Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
In this edition of Insurance focus, Simon Radcliffe and Kirsty Hick in our London office consider the increase in appetite for utilising warranty and indemnity insurance and highlight some of the key issues insurers should be alive to when investigating warranty and indemnity claims.
Noleen John reflects on the uncertainty surrounding the meaning of Brexit for insurers and considers what insurers entering into long-term insurance arrangements today can do to protect themselves from this uncertainty.
Following the Dutch Council for the Judiciary’s proposal to establish a new Netherland Commercial Court (NCC), Jan Duyvensz and Koen Durlinger consider whether proceedings before the NCC may be of interest to non-Dutch insurers and whether insurers might consider including NCC choice-of-forum clauses in their new insurance contracts.
From our London office Nicholas Berry considers the key commercial, legal and regulatory issues that innovators of smart contract technologies will face as they move from proof-of-concept trials to commercially viable products.
In our quarterly review of cases, Anna Haigh in our London office considers the abolition of the fraudulent devices doctrine by the Supreme Court in the recent case of Versloot Dredging BV v Gerling Industrie Versicherung AG and others (The DC Merwestone), and from our Houston office, Stephen Pate examines the impact In re Deepwater Horizon has had on insurance law in Texas.
In our regular international focus section we provide market updates from South Africa, Germany, China and Singapore.
On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).