Insurance Group - Insurance Group Ezine September 2012

In This Issue

Central Bank Update

EIOPA Updates

Solvency II Update

Publication of Proposed Text of Insurance Mediation Directive II

CJEU confirms unit-linked life assurance contracts are insurance contracts

Jurisdiction clauses in Insurance Policies – High Court decision in Lartigue Enterprises Ltd v Three Lions Underwriting Ltd

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2012

Getting down to business in the Commercial Court

Health Insurance Update

For further information, please contact any of the following partners in the Insurance Group Sharon Daly, Darren Maher or Helen Noble.

Contacts in the Insurance Group:

E: sharon.daly@mop.ie
E: darren.maher@mop.ie
E: helen.noble@mop.ie

To learn more about the Insurance Group please click here.

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Archive

Insurance Group Spring Newsletter, April 2012
Insurance Group Winter Ezine, January 2012
Insurance Group Ezine Autumn 2011
Insurance Group Ezine Summer 2011

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What we do

Introduction

Welcome to the latest edition of our Insurance ezine. The aim of our quarterly ezine is to provide you with a brief update on the main legal, regulatory and industry developments over the last quarter which we believe may be of interest to you and your business.

IN THIS ISSUE

Central Bank Update

There have been a number of recent developments relating to the regulation of insurance undertakings by the Central Bank of Ireland (the “Central Bank”). Please find an overview of the key developments below.

EIOPA Updates

During the last few months, EIOPA has issued a number of updates and publications.

Solvency II Update

There have been a number of recent developments in relation to the implementation of Omnibus II and Solvency II.

Publication of Proposed Text of Insurance Mediation Directive II

The European Commission has published a proposed directive to replace the current Insurance Mediation Directive (“IMD I”). Known as IMD II, the proposed directive seeks to improve the regulation of the retail insurance market and create a level playing field in relation to the sale of insurance products.

CJEU confirms unit-linked life assurance contracts are insurance contracts

In the recent case of Angel Lorenzo Gonzalez Alonso v Nationale Nederlanden Vida Cia De Seguros y Reaseguros SAE, Courts of Justice of the European Union (“CJEU”) delivered a judgment which confirmed that unit-linked insurance products fell outside the scope of the now repealed Doorstep Selling Directive (85/577/EEC) (the “Directive”).

Jurisdiction clauses in Insurance Policies – High Court decision in Lartigue Enterprises Ltd v Three Lions Underwriting Ltd

In the recent case of Lartigue Enterprises Ltd v Three Lions Underwriting Ltd, Ms Justice Laffoy in the High Court considered whether a dispute in relation to cover under an insurance policy should be governed by the law of Ireland or England and Wales. The underlying claim related to property damage to a hotel in Kerry and the dispute between the UK insurer and Irish policyholder was in respect of the extent of cover.

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2012

The Government has published the draft heads of terms of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2012 (the “Draft Bill”), which amends certain provisions of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the “2010 Act”).

Getting down to business in the Commercial Court

The Commercial Court has now been a feature of the Irish judicial landscape for over six years and its success as a “fast-track court” is evident from recently published statistics relating to the business of the Commercial Court during this time.

Health Insurance Update

The Health Insurance Authority has published a national survey of the Irish private health insurance market.

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