This week's edition of Insurance & Reinsurance weekly highlights includes: Case analysis written by Sarah Prager KC, barrister at Deka Chambers in relation to the interaction between the Civil Liability (Contribution) Act 1978 and the Third Parties (Rights Against Insurers) Act 2010; Insured losses from disasters to top US$135bn, Swiss Re says; Insurers set to see boost from UK discount rate change; Insurance giant Allianz warns of rising insolvencies in 2025; PRA consults on liquidity reporting reforms for insurers; FCA outlines Consumer Duty focus areas and priorities for 2024/25; FCA issues updated perimeter report of December 2024; UK insurers post leadership diversity gains; FSB publishes inaugural list of insurers subject to resolution planning standards; IAIS adopts global insurance capital standard; cases and decisions; key dates for your diary; and other news highlights reported over the past week.
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Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is
Financial clean break orders in family proceedingsDuty of the court to consider a clean breakAlthough there is no presumption in favour of there being a financial clean break between parties on divorce, the court is under a duty to consider whether it would be appropriate to exercise its powers so
Early leavers—preservationFORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes).The Finance Act 2022 will also give
Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid
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