Insurance briefing is a round-up of legal and business developments published on Out-Law.com.
Welcome to the Insurance Briefing - our fortnightly round-up of insurance legal and business developments with analysis and commentary from the insurance team at Pinsent Masons.
It has been a busy fortnight and the main topics we're focusing on this week include:
Brexit transition: financial firms can rely on existing permissions
EU lenders and clearing houses which currently 'passport' their services into the UK should be able to rely on their existing regulatory permissions until the end of the post-Brexit transitional period, UK regulators have said.
English court delivers landmark judgment on project insurance coverage
The High Court has handed down a judgment deciding that a sub-contractor on a construction project was not entitled to coverage from the project insurance policy. The case is the first in which the Court has had to decide on how subcontractors in the construction industry come to participate in project insurance.
CPR, a roofing sub-contractor, was engaged on the project, extensions to a school, by main contractor Lakehouse. After a fire the school building owner, Lewisham Council, and its operator, Haberdashers' Aske Federation Trust, sued Lakehouse and CPR for £11 million. Lakehouse settled with the Council and Trust through the project insurance policy, but it remained unclear whether CPR was also covered.
UK government confirms changes to discount rate calculation method
The way in which the discount rate applied to lump sum personal injury payments is calculated will be changed in order to "better reflect evidence of actual investment habits", the UK government has confirmed. The Civil Liability Bill, which was introduced in the House of Lords last week, will also put into place more regular reviews of the rate, and establish an independent expert panel to advice the Lord Chancellor on future changes.
FCA promises closer supervisory and enforcement collaboration
The Financial Conduct Authority (FCA) has set out its intention to take a more aggressive approach to enforcement, while developing closer links between its supervisory and enforcement functions.
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