Legal Affairs

Regulation of crypto assets at the door: A further step following the declaration of crypto assets

Motor collision claimants can recover diminished value of repaired vehicles

The Massachusetts highest court found that an insurer is obliged to compensate the claimants not only for repairs to their vehicles to restore them to pre-collision condition but also for what is known as inherent diminished value (IDV). IDV damages are included as part of the amounts to which a claimant is legally entitled to collect for property damage. The general rule for measuring property damage is diminution in market value and includes intangible damage such as diminution in value. The claimant must be made whole and compensated for what has been lost.

Indemnity Insurance involves payment for loss actually suffered by insured (Australian court)

Tribunal upholds Prudential Authority penalty for unrecorded loan & dividends directive

An October 2021 decision of the Financial Services Tribunal upholding an administrative order, a directive, and a penalty by the Prudential Authority is worth noting. The Tribunal held there was no basis for successfully challenging the penalty for an intergroup loan arrangement not recorded in writing and for unjustified dividends paid.