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Insurance Group Newsletter, June 2015

AUTHOR(S): Sharon Daly, Tom Hayes, Darren Maher, April McClements
PRACTICE AREA GROUP: Insurance and Reinsurance
DATE: 17.06.2015

In this edition we provide an update on the Central Bank’s regulation of insurance undertakings, an overview of a High Court ruling on serious illness cover claims, as well as other recent legal, industry and regulatory developments.

Solvency II Update

There have been a number of recent developments relating to the Solvency II framework.

Central Bank Update

There have been a number of recent developments relating to the regulation of insurance undertakings by the Central Bank.

EIOPA Update

There have been a number of recent publications and updates issued by EIOPA.

Insurers entitled to rely on additional reasons post-declinature

The High Court has confirmed that insurers will not be limited to the initial reasons listed for declinature, and may rely on misrepresentations subsequently made by an insured.

Serious Illness Cover Misunderstood But Not Mis-sold

In two separate recent judgments, the High Court has upheld decisions of the Financial Services Ombudsman in relation to claims regarding serious illness cover.

Insurer Required to Prove Alleged Non-Disclosure by Oral Evidence

The High Court refused an application by an insurer for leave to deliver interrogatories in a coverage dispute, finding that the alleged material non-disclosure must be proved by oral evidence at trial.

Central Bank of Ireland Initiates Card Protection Redress Scheme

The Central Bank of Ireland has requested that a voluntary redress scheme be put in place by credit card providers who sold card protection insurance provided by Homecare Insurance Limited, a subsidiary of the British CPP Group.

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