Third party rights against insurers

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The Third Parties (Rights against Insurers) Act 2010 (TP(RAI)A 2010) repealed and replaced the Third Parties (Rights against Insurers) Act 1930 (TP(RAI)A 1930). The key change in TP(RAI)A 2010 is that a third party can now bring proceedings directly against the insurer or seek information about the insurance position at an early stage without first establishing the liability of the insured.

TP(RAI) 2010 applies where the insured has ‘incurred a liability’ or where

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This week's edition of Insurance & Reinsurance weekly highlights includes: the case of WTGIL Ltd v Revenue and Customs Commissioners; Gallagher being liable for data breach insurance cover failure; the publication of a report by the European Insurance and Occupational Pensions Authority (EIOPA) on the costs and past performance of retail investment products in insurance and pensions from 2020–2023; the publication of an application paper by the International Association of Insurance Supervisors (IAIS) on the supervision of climate-related risks in insurance sector; cases and decisions; key dates for your diary and other news highlights reported over the past week.

IAIS publishes application paper on supervision of climate-related risks in insurance sector

The International Association of Insurance Supervisors (IAIS) has published an application paper on the supervision of climate-related risks in the insurance sector. This paper provides guidance on how the IAIS's existing insurance core principles (ICPs) can be applied to address climate-related risks. It aims to help supervisors integrate these risks into their practices, thereby strengthening the resilience of the global insurance sector. The paper covers various areas, including the role of supervisors, integration into supervisory frameworks, impact on valuation and investment practices, and the use of scenario analysis. The IAIS is set to host a webinar on 28 April 2025 to discuss the paper.

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