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eAlerts Récentes

  •  
    22/02/2024
    United Kingdom

    Establishing liability under the Third Parties (Rights against Insurers) Act 2010 - Scotland Gas Networks Plc v QBE UK Ltd [2024] CSOH 15

    The Scottish Court of Session has, for the first time, considered what is required to establish a ‘liability’ for the purposes of the Third Parties (Rights against Insurers) Act 2010 (the “2010 Act”). In this matter, the Court found that a ‘decree in default’, issued due to the insolvent Insured’s failed to appear at a procedural hearing, was sufficient to establish ‘liability’.The decision is significant as, while insurers would usually have the right to ‘look behind’ a decision or settlement to form a view on whether the insured...
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  •  
    13/02/2024
    EU

    EU legislative initiatives on recovery and resolution planning for insurance undertakings are taking shape

    With the compromise proposal for an Insurance Recovery and Resolution Directive (IRRD) published by the EU Council in January 2024, EU legislative initiatives to establish a recovery and resolution framework for insurance undertakings are taking shape. The following article has summarised selected aspects concerning Austrian (and potentially other EU) insurers, which - from experience with early stages of the Bank Recovery and Resolution Directive (BRRD) - are of particular interest for group-wide asset liability management and capital planning, collateral management, the product landscape and...
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  •  
    13/02/2024
    Hongrie

    Hungary makes changes to labour law, occupational health and safety at work

    Hungary has initiated a series of legislative amendments to laws governing labour, occupation health and safety at work, some of which already entered into force on 1 January 2024. Specifically, Hungarian lawmakers passed amendments to Act I of 2012 on the Labour Code, Act IV of 1991 on the Facilitation of Employment and Unemployment Benefits, and Act XCIII of 1993 on Occupational Safety and Health and certain OSH decrees.The following article outlines the changes to labour law in Hungary brought on by these amendments.1. Amendments to Act I of 2012 on the Labour Code and Act IV of 1991 on the...
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  •  
    12/02/2024
    United Kingdom

    High Court rules in favour of reinsureds seeking recovery of UK COVID-19 BI losses

    Overview The High Court has, for the first time, considered the reinsurance recovery of non-damage COVID-19 (first lockdown) business interruption losses, specifically under catastrophe excess of loss property reinsurances.  CMS successfully acted for Markel International Insurance Company Limited (“Markel”) in the case, which determined appeals against two separate arbitral awards on questions of law under Section 69 of the Arbitration Act 1996.The parties to the two appeals were:Markel and its reinsurer, General Reinsurance AG (“Gen Re”); andCovéa Insurance...
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  •  
    09/02/2024
    Ukraine

    Ukraine launches State Register of Sanctions

    On 29 January 2024, the President of Ukraine by the Decree No. 36/2024, approved the Decision of the National Security and Defence Council of Ukraine “On Approval of the Regulation on the State Register of Sanctions”. On 1 February 2024, the National Security and Defence Council of Ukraine launched the State Register of Sanctions on its website. The Register provides free public access to up-to-date and reliable information on persons and entities subject to Ukrainian sanctions.The Register is available in Ukrainian and English, and consolidates information regarding Ukrainian sanctions...
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  •  
    07/02/2024
    Afrique du Sud

    New Draft Regulations on the Proposed Numerical Sectoral Targets

    On 1 February 2024, a second round of draft regulations on the Proposed Numerical Sectoral Targets ("February 2024 Regulations") were published for public comment in the Government Gazette. The February 2024 Regulations are currently open for comment for 90 days from the date of publication (ending on 2 May 2024).Under these regulations, the Minister of Employment and Labour ("Minister") can classify different national economic sector targets that will define which companies, that operate in South Africa, will be deemed "designated employers". The classification of a designated employer will be...
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