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Insurance Group’s Newsletter, November 2014

AUTHOR(S): Darren Maher, Sharon Daly, April McClements
PRACTICE AREA GROUP: Insurance and Reinsurance
DATE: 24.11.2014

Welcome to the Insurance Group's November 2014 Newsletter.

The aim of our 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

Solvency II Update: The Central Bank has published the latest edition of Solvency II Matters, detailing recent Solvency II policy developments and implementation activities.

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

D&O Update – inquiries into the Irish banking crisis: It appears inevitable that there will be significant D&O claims activity in Ireland in 2015, with two separate inquiries into the Irish banking crisis due to take place.  

After the event insurance passes the champerty and maintenance test: The High Court has upheld the validity of an ATE insurance policy and expressly confirmed that ATE insurance does not fall foul of the torts of maintenance or champerty.

IMD 2 - latest developments: EU Council reaches agreement on IMD 2. 

Payment protection insurance remains in spotlight: In several countries in recent years, public and media attention has been focused on the mis-selling of payment protection insurance (PPI). To date both the FSO and Irish courts have largely found in favour of credit institutions. 

Oral hearings before the Financial Services Ombudsman: The High Court has confirmed once again that where there is a material conflict of fact in a complaint before the FSO, the FSO is required to hold an oral hearing.

End to insurance repudiation saga: Supreme Court decisions are final and conclusive : A recent Supreme Court decision in an insurance coverage dispute has emphasised the final and conclusive nature of the decisions of the Supreme Court.  

Irish Court declines jurisdiction to hear professional negligence claim:In the recent High Court case of McDonald v AZ Saint Elisabeth Hospital and others, involving a claim in professional negligence for personal injuries against defendants domiciled in Belgium, the High Court found that Ireland was not the appropriate jurisdiction to determine the claims of professional negligence, but that it was the correct forum to hear the contract claim. 

Courts Update: The Court Service's annual report for 2013 provides useful statistics in relation to the major areas of work of the courts and waiting periods in particular courts. 

Click here to read all of the articles from the Insurance eZine.

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