Insurance brokers/underwriters
The effect of the investigations carried out by Eliot Spitzer in the USA has been felt throughout the world’s insurance industry. The UK is no exception and the past 18 months has probably seen more focus on insurance brokers’ business practices than ever before. The introduction in January 2005 of full Financial Services Authority regulation for general insurance businesses and intermediaries tightened the regulating net on the industry with the result that breaches of even the FSA General Principles can lead to enforcement investigations by the FSA. We advised a number of major entities both in and outside the insurance industry on the effects of the intermediaries directive.
Our team has substantial experience not only of the regulatory framework that applies to the insurance industry but has also acted for insurance brokers and E&O underwriters in relation to many high value issues for example in the US$38m Vestjysche and GALT claim and more recently a multi year and party dispute involving Marine PA and burning costs programme. We have advised on claims arising from all aspects of the broker’s functions, ranging from placing to claims administration and the duty to account, including the review of legacy broker accounts.
We are a panel firm on the Millers’ Line Slip for London Market Insurance Brokers.
Related items:
Brokers pay for loss of profits - 18 April 2007
Brokers beware: assume in haste, repent at leisure - Insurance update - 9 March 2007
No limit to costs payable by professional indemnity insurers - Insurance update - 8 February 2007
Are innocent insureds still safe? - Insurance update - 11 December 2006
The ongoing duties of a broker and their impact on limitation defences and contract certainty - Insurance update - 15 September 2006
Key contacts:
Kenneth McKenzie
020 7293 4085
kmckenzie@dac.co.uk
William Allison
020 7293 4629
wallison@dac.co.uk
