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Watch out for the devil in the detail

29 May 2017

Did you know that your client’s former business partner may have an insurance policy on their life which they may not be able to cancel?

The inadequacy of law in the digital age

26 May 2017

Technology is advancing much more quickly than most people anticipated even a decade ago. This begs the question as to whether or not our social, economic and political institutions and structures are equipped, or have developed sufficiently, to deal with the ethical and legal challenges that these advancements have brought and are ever more rapidly bringing.

Exclusions for faulty workmanship & recalls rejected (US)

23 May 2017

A Los Angeles court found the insurer liable for a damaged shipment of corn syrup, rejecting the defences that two exclusions for precautionary recalls and faulty workmanship resulting in goods being restored, repaired or replaced applied because the damaged corn syrup was not recalled. It was just sold for a lower price.

IFRS 17: Deloitte comments on new international accounting standard for insurance contracts

18 May 2017

Francesco Nagari, global IFRS insurance leader at Deloitte, said, “Today’s publication of IFRS 17 marks a once in a lifetime regulatory change in accounting for insurance policies. The new rules aim to bring greater transparency in the financial reporting of an industry whose accounts have often been labelled as a ‘black box’. A single accounting language for insurers should aid comparability across countries where currently various national practices apply.

quick poll

Question

The strongest deterrent against FSP compliance missteps is or should be:

Answer

A criminal conviction Debarment Fine or penalty Any of the above can work

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