Insurance meaning

This timeline charts activity from 1 January 2024 onwards concerning the EU-facing legal and supervisory frameworks for anti-money laundering (AML), counter-terrorist financing (CTF) and counter‑proliferation financing (CPF) within the financial services sector. It traces both milestones and roll-out of the European AML, CTF and CPF rulebook. It also tracks cross-border initiatives in AML/CTF/CPF from the Financial Action Task Force (FATF), Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS), IOSCO, the Egmont Group of Financial Intelligence Units (FIUs) and the Wolfsberg Group. For added detail on the EU AML/CTF regime, consult the Financial crime and sanctions (EU Law)—overview, including Practice Notes on AMLA—direct oversight of qualifying financial services firms, the EU Sixth Money Laundering Directive (MLD6) and the EU Recast Second Wire Transfer Regulation (Recast WTR2) on cryptoasset transfers... 2026 16 March 2026 — AMLA — AMLA starts a data collection exercise to test risk assessment models. AMLA has issued the reporting package for this data collection and testing exercise...

When considering an arbitration, you should consider: how the dispute will be financed and managed overall can the client realistically cover your professional fees together with the arbitration expenses? could another party or source be prepared to pick up the entire bill? is any relevant insurance already in place and available? would after-the-event insurance cover be an appropriate option? might your firm accept a conditional fee arrangement, a damages-based agreement, or some other funding structure? See Funding Arrangements—Overview (note: this link is not arbitration-specific) is the client open to exploring third-party funding? ...

Regulated activities and exclusions Section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) bars any individual or entity from undertaking, or holding themselves out as undertaking, a regulated activity in the UK unless they are authorised or exempt under FSMA 2000 (the General Prohibition). Usefully, most activities specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) are carved out by exclusions. Where you conduct a given activity in a manner that fits an exclusion, you will not contravene the General Prohibition. For additional detail on the General Prohibition, see Practice Notes The general prohibition and implications of its breach and Carrying on unauthorised business and breaching the general prohibition. Most RAO regulated activities are subject to exclusions that can be used where applicable. Exclusions fall into two groupings: exclusions tailored to a specific regulated activity; and exclusions that, in defined situations, span several regulated activities...

Stage 1—preparing to bring a claim and pre-action matters Guidance on infringement, defences, ownership, injunctions, running disputes, and the Business and Property Courts Disclosure Scheme; cease and desist precedent; timetable checklist; key forms; IP insurance. Stage 2—letter of claim alleging copyright infringement Guidance on infringement, drafting letters of claim, unjustified threats and remedies, with precedents for standard and peer‑to‑peer infringement letters. Stage 3—commencing proceedings Notes on infringement, secondary infringement, permitted acts, remedies, criminal offences, the Business and Property Courts and the Disclosure Scheme; pleadings/initial disclosure precedents; Disclosure/IPEC flow tools; CPR claim/defence/settlement/default forms. Stage 4—case management Guidance on running disputes, costs management and the Disclosure Scheme; checklist; Chancery, Patents Court and IPEC Guides; Mitchell v NGN; core case‑management and disclosure forms. Stage 5—disclosure and evidence Notes on e‑disclosure, witness statements and the Disclosure Scheme; PD 57AC for Business and Property Courts trial statements (not...

Aim of this flowchart Under section 19 of the Financial Services and Markets Act 2000, anyone who carries on a regulated activity in the UK in the course of business, without an applicable exclusion or exemption, must hold authorisation from the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). This requirement is referred to as the general prohibition. For further detail on the general prohibition and the scope of regulated activities, consult the Practice Notes: The general prohibition and implications of its breach, and What are regulated activities? This flowchart is intended to assist in deciding whether a person is undertaking the regulated activities of effecting and carrying out contracts of insurance as principal, pursuant to article 10(1) and (2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). Any references here to PERG are to the FCA’s Perimeter Guidance Manual, which provides regulatory guidance within the FCA Handbook. It serves as a guide to the FCA Handbook...

This outlines the steps to follow when enhancing a process within your legal department. It draws on the Define, Measure, Analyse, Improve, Control (DMAIC) framework for continuous improvement and highlights Precedents you may employ to support you at each stage involved effectively...

In this issue Working time and flexible working Pay Tax Prohibited conduct (discrimination etc) Employment tribunal equality claims Diversity and gender pay gap Industrial action Unfair dismissal Employment tribunals Immigration Northern Ireland ESG and sustainability: employment issues Daily and weekly news alerts Dates for your diary Trackers New Q&As Working time and flexible working Code of Practice (Requests for Flexible Working) Order 2024 (SI 2024/429): The Order designates 6 April 2024 as the date on which the updated Code of Practice on handling requests for flexible working, issued by the Advisory, Conciliation and Arbitration Service (Acas) under section 199 of the Trade Union and Labour Relations (Consolidation) Act 1992 (TULR(C)A 1992), takes effect. It also clarifies that the revised Code does not cover applications for flexible working made under section 80F of the Employment Rights Act 1996 (ERA 1996) that are lodged on or before 5 April 2024;...

In this issue: Key DR developments Claims and remedies Cross-border disputes Dates for your diary Useful information Daily and weekly news alerts Key DR developments Practice Direction update 168th PD update: Approval has been given by the Master of the Rolls and the Parliamentary Under-Secretary of State for Justice to the 168th update to the Practice Directions under the Civil Procedure Rules (CPR). This update alters CPR PD 51ZC, prolonging the small claims paper determination pilot until 1 December 2024; that change took effect on 31 May 2024. It also revises CPR PD 74A to provide for the registration of foreign judgments for recognition and enforcement pursuant to the Hague Judgments Convention. The amendments to CPR PD 74A will commence when the Hague Judgments Convention comes into force in the UK—see LNB News 06/06/2024 6—168th Practice Direction update. Guidance and reports Birmingham Business and Property Courts’ local guidance updated: The Courts and Tribunals Judiciary (CTJ)...

In this issue: Advertising, marketing and sponsorship Contracts Data protection International Supply chain LexTalk®Commercial: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship ASA rulings—5 November 2025 The Advertising Standards Authority (ASA) received a single complaint about advertising by On The Beach Ltd, which stated that customers booking particular holidays would be given free access to airport lounges. The ASA upheld the complaint. See: LNB News 05/11/2025 27... Contracts Ms Amlin Marine NV (on behalf of Ms Amlin Syndicate AML/2001) v King Trader Ltd [2025] EWCA Civ 1387 The Court of Appeal (Civil Division) dismissed the appellants’ challenge and confirmed that a ‘pay first’ clause in a marine insurance policy was enforceable against the Charterer. The policy had been issued by MS Amlin Marine NV to Bintan Mining Corporation (the Charterer), which had chartered the vessel Solomon Trader...

CASE HUB See more, timeline, commentary and connected cases. Case facts European Commission merger inquiry under Article 14(1) EUMR into inaccurate or misleading information supplied by KKR during the Commission’s 2024 review of KKR’s acquisition of NetCo. Latest developments On 24 July 2025, the Commission opened its investigation. Parties KKR & Co. Inc (KKR): Headquartered in the US, KKR is a global investment firm providing alternative asset management alongside capital markets and insurance services. NetCo: Based in Italy, NetCo is a newly established company that comprises FiberCop—presently jointly controlled by KKR and TIM—as well as TIM’s primary and backbone fixed-line network...

Firms sometimes extend low-interest (or interest-free) borrowing to directors or staff as part of a remuneration package, or on particular occasions, to assist the individual with major financial outlays. As with any other form of employment reward, where a loan is made by a third party rather than by the employer, the disguised remuneration rules in Part 7A of Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) must be considered first, since those provisions take precedence over most mechanisms for charging employment income to tax (including the benefits code). For further information, see: Disguised remuneration and EBTs—overview and, also, regarding the loan charge within the disguised remuneration rules, refer to Practice Note: Disguised remuneration—history of the loan charge. If no third party is involved (eg where the employer itself advances the loan), or an exemption from the disguised remuneration regime applies, the provisions in the benefits code for employment-related loans outlined below may instead govern the position for the particular loan in question...

Practice Note Use this Practice Note to identify the governing law before the courts of England and Wales for harmful events that took place between 11 January 2009 and 31 December 2020. Where incidents happened outside those dates, the UK courts will apply an alternative choice-of-law regime, and the regime engaged turns solely on the date of the occurrence. If the date falls outside that span, a different regime applies, selected by reference to timing of the event. For direction on those regimes and how they interrelate, see Practice Note: Applicable law regimes. It summarises the special rules governing particular heads of claim under Regulation (EC) 864/2007 on the law applicable to non-contractual obligations (Rome II). The topics include product liability, unfair competition and restraints on free competition, environmental harm, intellectual property (IP) rights, industrial action, unjust enrichment, negotiorum gestio—i.e. agency without authority, and culpa in contrahendo—fault in forming a contract, as well as insurance...

The Contract comprises the completed Standard Building Contract Without Quantities for use in Scotland 2016 published by the SBCC subject to the following amendments: Recitals and Articles updated: contractor to provide a master programme and Schedule of Information Requirements; CDP responsibility accepted; Principal Contractor duties priced; arbitration deleted; Schedule of Amendments prevails; Third Party Agreements duties. Contract Particulars: arbitration entries removed; Rectification Period set at 12 months; fluctuations and certain PII/guarantee entries deleted. Conditions: key definitions revised (Practical Completion, Copyright Material, Design sub‑contractors, Funder, Site); Scottish jurisdiction; approvals mean principles only; entire agreement; variations in writing. Design/materials/programming: contractor accepts ER/CP; quality and non‑deleterious materials; programme reporting; site risk; drawings/info supply; tighter discrepancy notices. Time/defects: mitigate and advise on delay; narrower Relevant Events; Practical Completion clarified; stronger rectification, consequential damage and indemnity; phased as‑built/occupation information. IP/confidentiality/BIM: broader licence, moral rights waivers and delivery; confidentiality reinforced; BIM where adopted. Management/sub‑contracting: access, approved Site Manager, meetings; prescribed sub‑contracts; collateral warranties/third‑party rights; CDM duties; insurance...

Notification under the Serious Injury Guide Sent by email to [ insert the early notification contact name and email address as listed for each insurer at http://www.seriousinjuryguide.co.uk/ ] Dear [ insert name ] Ref: Accident Client name: Date of birth: [ to be provided in a separate email ] National Insurance number: [ to be provided in a separate email ] We represent [ insert claimant’s name ] who sustained injuries in an incident on [ insert date ] at around [ insert time ], occurring in the course of their employment as [ insert details OR other circumstances ]...

This Agreement is entered into on [ insert date ] (the Commencement Date) by and between: Parties [ insert supplier name ], a company incorporated in England and Wales, whose registered number is [ insert company number ] and whose registered office is at [ insert registered office ] (Supplier); and [ insert customer name ], a company incorporated in England and Wales, whose registered number is [ insert company number ] and whose registered office is at [ insert registered office ] (Customer). Each of the Supplier and the Customer is a party, and together the Supplier and the Customer are the parties. Background The Supplier is [ an experienced software developer and ] [ insert the Supplier’s background details and the background to the relevant transaction ]. The Customer is [ insert the Customer’s background details ]. Subject to this Agreement, the Supplier shall develop software for the Customer and will licence (or arrange...

Amendments to the International Tax Compliance Regulations 2015 (2015 regs), SI 2015/878, introduced by the International Tax Compliance (Amendment) Regulations 2025, SI 2025/740, have brought in a compulsory Automatic Exchange of Information (AEOI) registration obligation for certain trusts treated as ‘specified non-reporting financial institutions’. Under the 2015 regs, SI 2015/878, reg 24(1), a specified non-reporting financial institution is ‘a non-reporting financial institution which is a trust within the meaning of Section VIII(B)(1)(e) of the CRS or paragraph II(D) of Annex II to the FATCA agreement’. Set out below is a concise overview of the components of that definition. Financial institution (IEIM400610) The FATCA and CRS frameworks recognise four common categories of Financial Institution: custodial institution depository institution investment entity specified insurance company Where a private trust satisfies any Financial Institution definition, it will most commonly be treated as an Investment Entity...

BREXIT At 11pm (GMT) on 31 December 2020—known as ‘IP completion day’—the transition/implementation period entered into following the UK’s withdrawal from the EU came to a close. From that point onwards, key transitional arrangements came to an end and wide‑ranging changes started to take effect across the UK’s legal regime. This document provides guidance on subjects affected by these changes. Before continuing your research, see: Brexit and financial services: materials on the post‑Brexit UK/EU regulatory regime [Archived]. This Q&A assesses the impact of Brexit on passporting in the insurance sector, outlines the options available to insurers to continue to access the European Economic Areas (EEA), and highlights the factors for insurers to take into account in their contingency planning. This Q&A is produced in partnership with Clare Swirski at Clifford Chance. What are the main aspects of passporting under Solvency II?...

Rule 5.1.7 of the Financial Conduct Authority’s (FCA) Client Assets Sourcebook (CASS) (CASS 5.1.7) confirms that the provisions within CASS 5.1 to CASS 5.6 also give effect, as required, to article 4.4 of the (EU) Insurance Mediation Directive (Directive 2002/92/EC), requiring that all necessary measures be taken to protect clients against the inability of an insurance intermediary to transfer premiums to an insurance undertaking, or to transfer the proceeds of a claim or a premium refund to the insured...