In this edition of Insurance Focus, we look at some challenging new areas of law. How can firms ensure that their application of artificial intelligence doesn’t harm customers and impact the firm’s reputation? We look at a best-practice model for AI governance in insurance models.
D&O is on the rise globally as attitudes change in relation to executive accountability. Consequently, regulators and shareholders are increasingly incentivised to tackle corporate misconduct. We consider how the regulator in Australia is now getting tough on corporate crime.
As cannabis usage becomes legalised in Canada, we take a practical look at the implications for the insurance industry of the “green rush” following legalisation.
We include a summary of the recent VAT decision in relation to a Gibraltar insurance company and its affiliate in the UK. In addition, from Shanghai we consider new investment rules in the insurance sector introduced by the China Insurance Regulatory Commission.
In our case notes section we consider whether a Queen’s Counsel with over 10 years’ experience had sufficient knowledge of insurance to act as arbitrator and the importance of looking to the “root of the transaction” when interpreting contracts.
We also include our regular feature of interesting legal and regulatory updates from across our offices.
We hope you enjoy reading this edition of Insurance Focus.
AI: getting your house in order – planning for an intelligent future
The insurance industry is looking at the means to develop new business models that rely on the mining of large data sets in order to identify customers, price risk...
D & Oh no! – rising liability for directors and officers in 2018
Growing global regulatory oversight and increased pressure on the Australian Securities and Investment Commission (ASIC) to take punitive action means that 2018 is...
A practical approach to the legalisation of recreational cannabis for insurers
Canada has introduced legislation providing a framework for regulated access to legal cannabis for recreational use.
Gibraltar affiliate does not have UK fixed establishment for VAT purposes
HM Revenue and Customs (the Revenue) have failed in their challenge to the recovery by a broker of the VAT attributable to the supplies made to its affiliated...
Chinese insurance regulator issues new insurance investment rules
On 7 March 2018, the China Insurance Regulatory Commission (CIRC) finally issued the long awaited amendments to the Administrative Equity Measures of Insurance...
The claimant, Euro Pools, specialised in the installation of swimming pools. It provided both: (i) movable floors that could be raised or lowered to change the...
In this article we have asked some of our partners across the firm for their views on the big issues that will affect the insurance industry in their region over...