Reed Smith

ARCHIVED: This Practice Note deals specifically with the reforms in Regulation (EU) 1215/2012, Brussels I (recast) as they relate to insurance matters. These are set out in the regulation at Chapter II, Section 3 in Articles 8–14. The Practice Note considers general rule that a defendant should be sued in the country in which they are domiciled and exemptions to that general rule when dealing with an insured who is regarded as the weaker party—the position where parties are on an equal footing is explored. Additional protection where there might otherwise be tacit prorogation of jurisdiction is considered as is impact of an agreed jurisdiction clause in an insurance dispute.

This Practice Note considers how firms can prevent a potential regulatory breach from escalating to a serious issue subject to FCA and/or PRA enforcement. It considers the risks for firms and senior managers of not notifying or reporting a breach to the regulator. It sets out the practical considerations for firms on discovering a breach, including: planning and strategy in relation to internal investigations; dealing with individual misconduct; securing evidence; the role of senior managers when a breach occurs; notifications to the market under LR 9.2; informing other parties of a breach such as insurers and auditors; publicity and public relations (PR) strategy; and further consequences of breaches such as civil proceedings and interest from other regulators.

This Practice Note looks at the main terms of capital call facilities, including typical representations, covenants and events of default, the nature of the due diligence a lender will undertake and what constitutes a typical security package.

This Practice Note looks at the insurance contract provisions in Regulation (EC) 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I). Definitions are provided and the different provisions for large and non-large risk contracts are explained in terms of choosing the applicable law, failure to choose, escape routes and EU Member State derogation. Insurance cover obligations are explained as is how to determine where the risk is situated. Provisions for reinsurance contracts are briefly considered. Finally, whether Regulation (EC) 593/2008, Rome I or Regulation (EC) 864/2007, Rome II applies when dealing with vehicle accidents or third party rights against insurers is explored.

This Practice Note provides a guide to subrogation in the context of insurance. It explains the legal basis and purpose of subrogation and its practical application. This Practice Note provides guidance on how to distinguish rights of subrogation from other rights, such as assignment or contribution claims. It covers common situations such as subrogation against co-insureds and the application of express subrogation clauses or waiver of subrogation. It also explains the allocation of recoveries and the duty of the insured to co-operate with insurers.

In the UK, expenditure credits are available under the Corporation Tax Act 2009 for both British films and television programmes. The audiovisual expenditure credit (AVEC) scheme replaced the tax relief scheme introduced by the Finance Act 2014 and permits tax credits to be claimed where a film or TV production meets the relevant eligibility criteria. This Practice Note contains introductory guidance on how the AVEC scheme works and which productions are eligible to claim it.

This Practice Note looks at the insurance contract provisions in Assimilated Regulation (EC) 593/2008, Rome I (UK Rome I). Definitions are provided and the different provisions for large and non-large risk contracts are explained in terms of choosing the applicable law, failure to choose and escape routes. Insurance cover obligations are explained as is how to determine where the risk is situated. Provisions for reinsurance contracts are briefly considered. Finally, whether UK Rome I or UK Rome II apply when dealing with vehicle accidents or third party rights against insurers is explored.

This Practice Note considers how the possession of information (particularly confidential and material non-public information) impacts on the secondary loan market. In particular, it considers whether loan trading is a regulated activity, the use of information barriers and ‘Big Boy’ letters in the secondary loan market and the relevant market guidelines issued by the LMA and other trade associations in relation to the handling of sensitive information by participants in the secondary loan market.

This Practice Note considers waivers in the context of insurance underwriting and claims-handling, focusing on non-consumer insurance contracts. It considers waiver in the context of the duty of fair presentation, waiver by affirmation or election, waiver by estoppel, waiver in the context of a breach of a condition and an insurer’s reservation of rights.

This Checklist identifies the key factors that you should consider when advising a prospective party in relation to a trade using secondary debt trade documentation (par) published by the LMA. This list is not exhaustive. In particular commercial due diligence covering the financial condition of the obligors, industry and other matters would be conducted pre-trade but are beyond the scope of this checklist. Additionally, certain terms of trade are credit-specific, and can only be referenced generally. In this Checklist, we assume that the debt in question is performing and that the obligors are not in any form of restructuring or insolvency/bankruptcy.