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The problems faced by some purchasers of leasehold interests continue, due to the existence of onerous ground rent clauses.
We are delighted to announce that we have strengthened our domestic network by establishing a base in Bristol, which becomes our eleventh office in the UK and 38th globally.
Development finance presents one of the more hazardous areas for lenders, due to the risks associated with providing funding at the outset of a project when redeveloping or erecting a new building. Lenders will want to avoid circumstances in which the design and planning stages of a development have proceeded without proper diligence as this could limit a development or at worst prevent it from taking place.
Credit is intrinsic to modern society and requires effective regulation and control, including credit providers ensuring consumers are aware of the risks and penalties for non-payment.
New Codes of Conduct for insurance intermediaries will help maintain Bermuda’s reputation for regulatory excellence
In February 2019, the Bermuda Monetary Authority published its ‘Insurance Brokers and Insurance Agents Code of Conduct’. The Code was issued pursuant to powers under Section 2BA of the Insurance Act 1978 and will help underpin the jurisdiction’s claim to regulatory excellence and adherence to international standards.
Bermuda’s Economic Substance Act 2018 and Economic Substance Regulations 2018 came into operation on 31 December 2018. The ESA was enacted in response to guidance published by the European Code of Conduct Group (Business Taxation) regarding the manner in which the COCG will assess Bermuda’s compliance with the “economic substance” element of its “fair taxation” criteria.
The Financial Conduct Authority’s statutory remit does not include the regulation of prices in a free market, but pricing practices have nevertheless been of concern to it for some time. Since raising concerns in 2015 regarding pricing transparency at renewal, pricing practices have featured consistently in the FCA’s business plans.
These should be good times for the captive insurance sector and for other self-insurance arrangements. After the longest ‘soft’ market in recent memory (a time when insurance capacity exceeds demand and thus depresses premiums), the insurance and reinsurance markets have finally begun to turn and harden, with premium rates rising across most business lines.
A roundup of recent cyber related developments, including the black box effect in ship risk profiling, GDPR fines from the ICO, silent cyber risks, cyber threats to the life sciences sector, insuring the emerging offshore digital assets industry and claims transformation in Latin America.
What a week it has been. England have won the Cricket World Cup, and both Marriott and British Airways have been hit for six by the ICO. It’s fair to say that both the England team and the ICO have upped their game.