Legal
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The regulator found that an initial statement about preference shares was “reasonably capable” of misinterpretation.
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Legal developments and the growth of litigation funding create challenges for the industry. -
The outcome of the dispute between Lixil and 20 insurers led by AIG is being seen as a major test of the W&I market.
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The industry group highlights Swiss, US, Asian and Middle Eastern outreach.
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New civil case filings in federal court were up 43% as of the end of June.
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The work always faced obstacles to rapid progression, with the second wave insurmountable.
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The call for evidence forms part of a five-year review of the pool’s remit.
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The settlement will have a net impact of less than $36mn on the carrier in the six months to year end.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.
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The carrier said it did not intervene earlier so that it didn’t “clutter up the procedure”.
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The case was launched after thousands of businesses attempted to claim on their insurance for Covid-19 related BI.
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The scheme currently expires at year end.
