference to the Contracts (Rights of Third Parties) Act 1999. A copy is available here: ABI Model Form of Guarantee Bond The ABI explanatory guide states the ABI Model Form was published: 'following a lengthy period of consultation with government and local authority advisors, commercial users, construction and engineering industry bodies, major construction companies and insurers, to respond to the criticisms of archaic bond wordings made by the House of Lords in the case of Trafalgar House…' The explanatory guide also provides more detail of the aims of the Model Form, together with commentary on the text. In short, the aim was to provide a short form conditional bond wording, in clear, modern language that is intended to strike a fair balance between safeguarding the respective interests of the employer and the contractor. The hope and intention was...
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Report on construction documentation [insert name of property] Executive summary [insert a general summary of the construction documents/highlight any key areas of concern] Building contract and related documents Save where otherwise indicated below, the Building contract, consultant’s appointments and collateral warranties are generally in line with what we would expect to see on the market, in particular containing the following: 1) a requirement to carry out the Works/provide the Services using a standard of reasonable skill and care to be expected of a qualified professional or contractor experienced in working on projects similar to the Works; 2) an obligation not to specify or use harmful or deleterious materials when carrying out the Works; 3) an obligation to provide an irrevocable and royalty-free copyright licence for use of any and all documents and materials produced by the Contractor/Consultants during the course of the Works, with such licence also being capable of being assigned or transferred to third parties without restriction; 4) a requirement to maintain professional indemnity insurance to...
Letter—advice to employer client regarding draft executive service agreement [Insert name and address of employer] Dear [enter name] Draft service agreement I enclose a draft agreement for your review.[ You will see that there are some areas in square brackets on which I will need your instructions and I have included some optional clauses for the company to consider.] Please contact me when you have had a chance to read through the draft so that I can make any further necessary changes. General issues I set out below some particular issues on some of the clauses in the draft[ and have noted some of the more significant issues on which the employee may seek to negotiate changes].[ Please note that issuing this contract will comply with your obligation to issue a written statement of particulars of employment under the Employment Rights Act 1996 (ERA 1996).] [ I have drafted the contract to be consistent with the offer letter you have sent the employee.] [ Various parts of the staff handbook...
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Does a secondary offer have to be made by way of a pre-emptive offer of shares to existing shareholders? The most common types of secondary issue in the UK are rights issues, open offers and placings. Rights issues and open offers are pre-emptive public offers meaning that existing shareholders are given the right to participate in the offer pro rata to their existing shareholdings. Existing shareholders therefore have the opportunity to benefit from any discount to market price at which the new shares are offered and to avoid a dilution of their shareholdings. In contrast, placings are issues of new shares to selected subscribers only and existing shareholders are not given the right to participate (although major shareholders may often be included among the placees). For this reason greater restrictions are placed on the amount of new shares that may be issued and the discount at which they may be acquired. Placings are usually structured so that a prospectus is not required and the process may take place...
What is a consumer? Based on the standard dictionary definition, a ‘consumer’ is a person who purchases goods and services for personal use. However in a legal environment depending on legislative instrument where it is used, this definition may differ and sometimes the changes between particular pieces of legislation are quite subtle. Therefore it is important to check the relevant law or regulation, such as the Consumer Rights Act 2015 (CRA 2015) in the UK for the respective definition. EU law There is no consistent and uniform definition of consumer in EU law and there are also variances among the Member States, partly as a result of transposing EU directives into national legislation. In the current EU consumer acquis each EU instrument defines the notion of consumer separately for its own purposes. Those definitions essentially converge but some differences do exist. Under the most recent framework, Directive 2011/83/EU (OJ L 304/64), the EU Consumer Rights Directive, a consumer should be any natural persons who are acting outside their trade, business, craft...
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Law360, London: Property insurance claims in the UK are expected to reach £5.5bn for 2024, the highest level since 2007 when insured flood losses reached £3bn, according to Deloitte Touche Tohmatsu Ltd.
This week's edition of Insurance & Reinsurance weekly highlights includes: Broker launches Ukraine property war risk reinsurance; Gallagher settles £15m Koko venue negligence claim; Motor insurer could get £100m boost from rate change; PRA sends Dear CEO letter to PRA-regulated Insurance firms regarding its 2025 priorities for the UK Insurance sector; BoE eyes relaxed financial regulation to support growth; EIOPA publishes 2024 consumer trends report; key dates for your diary; and other news highlights reported over the past week.
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