The Florida Office of Insurance Regulation in recent weeks has fined five property and casualty insurers,...
China Construction Bank Sued in US Over Reinsurance Fraud Losses
China Construction Bank Corp., the nation's third-largest commercial lender, was accused in a US lawsuit of enabling a massive fraud in the reinsurance...
China Construction Bank Corp., the nation's third-largest commercial lender, was accused in a US lawsuit of enabling a massive fraud in the reinsurance...
Article / 10 days ago
Financial Ombudsman Service Increases Awards Cap
On 13 March 2024 the Financial Ombudsman Service (FOS) announced increases to the cap that applies to their awards....
On 13 March 2024 the Financial Ombudsman Service (FOS) announced increases to the cap that applies to their awards....
Article / 2 months ago
The insurance sector responds to the FCA's non-financial misconduct survey | Mayer Brown
Last week, firms in the insurance sector submitted their responses to the recent survey issued by the Financial Conduct Authority ('FCA') into...
Last week, firms in the insurance sector submitted their responses to the recent survey issued by the Financial Conduct Authority ('FCA') into...
Article / 2 months ago
Financial Services Firms Should Be Banned From Misusing Gag Orders: UK Lawmakers
Finance firms in Britain should be banned from misusing non-disclosure agreements (NDAs) to silence victims of sexual harassment and abuse,...
Finance firms in Britain should be banned from misusing non-disclosure agreements (NDAs) to silence victims of sexual harassment and abuse,...
Article / 2 months ago
Texas justices say $220M settlement not binding on insurers
The Supreme Court of Texas ruled Friday that a $220 million settlement agreement between an oil and gas exploration company and investment funds cannot be...
The Supreme Court of Texas ruled Friday that a $220 million settlement agreement between an oil and gas exploration company and investment funds cannot be...
Article / 3 months ago
Prudential Inks $35M Deal Over Investor's Stock-Drop Suit - Law360
A Prudential Financial Inc. investor asked a New Jersey federal judge on Wednesday to sign off on a $35 million deal to settle allegations the insurer hid mortality trends and understated its life insurance reserves, causing its stock to trade at inflated prices.
A Prudential Financial Inc. investor asked a New Jersey federal judge on Wednesday to sign off on a $35 million deal to settle allegations the insurer hid mortality trends and understated its life insurance reserves, causing its stock to trade at inflated prices.
law360.com /
Article / 3 months ago
Bank wins Ponzi scheme settlement coverage appeal
An Ohio bank can claim insurance coverage from an American International Group Inc. unit for a settlement it paid to end litigation related to a Ponzi scheme it was caught up in in the early 2000s, a...
An Ohio bank can claim insurance coverage from an American International Group Inc. unit for a settlement it paid to end litigation related to a Ponzi scheme it was caught up in in the early 2000s, a...
Article / 3 months ago
New York State Department of Financial Services Issues Proposed Artificial Intelligence Circular Letter
On January 17, 2024, the New York State Department of Financial Services (“NYSDFS”) released a proposed circular letter addressing the use of external...
On January 17, 2024, the New York State Department of Financial Services (“NYSDFS”) released a proposed circular letter addressing the use of external...
Article / 4 months ago
Financial professionals
The biggest change for the advisory market in 2023 was the implementation of the FCA's Consumer Duty, which came into force on 31 July 2023...
The biggest change for the advisory market in 2023 was the implementation of the FCA's Consumer Duty, which came into force on 31 July 2023...
Article / 4 months ago
Westford refutes insurer’s claim it misled financiers over Phoenix trades - Global Trade Review
Westford Trade Services has fiercely hit back at allegations it misled potential financiers by manipulating its exposure to since-collapsed trader Phoenix Commodities.
Westford Trade Services has fiercely hit back at allegations it misled potential financiers by manipulating its exposure to since-collapsed trader Phoenix Commodities.
gtreview.com /
Article / 4 months ago
