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Insurance Group Newsletter, June 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.
There have been a number of recent developments relating to the Solvency II framework.
There have been a number of recent developments relating to the regulation of insurance undertakings by the Central Bank.
There have been a number of recent publications and updates issued by EIOPA.
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.
In two separate recent judgments, the High Court has upheld decisions of the Financial Services Ombudsman in relation to claims regarding serious illness cover.
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.
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.