The Insurance act. John hurrell chief executive airmic

Transcription

1 Tackling the new legal and risk challenges of The Insurance act hear from leading experts at the only cross industry event dealing with the insurance act The Insurance act 28 october central london Post conference workshop: Implications for contract Wordings on D&O Policies 29 october central london David hertzell Former Law commissioner MacTaVIsh Paul Lewis herbert smith FreehILLs John hurrell chief executive airmic alan Brown Kees van der Klugt head of underwriting Operations Director of Legal & compliance & Portfolio Management LLOYD s MarKeT association ZurIch Developed by An Informa Company

2 Tackling The new legal and risk challenges of The Insurance act 28 October 2015 central london Feedback from other Infoline events: engaging and thought provoking amlin a very thought provoking conference with a number of ideas to take away and consider LLOYDs a very informative day touching many current issues, plenty to think about and take back to the office ZurIch Insurance an excellent and informative event with top notch speakers and the opportunity to network with leaders in the field YOunG & KeIDan LLP a very useful and concise update on all the relevant/key issues i need to know about and understand at the current time rsa Welcome to the 2015 Insurance act conference: with the most significant statutory change to Uk commercial insurance law in 100 years becoming law august 2016, insurers, Brokers, Policy holders and Underwriters are now facing huge challenges to ensure they are legally compliant. infoline s insurance act event will provide firms solutions and insight into these challenges, bringing together all aspects of the industry to give a comprehensive overview of the act s implications and how the industry can manage the changes. Topics discussed on the conference day include the new duty of fair presentation and remedies for a breach, as well as an overview from david hertzell on the act s impact. other sessions include policy wordings and warranties, dealing with fraudulent claims and a cross industry panel discussing the impact of the act on the market, discussing due diligence, disclosure and how the act will work in practice. hear from airmic on the client s perspective on the act, and the impact this will have on market practice. following the conference day, there will be a separately bookable, practical and interactive post conference workshop, discussing the implications of the act s contract wordings on d&o policies. The event is the only conference exclusively dealing with the insurance act and will ensure you take away practical solutions, and gain the most constructive overview to the current challenges and change the industry is facing as a result of the act. we look forward to welcoming you in october. regards, emma Mcgarthy Limited Sponsorship and Exhibition opportunities remain for firms who want to profile products, expertise and experience in the field of insurance law or claims operations. for more information on how infoline conferences can help you meet your marketing objectives, call sophie serhan on +44 (0) or sophie.s@infoline-uk.com

3 Tackling the new legal and risk challenges of The Insurance Act 28 October 2015 Central London Registration Chairman s Opening Remarks Celso de Azevedo THOMAS COOPER An Overview of the Impact of the Act leading contributors to the law reform process Mactavish and the former Law Commissioner who led the project introduce the key aspects of the legislation and their impact. Topics include: The need for reform aim of professionalising insurance placement overview of the act - duty of fair presentation, warranties and similar terms, insurer remedies for fraud, contracting out Process implications of fair presentation, reasonable search and contracting out Bruce Hepburn Chief Executive Officer MACTAVISH David Hertzell Former Law Commissioner MACTAVISH Understanding the New Duty of Fair Presentation The new Act requires an insured to make a fair presentation of the risk and also puts an onus on the insurer to ask relevant questions. All those involved in the placing and underwriting process risk managers, brokers and (re)insurers need to ensure they are ready for the changes to the duty of disclosure the Insurance Act 2015 will bring so that they can realise the Act s full benefits. This session will look at: The new duty of fair presentation whose knowledge matters? what will a reasonable search look like? how those involved in the placing and underwriting process can protect themselves Paul Lewis HERBERT SMITH FREEHILLS Graham Terrell Technical Specialist at JLT and Deputy Chair of BIBA Casualty and Accident Committee Refreshment Break Remedies for a Breach of the Duty of Fair Presentation The new scheme of remedies how a dispute might play out: Examining evidential requirements amanda Doran Head of Business, Combined, UK and Ireland QBE EUROPEAN OPERATIONS Policy wordings: Warranties, other Terms and Contracting Out This talk will address the ways in which the Act changes various contractual terms which commonly arise in contracts of insurance (including basis clauses and warranties). It also addresses the matter of contracting out of the act and is likely to be of particular interest to those concerned with policy wordings. section 9: the end of basis clauses section 10: the recasting of warranties as suspensory conditions section 11: terms not relevant to the actual loss section 17: contracting out how to fulfil the transparency requirements Andrew Wales QC Barrister 7KBW Harry Wright Barrister 7KBW Lunch The Client Perspective on the Challenges of the Act client perspectives on the changes how are clients preparing for A Day? what is AIRMIC doing to help members?

4 Tackling the new legal and risk challenges of The Insurance Act 28 October 2015 Central London what impact will this have on market practice? what can insurers and brokers do to help clients through this transition? John Hurrell Chief Executive AIRMIC Panel session: A Cross Industry Perspective what the Act means for disclosure due diligence and the buyer impact on systems contracting out impact on wordings how the act will work in practice James Mills Legal Counsel - Corporate & Commercial RSA David Lanfranchi BICoE MARSH Alan Brown Head of Underwriting Operations & Portfolio Management ZURICH Bruce Hepburn Chief Executive Officer MACTAVISH Kees van der Klugt Director of Legal & Compliance LLOYD S MARKET ASSOCIATION The Act and Fraudulent Claims The Insurance Act 2015 provides clarification of two key areas: the impact on continuing liability of the insurer, and the effect of a fraudulent claim on a group policy. This presentation will consider those areas left to case law and preview the forthcoming decision of the Supreme Court in The DC Merwestone, due in early fraudulent claims continue to be a major concern for industry and practitioners, recent figures estimate annual losses at 1.32 billion. The insurance industry has responded with specialist policing, cheat reporting telephone lines, and efforts to share data. insurance contract law response- forfeiture of the claim- largely derived from case law, leaving issues as to the insurer s remedies (such as termination of the contract and damages) uncertain. insurance Act 2015 clarifies remedies, but leaves ambit of the rule uncertain, with a Supreme Court decision due in early James Davey Professor of Insurance & Commercial Law SOUTHAMPTON LAW SCHOOL Refreshment Break The Act and Reinsurance impact on Reinsurance contracting Out claims Control follow Settlements warranties and Conditions Precedent disclosure Jonathan Sacher, Head of Insurance Practice BERWIN LEIGHTON PAISNER LLP Comparative Law: What happens in other Jurisdictions? This session will cover German Insurance Law with a civil law angle. Topics include: duty of Disclosure similar but still different no Warranties but exclusions and obligations statutory non-marine insurance law vs. marine insurance law Dr. Jan Dreyer DABELSTEIN & PASSEHL Chairman s Closing Remarks and End of Conference

5 post-conference half day workshop D&O Insurance contract drafting and analysis: the legal and the market 29 October 2015 (morning) Central London Background: Experienced claims and wordings practitioners will run through the law and practicalities of drafting and working with D&O insurance contracts and claims. This workshop will examine: A-Side, B-Side and C-Side differences and approaches Indemnity and coverage Claims and investigation triggers Case law and interpretation A-Side DIC DIC and DIL issues in Global placements Corporate exposure developments and concerns AGENDA: The law relating to D&O insurance and insurance contract drafting The rules of interpretation and how they impact D&O insurance Severability, Composite Contracts and the law; Insurance Act 2015 and its impact on D&O insurances Detailed review and discussion of some key clauses and exclusions Practical examples and common problems discussion Who should attend: Anyone involved in drafting, buying policies or dealing with claims against directors and anyone with an interest in D&O coverage. This includes lawyers, brokers, insurers and advisors on D&O insurance, risk managers, company secretaries and GC s responsible for insurance purchasing. OBJECTIVES An understanding of the legal regime and the insurance market drivers that lead to the current D&O insurance contract, areas for change and development. Attending this workshop will enable you to: Understand the insurance coverage offered Appreciate the inter-relations between A side, B side and C side covers Consider the options in cover and advise on differences in practice Review a contract to see if it works, has the main covers and should be bought or sold Workshop timings: This workshop is designed to be a hands on learning workshop. Mathematical knowledge is not required. A sample data set will be provided, as will access to the Microsoft Azure machine learning platform. This is a point and click modelling tool, which is very easy to use. Attendees will be encouraged to form up to four teams, and they will compete to build the best predictive model on the data set. A leaderboard will be used to promote scores. Registration: 8.30am Workshop start: 9.00am Lunch: Workshop Leader: David Nayler LLB(Hons) Executive Director, Head of F&PS Legal & Claims Practice, Financial & Professional Services Aon Risk Solutions david is Executive Director, Head of Legal & Claims Practice for Financial & Professional Services. Member of Financial & Professional Services executive Leadership Team; Vice Chairman of the British Insurance Law Association bila.org.uk/ and is responsible for the Coverage Counsel team (wording drafting and technical claims) for Financial & Professional Services, Fine Art & Specie, Global Directors & Officers, Design Professionals and Insurer / Reinsurer (both company and Syndicate). David also has a diploma in Law and a Diploma in Advanced Litigation

6 Conference: The Insurance Act 28 October 2015 London FKM63277 Workshop: D&O Insurance contract drafting and analysis 29 October 2015 London FKM63277w VIP CODE Please quote the above VIP code when registering FOUR Easy Ways to Register : +44 (0) : custserv@infoline.org.uk : +44 (0) Web: Event location: This event will be held at a conveniently located and quality venue in the centre of the city advertised. Delegates will be informed of the venue by not less than three weeks before the event. Delegates are responsible for the arrangement and payment of their own travel and accommodation. Once the venue is confirmed, a link with special rates for hotels nearby will be sent to you. Further details can be found on the dates/venue page of the conference website: HOW MUCH? 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