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Matheson’s Insurance ezine, October 2015

AUTHOR(S): Sharon Daly, Darren Maher, April McClements
PRACTICE AREA GROUP: Insurance and Reinsurance
DATE: 23.10.2015

Welcome to the Insurance Group's October ezine 

In this ezine we provide you with a brief update of some important legal, regulatory and industry developments over the last quarter which may be of interest to you and your business.

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 of Ireland.

EIOPA Update 

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

IMD2 UPDATE 

There has been some progress in relation to the IMD2 Directive in recent months.

High Court confirms that third party rights against insurers in Ireland are restricted 

The recent decision of the High Court in Michael Murphy v Allianz Plc [2014] IEHC 692 has provided further clarification to the scope of section 62 of the Civil Liability Act 1961 and, in particular, the necessary conditions which must be satisfied for its application.

Proposed reform of Consumer Insurance Contracts

The Law Reform Commission has published its long-awaited report on consumer insurance contracts, including a draft Consumer Insurance Contracts Bill 2015. The report makes 105 recommendations for reforms to the rules, which date largely from the 18th century.

Periodic Payments Orders on the horizon for catastrophically injured plaintiffs  

The General Scheme of the Civil Liability (Amendment) Bill was published in March 2015. It allows a court to provide for index linked annual payments to persons who have suffered catastrophic injuries.

The Courts Service Annual Report 2014 

In the Courts Service Annual Report 2014, which was recently published, Chief Justice Susan Denham described last year as a year of demands, challenges and opportunities. Emphasising the ever-changing needs of society as the catalyst for change within the Courts Service, the report reflected a year of significant developments and noteworthy trends.

High Court appeal upheld as FSO erred in home insurance policy case 

In the recent case of Earls v Financial Services Ombudsman, the High Court considered whether the Financial Services Ombudsman had erred in law in determining that an insurer was entitled to avoid a home insurance policy for material non-disclosure.

High Court refuses leave for post mediation tender on basis of litigation disadvantage  

The recent decision of the High Court in White Young Green Environmental (Ireland) Limited v Anne Gethings [2015] IEHC 498 has raised new issues when advising clients on when to make an offer of tender of payment at a late stage in the proceedings and in particular post mediation.

High Court's first engagement with litigation funding 

The Defendants in the ongoing Persona litigation have been successful in their recent application to the High Court seeking disclosure of the litigation funding agreement which the Plaintiffs entered into with Harbour Fund III Limited Partnership, a specialist litigation funding company.

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