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Arbitration trends in the Middle East: What to expect in 2024 and beyond
The last several years have seen rapid growth in the Middle East.
Global | Publication | January 2013
The European Parliament's Committee on Economic and Monetary Affairs (ECON) has published its draft report on the recast Insurance Mediation Directive, known as IMD2.
ECON has made some significant amendments to the European Commission’s proposal including removing mandatory disclosure requirements and granting member states far more discretion in implementing the regime. Provisions relating to professional and training requirements, and the amount and suitability of information provided to consumers, are less onerous in ECON’s draft.
Overall, the industry is likely to welcome the latest draft, particularly the rethink on remuneration disclosure which had been widely criticised.
The report sets out the European Parliament’s legislative resolution on IMD2, together with an explanatory statement of the proposed amendments which include the following main changes:
In addition, ECON imposes less onerous requirements under Chapter VI in relation to information requirements and conduct of business rules. Undertakings are no longer required to act “honestly and fairly” and "in the best interests of its customers". Instead, undertakings must act “professionally in accordance with the interests of its customers”. Similarly, information provided to the customer must be clear and not misleading but is not required to be fair. Insurers and intermediaries are likely to welcome these changes which effectively reduce their liability exposure.
A further change provides that, where direct insurers or intermediaries are using only distance communication channels (i.e. online) to conclude insurance contracts, the requirement to specify the underlying reasons for any advice given will not apply.
Finally, in relation to breaches, ECON has removed the provision allowing member states to impose an administrative sanction of up to 10 per cent of a firm’s total annual turnover. This had been particularly controversial because, in the event that a subsidiary was in breach, the sanction would be applied to the annual turnover of the parent undertaking. Instead, ECON states that pecuniary sanctions will be decided by member states in line with the range of penalties applied by the national supervisory authority.
For further information: ECON draft report on IMD2
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The last several years have seen rapid growth in the Middle East.
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On May 14, 2024, Lena Haffner, Innovation Lead Germany at Norton Rose Fulbright, shared her insights on “How do you make a law firm AI ready?" at Legal Revolution 2024, one of Europe’s leading conferences in legal innovation and technology. Her lecture focused on developing a comprehensive roadmap for integrating AI into law firms, emphasizing the importance of developing a robust AI strategy and fostering an innovation-ready culture. Key topics covered in the lecture included strategic planning, skills development, multidisciplinary teamwork, and strong AI governance.
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