The 50th Anniversary Colloquium and Dinner 15th May 2014 Banking Hall, Cornhill, The City of London, EC3V 3ND (Former head office of Lloyds Bank)

Transcription

1 The 50th Anniversary Colloquium and Dinner 15th May 2014 Banking Hall, Cornhill, The City of London, EC3V 3ND (Former head office of Lloyds Bank) This year is the 50th anniversary of the creation of BILA and to celebrate the Association is hosting a Colloquium covering key areas of insurance law presented by foremost judges, barristers, solicitors, academics, and insurance professionals. The Dinner following the Colloquium is set to be an important commemorative event and will feature an after dinner speech by The Right Honourable Michael Portillo, former Member of Parliament and a respected journalist. The Colloquium and Dinner are the ideal opportunity for Members of the British Insurance Law Association (BILA) and their colleagues to come together, network and expand their knowledge of current aspects of insurance law.

2 Programme Chair s introduction Lord Justice Aikens Keynote Address John Nelson British Insurance Law Contract Reform Chair s Introduction The Joint Law Commissions Proposals: the draft Insurance Contracts Bill The Policyholders Views and Concerns The Views and Concerns of London Market Insurers An Insurance Lawyer s View Panel discussion Professor Sir Bernard Rix David Hertzell John Hurrell Paul Jaffe Sara Cockerill QC An Underwriter s View of BILA Reg Brown Coffee Break Regulation A panel discussion with Sean McGovern, Olav Jones, Chris Moulder, Mike O Hagan and Hugh Savill will discuss: Current regulatory environment and challenges Solvency II Systemic risk Comframe Emerging global capital standards (BCR/ICS) Open markets versus regulatory oversight Supervisory cooperation Lunch Break European Insurance Contract Law Chair's introduction The EC Expert Group, why it was set up, its mandate, its composition and the interests represented in the Group The Principles of European Insurance Contract Law (PEICL), their origin and purpose The viewpoint of a solicitor with an insurance litigation practice in London The view from Italy, in particular on issues of liability insurance such as claims made Panel discussion Tea Break A Bird's Eye View of How Insurance Has Become Important for British Society as a Whole in the Last 150 Years Insurance Fraud Chair's introduction Current issues with first party and third party fraud and how insurers are tackling them Insurance crime and enforcement: cooperating with the industry and dealing with organised fraudsters Where now fraudulent claims and devices - will regulation or law reform change their ways? Panel discussion Prof Malcolm Clarke Prof Jurgen Basedow Prof Helmut Heiss Joanna Page Prof Alberto Monti Lord Justice Aikens Lord Thomas Scott Clayton DCI David Wood Graham Eklund QC Chair s Close Lord Justice Aikens

3 Introductory Session Chair's introduction Sir Richard Aikens (BILA President) Norwich School. Read History and Law at St John s College Cambridge. McMahon Law Studentship. Called to the Bar by Middle Temple Harmsworth Scholarship In practice at Brick Court Chambers Appointed QC Recorder of the Crown Court Judge of the High Court Queen s Bench Division (Presiding Judge of the South Eastern Circuit ; Judge in Charge of the Commercial Court ). Appointed to the Court of Appeal and made Privy Councillor Nominated as one of the UK ad hoc judges to the ECtHR Senior UK representative to the International Association of Judges and UK representative to the Consultative Council of European Judges present and Vice- President present. Underwriters view of BILA Reg Brown He is a former Chairman of Lloyd's Underwriters' Non-Marine Association Limited and was a member of Lloyd's Regulatory Board in 1999 and He was President of the Insurance Institute of London for 1994/5. Reg is a Freeman of the City of London and a member of the Worshipful Company of Insurers. Now a Past President of the CII and former Chairman of its Nominations and Remuneration Committee, Past President of the British Insurance Law Association, a former director of Kiln Plc., Kiln Underwriting Ltd., PRI Group Plc., Professional Risks Insurance Ltd., MCIS Ltd., C J Coleman & Co. Ltd. and the Financial Services National Training Organisation. Keynote John Nelson (Chairman of Lloyd s) John Nelson was appointed Lloyd s Chairman in October He served as the Chairman of Hammerson plc until May He is a Chartered Accountant, who worked in both the UK and the US while with Kleinwort Benson. He joined Lazard in 1986, whose Vice-Chairman he became in He subsequently became Chairman of Credit Suisse First Boston (Europe), and Deputy Chairman of Kingfisher plc. In addition, he has been a Non-Executive Director of BT, Woolwich plc, JP Morgan Cazenove and Cazenove Group. He is also an Adviser to Charterhouse Capital Partners LLP and a Trustee of the National Gallery.

4 Panel 1: British Insurance Law Professor Sir Bernard Rix (20 Essex Street) Bernard Rix is a recently retired Lord Justice of Appeal with twenty years experience in the Commercial Court and the Court of Appeal, who now accepts appointments as an arbitrator and mediator. He is a member of the HKIAC Panel of Arbitrators, has been appointed to the Cayman Islands Court of Appeal, and is an ADR Group accredited mediator. In addition, he has recently been appointed as Professor of International Commercial Law at Queen Mary, University of London. David Hertzell (Law Commission) David Hertzell was appointed as Law Commissioner for commercial and common law on 1 July His appointment has been extended to 31 December David Hertzell was Managing Partner of city law firm DAC until He chaired the AIRMIC (the UK risk managers association) Captive Insurance Focus Group and was a member of the BSI drafting committee on risk management. He is currently vice president of the British Insurance Law Association and Chair of the CII Professional Standards Board. He is a pension fund trustee and sits as the independent member on the audit and risk committee of the Judicial Appointments Committee. As Law Commissioner David is responsible for various commercial and common law projects, including the reform of insurance contract law, the law relating to the supply of goods and services and the fiduciary duties of investment intermediaries.. John Hurrell (Association for Risk and Insurance Management Professionals, AIRMIC) John was appointed as Chief Executive of AIRMIC in January 2008 following a career of almost 30 years in the Marsh and McLennan Group of Companies. Prior to joining AIRMIC John was the Chief Executive of Marsh s Risk Consulting business throughout Europe and the Middle East. AIRMIC is the UK risk managers association which represents members in over 500 organisations Paul Jaffe (Catlin) Paul Jaffe is the Senior Group Claims and Underwriting Counsel at Catlin where he is responsible for the provision of insurance and reinsurance law advice to the underwriting, claims and outward reinsurance departments. He has been at Catlin for 13 years, before which he was at the Brockbank agency at Lloyd s for 10 years. He read law at the London School of Economics, is an English solicitor and a Louisiana attorney as well as a Fellow of the Chartered Insurance Institute and a Fellow of the Chartered Institute of Arbitrators. Sara Cockerill QC (Essex Court Chambers) Sara Cockerill QC is an experienced trial advocate for whom insurance and reinsurance has always been a major part of her practice. She has represented clients involved in a number of the most significant cases in the last twenty years (from the Gooda Walker litigation, through Weavers pool reinsurance arbitrations, PA Spiral arbitrations, film finance disputes and US viatical insurance disputes). She has also dealt with a wide range of other cases in court and arbitration raising very varied issues, including: fraud, misrepresentation, non-disclosure, follow settlements clauses, continuing duty of good faith, aggregation, coverage disputes, accounting obligations, claims investigation and brokers duties.

5 Panel 2: Regulation Hugh Savill Sean McGovern (Association of British Insurers) (Lloyd s) Hugh Savill, Director of Sean McGovern has been with Lloyd's since 1996 and has been a Director since Regulation, is responsible for prudential and conduct regulation. He joined the ABI in 2003 from the UK Department of Trade and Industry (DTI), now the Department for Business, Innovation and Skills. As Lloyd's General Counsel he is responsible for Lloyd's legal, regulatory and Government affairs around the world, maintaining Lloyd's licence network to ensure that Lloyd's access to its international markets is competitive. Sean is also the Director responsible for Risk Management at Lloyd's. Sean is a non-executive director of The CityUK, which promotes the UK financial services sector and is a non- In 20 years at the DTI, Hugh worked on the finance and governance of the Department and specialised in the negotiation of EU regulation. Chris Moulder (Prudential regulation Authority) Chris joined the FSA in December 2011 as Head of London Markets Insurance and was appointed Director, General Insurance in May executive director of Xchanging Insurance Services Previously he spent 26 years at KPMG. For the majority of Limited which provides processing services to the London this time Chris specialised in Financial Services in general Insurance Market. In November 2011 Sean was appointed and Insurance in particular. He delivered a range of audit, to serve as a member of the first US Federal Advisory consulting, regulatory and transactions services to firms Committee on Insurance. across the Insurance Sector from brokers to both Life and Non-Life insurers and reinsurers. He led a number of KPMG s key client relationships with insurance firms. Prior to joining KPMG, Chris served in the armed forces for 9 years as a Royal Engineer. Olav Jones (Insurance Europe) Olav Jones joined Insurance Mike O Hagan (Financial Conduct Authority) Europe as deputy director general Mike O Hagan is the manager of the team at FCA in November As head of the federation s economics responsible for the supervision of The Society of Lloyd s, and finance department he is responsible for prudential most of the Managing Agents and various other London regulatory issues, accounting and investment, as well as international affairs and reinsurance. Olav is currently vice-chair of the insurance and Market insurers, P&I Clubs and insurers in run-off. He has been involved in the supervision of such firms for the past 5 years and has spent over 25 years as a regulator in a variety of supervision and policy roles. reinsurance stakeholder group of the European Insurance He started his career at Touche Ross & Co as a trainee and Occupational Pensions Authority (EIOPA). accountant, having read law at Queen s University, Belfast.

6 Panel 3: European Insurance Contract Law Professor Malcolm Clarke (University of Cambridge) Chairman Drafting Committee, Project Group for the Restatement of European Insurance Contract Law. Professor Jurgen Basedow (Max Planck Institute) Since 1997 Director, Max Planck Institute for Comparative and International Private Law, Hamburg and Professor at the University of Hamburg. Associate Member, Institut de droit international; Secretary General, International Academy of Comparative Law; co-founder of the Project Group: Restatement of European Insurance Contract Law which prepared the Principles of European Contract Law (PEICL); Member, Expert Group on European Insurance Contract Law appointed by the European Commission. Joanna Page (Allen & Overy) Joanna leads Allen & Overy's Corporate & Commercial Disputes group, and is highly rated for her experience in international arbitration. Joanna is participating in the Expert Group for the EICL. Joanna also developed Allen & Overy's Contentious Insurance group, which is rated Tier 1 by both Chambers and Legal 500 for policyholder claims. She has experience of ICC, ARIAS and LCIA arbitrations together with ad hoc arbitrations and has also litigated extensively in the English Commercial Court and in the Chancery Division. Professor Helmut Heiss (University of Zurich) Helmut Heiss is tenured professor of law at the University of Zurich and of-counsel at gbf Attorneys-atlaw, Zurich. He has taught, lectured, published and given legal advice on matters relating to insurance, general contract law, private international law and corporate law, covering the jurisdictions of Switzerland, Austria, Germany and Liechtenstein. He is chairman of the Project Group Restatement of European Insurance Contract Law, which has drafted a model European insurance contract law. Helmut Heiss is a member of the Commission's Expert Group on European Insurance Contract Law Professor Alberto Monti (Institute for Advanced Study IUSS Pavia) Alberto Monti is Associate Professor of Comparative Law with tenure at the Institute for Advanced Study IUSS Pavia, Italy and Director of the Risk Governance Research Division at the EUCENTRE Foundation. He also teaches International Financial Laws at Bocconi University in Milan where he held tenure as Associate Professor from 2003 to 2011 and coordinates the Legal Area in the CINEAS professional programme in Insurance at the Politecnico di Milano. He is admitted to the Italian Bar (1998), and the Supreme Court Bar (2011) and specialises in the fields of insurance, reinsurance, banking and financial laws. Since 1998 he has been a Partner in the law firm Studio Legale Monti, based in Milan. In this capacity he regularly advises and represents in court and arbitration major international insurance, reinsurance and corporate clients. Professor Monti has published books, articles and reports on Insurance and Reinsurance Law and Economics, Financial Management of Catastrophic Risks, Contract Law and the Law of Business Torts.

7 Insurance and Society: A Bird s Eye View of How Insurance Has Become Important For British Society as a Whole in the Last 150 Years Sir Richard Aikens (BILA President) (see Sir Richard s profile above) Panel 4: Insurance Fraud The Rt Hon the Lord Thomas of Cwmgiedd Lord Thomas was called to the Bar in 1969 (Gray's Inn). He became a Queen's Counsel in 1984 and was appointed a Recorder in He practised as a member of the commercial chambers at 4 Essex Court in the Temple, which in 1994 moved to Lincoln's Inn Fields and has since then been known as Essex Court Chambers. He was appointed a judge of the High Court in 1996 and of the Court of Appeal in On 1 October 2013, Lord Thomas was appointed to succeed Lord Judge as Lord Chief Justice of England and Wales. He was created a Life Peer on 4 October 2013, taking the title Baron Thomas of Cwmgiedd, of Cwmgiedd in the County of Powys. Scott Clayton (Zurich Insurance plc) During his 27 years with Zurich, Scott has handled claims across all lines of business and all distribution channels and, in a previous role, headed up the Chief Executive s Complaints Team, managing the Company's relationship with the Financial Ombudsman Service. These days, Scott is responsible for managing the identification and investigation of all suspect claims across the General Business in the UK. He oversees Zurich s 80 strong team of fraud handlers and investigators and is a Technical Board member of the Insurance Fraud Bureau and member of the Management Board of the Insurance Fraud Enforcement Department. DCI David Wood (City of London Police) David Wood joined the City of London Police in 1984, serving the majority of his career in plain clothes roles. He is a qualified Senior Investigating Officer (SIO) and was selected to head up the Insurance Fraud Enforcement Department (IFED), overseeing its launch in January The specialist police unit, is funded by the Insurance industry for 3.2 million pa and operates out of the City of London Police s Economic Crime Directorate. It has been established to tackle all types of insurance fraud across the UK. The department currently has over 22 million worth of fraud under investigation. It has arrested more than 400 suspects and convicted 50+ at court. The team has featured in two series of the BBC One show Claimed and Shamed which spells out the preventative message. Graham Eklund QC (4 New Square) Undertaking Claimant and Defendant work, Graham continues to represent major insurers, both in the Company and Lloyd s markets. He is regularly engaged to advise on policy and coverage issues, including misrepresentation of material facts and fraudulent claims. His work also regularly involves representing insured defendants in a wide range of product liability, professional indemnity and catastrophic personal injury claims. He has long been recommended in Chambers UK and Legal 500. Cases of his are frequently reported. He has a client orientated approach, recognising that finding the right solution to his clients' problems requires a team approach.

8 Locating the Banking Hall * The Banking Hall is at 14 Cornhill, City of London, EC3V 3ND. On exiting Bank Station* take the road Cornhill keeping the Bank Of England and Royal Exchange buildings on your left. It is very close the statue of James Henry Greathead, which is in the middle of the thoroughfare. Bank Station is an underground and DLR station. This station connects with the Central, Northern, District, Circle and Waterloo & City lines. Bank station also connects with local bus numbers 8, 11, 15, 17, 21, 23, 25, 26, 35, 40, 43, 47, 48, 76, 133, 149, 242, 344, 501, N8, N11, N15, N21, N25, N26, N35, N47 and N50.

9