The 4th edition of this leading introductory text - now under the sole authorship of Rob Merkin QC - provides a detailed examination of the developing law of insurance, combining exposition of the law with critical analysis. The book is designed primarily for undergraduate and postgraduate students, but is also a useful resource for those in the insurance industry studying for professional examinations and legal practitioners who need a concise guide to the legal principles. The text is enhanced by extensive citations to case law and academic commentaries; and a new companion website delivers annual case law updates. This new edition has been substantially rewritten in light of the transformation of insurance law in recent years. The text has been revised to include new legislation and coverage of the effects of Brexit. However, the approach and - where possible - the analysis of John Lowry and Philip Rawlings have been retained. The first part of the book considers the regulation of insurance business and the general principles underlying the law of insurance contracts. The second part examines the way those principles are shaped by the context in which they operate. A new chapter with case studies on COVID-19, earthquakes, and mesothelioma applies the principles to the problems and uncertainties for insurance law revealed by catastrophic losses. This authoritative text offers a sound grasp of the current realities of insurance practice.

CHIP is a joint federal-state program that finances health insurance for over 8 million children. Since the program's inception, the percentage of uninsured children nationwide has decreased by half, from 13.9 percent in 1997 to 6.6 percent in the first three months of 2014. This year, Congress will decide whether to extend CHIP funding beyond 2015. In this book, GAO examines what assessments of CHIP suggest about its effect on children's health care coverage and access; and what key issues identified by GAO's work the Congress may wish to consider in determining whether to extend CHIP funding.

The federal crop insurance program began in 1938 when Congress authorized the Federal Crop Insurance Corporation. The current program, which is administered by the U.S. Department of Agriculture's Risk Management Agency (RMA), provides producers with risk management tools to address crop yield and/or revenue losses for about 130 crops. The federal farm safety net also includes the farm commodity support programs, which provide price and income support for a much narrower list of "covered and loan commodities" such as corn, wheat, rice, and peanuts. This book provides a primer on the federal crop insurance program and highlights changes to the program by the 2014 farm bill. It also the examines the government's cost of the crop insurance program; and the extent to which RMA's premium rates, as implemented, cover expected losses.

Good Faith and Insurance Contracts sets out an exhaustive analysis of the law concerning the duty of utmost good faith, as applied to insurance contracts. Now in its fourth edition, it has been updated to address the arrival of the Insurance Act 2015, as well as any references to new case law. In addition, it synthesises all known judicial decisions by the English Courts concerning good faith in this area. This book is still the only text devoted to a discussion of the duty of utmost good faith applicable to insurance contracts. As good faith is an issue which arises in respect of all insurance contracts, it is a book which will be extremely useful to lawyers involved in insurance as well as insurance practitioners.

Full of tips, case studies, tables and checklists this new title sets out the parameters of liability in respect of potential and actual cyber insurance claims and examines the significant areas where such claims will have the greatest impact. Covering First and Third party insurance, it provides the answers to questions such as: What is the extent to which a data breach can be protected or mitigated against by having suitable insurance in place? How does having insurance interplay with obligations under the GDPR? To what extent can insurance be used to safeguard driverless cars, drones and other AI-machines? How can insurance companies assist when hackers hold companies to ransom after stealing data? How can insurance assist with smart contracts on the blockchain and for potential coding errors? How can insurance mitigate against the hacking of online systems of manned ships?

Revisiting Carter v Boehm, the collected papers in this book are intended as a catalyst for rethinking the pre-contractual duties in insurance law and the related principle of utmost good faith at a critical time for insurance law. In so doing, it endeavours to provide insurance law students, academics, practitioners and judges with new perspectives for a keen understanding of this fundamental aspect of insurance law, which has become increasingly dynamic under both common law and civil law legal traditions. It will explore to what extent and why the doctrines of pre-contractual duties in insurance law under the two major legal traditions are converging, as well as the implications of such convergence. It will be of great interest to students, academics and practitioners in the field of insurance law.

Unique in its depth of coverage and currency, Houseman's Law of Life Assurance has established a well-deserved reputation as an authoritative practitioner work on life assurance and is renowned for its practical insight into the workings of the industry. In addition to being fully updated to take account of new legislation and case law the new 15th edition also covers developments including: Significant structural changes to the UK regulatory framework since the 14th edition and in particular the creation of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority each with their own different statutory objectives; Creation of the PRA and the introduction of a new rulebook with a different structure for conveying regulatory guidance; Implementation of the Solvency II Directive which has made fundamental changes to the way insurers calculate their capital, invest their assets and govern their businesses; Changes to insurance law on misrepresentation and warranties and the new duty on consumers to take reasonable care not to make a misrepresentation and on non-consumers to make a fair presentation of the risk; New e-commerce chapter to reflect the growing importance of this distribution channel for life insurance products; Anticipated changes to the regime applicable to insurance distribution because of the Insurance Distribution Directive and rules relating to packaged insurance investment contracts, including the impact on remuneration of intermediaries; Changes to the UK compensation scheme for insurance policyholders.

Are you fully prepared for the implementation of the Senior Managers and Certification Regime across financial services firms and the related regulatory scrutiny on conduct and accountability? The 2008 financial crisis sparked major changes in global financial services regulation with attention and resources focused on the behaviour of firms and senior individuals and how they conduct their business. Regulatory reforms have been designed and implemented globally to address accountability and conduct in financial services. In the UK this has resulted in the Senior Managers and Certification Regime (SM&CR) being implemented across all FSMA-regulated firms. Conduct and Accountability in Financial Services: A Practical Guide provides comprehensive and expert guidance on how best to implement and comply with the SM&CR. In addition to acting as a guide to rule book requirements and regulatory expectations, it provides an in-depth look at the implications of the global focus on culture and conduct risk. A must-read text for all staff in UK financial services firms, professional associations, industry bodies, regulators, academics and advisers to financial services organisations, it covers: The context and regulatory basis for SM&CR including an overview of the development and roll-out of the regime Analysis of key changes from the previous 'approved person' approach Practical considerations for HR, internal audit and non-executive directors The increasing role of culture and conduct risk A practical overview of enforcement, penalties and learning lessons from enforcement actions Overarching principles of how to manage personal regulatory risk Regulatory relationship management The impact of technology An overview of related global developments Appendices with timeline, bibliography and a selection of other useful sources for senior managers Conduct and Accountability in Financial Services: A Practical Guide is on the syllabus reading list for the Regulation and Compliance exam offered by the Chartered Institute of Securities and Investments.

Clarifies the characteristics of shipping, reinsurance and construction chain contracts and how these contracts are structurally formed. The first book to focus on the legal question of the incorporation of arbitration clauses. Relevant to lawyers, practitioners and students dealing with arbitration in shipping, insurance and construction law within English or Singaporean jurisdictions.

Insurance Law Handbook is a general, practical and accessible guide to all aspects of insurance law, including marine, aviation, employers' liability and professional indemnity. The updated 5th edition includes: - New chapter on cyber insurance - New chapter on public liability insurance - New chapter on comprehensive crime insurance - Coverage of the Insurance Act 2015 - Consideration of the implications of Brexit This specialist work combines a full range of information in one convenient, time-saving source of reference.

The winner of the 2020 British Insurance Law Association Book Prize, this timely, expertly written book looks at the legal impact that the use of 'Big Data' will have on the provision - and substantive law - of insurance. Insurance companies are set to become some of the biggest consumers of big data which will enable them to profile prospective individual insureds at an increasingly granular level. More particularly, the book explores how: (i) insurers gain access to information relevant to assessing risk and/or the pricing of premiums; (ii) the impact which that increased information will have on substantive insurance law (and in particular duties of good faith disclosure and fair presentation of risk); and (iii) the impact that insurers' new knowledge may have on individual and group access to insurance. This raises several consequential legal questions: (i) To what extent is the use of big data analytics to profile risk compatible (at least in the EU) with the General Data Protection Regulation? (ii) Does insurers' ability to parse vast quantities of individual data about insureds invert the information asymmetry that has historically existed between insured and insurer such as to breathe life into insurers' duty of good faith disclosure? And (iii) by what means might legal challenges be brought against insurers both in relation to the use of big data and the consequences it may have on access to cover? Written by a leading expert in the field, this book will both stimulate further debate and operate as a reference text for academics and practitioners who are faced with emerging legal problems arising from the increasing opportunities that big data offers to the insurance industry.

* The new edition will be fully revised and updated by Simon Rainey QC, Guy Blackwood and David Walsh, all marine insurance practitioners at Quadrant Chambers and is an essential guide to the provisions of the Act * The new edition remains faithful to Chalmers' objectives when writing his 1901 Digest of The Law of Marine * Most if not all of Sir Mackenzie Chalmers' footnotes and annotations are preserved so that readers are able to see what he intended to achieve/codify in the Act, providing a full historical archive * Important cases since the 10th edition are included What makes the book unique is the fact that it is far more than a piece of annotated legislation in that it includes case law with analysis and puts the decisions made in the individual cases into the context of Act. There is no other book or electronic service that does this. As marine insurance is encompassed by the Marine Insurance Act 1906 this book provides the user with an unrivalled guide to, and understanding of how the Act has evolved and how it is implemented in practice. It is a desk top, every day reference tool for anyone involved in any of the aspects of marine insurance. Important cases since the 10th edition such as The Cendor MOPU 2011] 1 Lloyd's Rep. 560, The Bunga Melati Dua 2011] 1 Lloyd's Rep. 338, The WD Fairway 2009] 2 Lloyd's Rep. 191, 2009] 2 Lloyd's Rep. 420 and The Jordan II 2005] 1 Lloyd's Rep. 57 will be covered in the discussion on the relevant sections of the Act. These are just some of the more recent cases, but there has been a plethora of case law since the last edition published in 1993 which is covered such as The Resolute 2008] EWCA Civ 1314 and The Marina Iris 2005] SGHC 238. About the authors: All the authors are from Quadrant Chambers. Quadrant Chambers holds a pre-eminent international position in all aspects of the shipping sector and is viewed as one of the leading shipping sets internationally. Simon Rainey, QC has been cited for many years as a Leading Silk in the areas of Shipping by Legal 500 and Chambers and Partners. Guy Blackwood is listed as a leading junior by Chambers & Partners in the category of insurance & reinsurance. David Walsh is a junior and began his career at the Bar acting for the London insurance market in the complex and extensive marine insurance litigation arising from the constructive total loss of the "WD FAIRWAY," the largest navigational CTL ever experienced by the London market.

Spencer Bower: Reliance-Based Estoppel, previously titled Estoppel by Representation, is the highly regarded and long established textbook on the doctrines of reliance-based estoppel, by which a party is prevented from changing his position if he has induced another to rely on it such that the other will suffer by that change. Since the fourth edition in 2003 the House of Lords has decided two proprietary estoppel cases, Cobbe v Yeoman's Row Property Management Ltd and Thorner v Major, whose combined effect is identified as helping to define a criterion for a reliance-based estoppel founded on a representation, namely that the party estopped actually intends the estoppel raiser to act in reliance on the representation, or is reasonably understood to intend him so to act. Other developments in the doctrine of proprietary estoppel have required a complete revision of the related chapter, Chapter 12, in this edition. Thorner v Major confirms too the submission in the fourth edition that unequivocality is a requirement for any reliance-based estoppel founded on a representation. Other views expressed in the fourth edition are also noted to have been upheld, such as the recognition that an estoppel may be founded on a representation of law (Briggs v Gleeds), that a party may preclude itself from denying a proposition by contract as well as another's reliance (Peekay Intermark Ltd v Australia and New Zealand Banking Group Ltd and Springwell Navigation Corp v JP Morgan Chase Bank) and that an estoppel by deed binds by agreement or declaration under seal rather than by reason of reliance (Prime Sight Ltd v Lavarello). With the adjustment reflected in the change of title, and distinguishing the foundation of estoppels that bind by deed and by contract, the editors adopt Spencer Bower's unificatory project by the identification of the reliance-based estoppels as aspects of a single principle preventing a change of position that would be unfair by reason of responsibility for prejudicial reliance. From this follow the views: that reliance-based estoppels have common requirements of responsibility, causation and prejudice; that estoppel by representation of fact is, like the other reliance-based estoppels, a rule of law; that the result of estoppel by representation of fact may, accordingly, be mitigated on equitable grounds to avoid injustice; that the result of an estoppel by convention depends on whether its subject matter is factual, promissory or proprietary; that a reliance-based estoppel (other than a proprietary estoppel, which uniquely generates a cause of action) may be deployed to complete a cause of action where, absent the estoppel, a cause of action would not lie, unless it would unacceptably subvert a rule of law (in particular the doctrine of consideration); that an estoppel as to a right in or over property generates a discretionary remedy; and that the prohibition on the deployment of a promissory estoppel as a sword should be understood as an application of the defence of illegality, viz that an estoppel may not unacceptably subvert a statute or rule of law.

The individual states have been the primary regulators of insurance since 1868. Following the 1945 McCarran-Ferguson Act, this system has operated with the explicit blessing of Congress, but has also been subject to periodic scrutiny and suggestions that the time may have come for Congress to reclaim the regulatory authority that it granted to the states. In the late 1980s and early 1990s, congressional scrutiny was largely driven by the increasing complexities of the insurance business and concern over whether the states were up to the task of ensuring consumer protections, particularly insurer solvency. Immediately prior to the recent financial crisis, congressional attention to insurance regulation focused on the inefficiencies in the state regulatory system. A major catalyst was the aftermath of the Gramm-Leach-Bliley Act of 1999 (GLBA), which overhauled the regulatory structure for banks and securities firms, but left the insurance sector largely untouched. Many larger insurers, and their trade associations, had previously defended state regulation but considered themselves at a competitive disadvantage in the post-GLBA regulatory structure. Some advocated for an optional federal charter similar to that available to banks. Various pieces of insurance regulatory reform legislation have been introduced, including bills establishing a broad federal charter for insurance as well as narrower, more targeted bills. This book provides an overview of the background and issues relating to insurance regulation, with a focus on insurance agent licensing; federal charter legislation; the Liability Risk Retention Act; the Dodd-Frank Wall Street Reform and Consumer Protection Act; and surplus lines insurance.

This brand new book provides an authoritative working guide to consumer insurance law. It takes the form of a multi-authored handbook explaining the reforms brought about by the Consumer Insurance (Disclosure and Representations) Act 2012 and the impact these reforms will have on consumer insurance law. Contents includes: Consumer insurance - the current law on pre-contractual information; Self-regulation and the failure of previous reform initiatives; The FSA - the impact of rules, guidance and TCF initiatives; The Financial Ombudsman Service - its role and approach and the effect of its decisions; The Law Commissions' reform proposals and the impact of the new Act; Perspectives; Looking forward - what's next on the reform agenda?; Preparing for change; Looking forward - what's next on the reform agenda? Also includes appendices containing the text of the self-regulatory codes, the relevant FSA rules and the new Act.

Marine Insurance: Law and Practice, Second Edition, continues to provide the most comprehensive and integrated account of the English law and practice of marine insurance. It provides readers with a fresh and up-to-date review of the modern law in the light of traditional principles and rules of underlying commercial law, and the specific statutory rules of marine insurance as interpreted by case law, as moderated in practice by market practices and standard form marine insurance clauses. Francis Rose clarifies the law s underlying framework of principles and illustrates how it works in common contractual situations, explaining how the different components of the law interact.

The new edition has been updated to incorporate:

the most recent case law: there have been some very important judgments handed down since the book first published, including: The Cendor MOP, The Silva, The Resolute and The Marina Iris
the implications of the introduction of: Institute Cargo Clauses 2009, the effect of the Gambling Act 2005 and the Third Parties (Rights Against Insurers) Act 2010 Law Commission reform proposals

The book explores in detail the following areas:

the nature of insurance
insurable interest
the insurance contract
the premium
insured risks
marine risks
exclusions
losses
claims
subrogation
double insurance

No-fault regimes, a formerly popular alternative to the tort compensation system for auto-accident victims, have gradually lost support. Over time, premiums and claim costs have grown in no-fault states relative to other states, primarily driven by explosive medical cost increases. No-fault and tort states have also converged across many domains affecting costs, including excess claiming, litigation patterns, and noneconomic-damage payments.

Section 215 of the FACT Act (FACTA)1 requires the Federal Trade Commission (FTC or the Commission) and the Federal Reserve Board (FRB), in consultation with the Department of Housing and Urban Development, to study whether credit scores and credit-based insurance scores affect the availability and affordability of consumer credit, as well as automobile and homeowners insurance. FACTA also directs the agencies to assess and report on how these scores are calculated and used; their effects on consumers, specifically their impact on certain groups of consumers, such as low-income consumers, racial and ethnic minority consumers, etc.; and whether alternative scoring models could be developed that would predict risk in a manner comparable to current models but have smaller differences in scores between different groups of consumers. The Commission issues this report to address credit-based insurance scores primarily in the context of automobile insurance. Credit-based insurance scores, like credit scores, are numerical summaries of consumers' credit histories. Credit-based insurance scores typically are calculated using information about past delinquencies or information on the public record (eg: bankruptcies); debt ratios (i.e., how close a consumer is to his or her credit limit); evidence of seeking new credit (e.g., inquiries and new accounts); the length and age of credit history; and the use of certain types of credit (e.g., automobile loans).

Important changes have buffeted the insurance industry over the past decade. The 1999 repeal of key provisions of the Glass-Steagall Act unleashed a wave of conglomeration in financial services, as bank holding companies acquired insurance and securities businesses and, to a much lesser degree, insurance companies acquired securities firms and banks. Rivalry within the sector has intensified: insurance companies have developed products that compete directly with the offerings of banks and securities firms and vice versa. In addition, the industry has become increasingly global.

Against this backdrop, pressure has been building for fundamental changes to the structure of insurance regulation in the United States. Despite several court challenges over the years, insurance continues to be regulated by the states. Many insurance companies view state regulation as an increasing drag on their efficiency and competitiveness and support a federal regulatory system. However, powerful stakeholders, including state officials, state and regional insurance companies, and many insurance agents, oppose federal regulation. As a result, proposals to establish an optional federal charter (OFC) for insurance companies and agents remain mired in fierce debate.

The Future of Insurance Regulation in the United States gathers some of the country's leading experts on financial regulation to assess the case for an enhanced federal role in the insurance sector. They pay particular attention to the merits of an OFC and how it might be designed. They also consider the principles that should guide insurance regulatory policies, regardless of the institutional framework, and examine the implications of financial convergence and the internationalization of insurance markets for an optimal regulatory structure.

The debate over insurance regulation has only grown in complexity and intensity since the financial crisis began in the fall of 2008. This book will both inform and help to shape those critical discussions.

Contributors: John A. Cooke (International Financial Services London), Robert Detlefsen (National Association of Mutual Insurance Companies), Martin F. Grace (Georgia State University), Robert W. Klein (Georgia State University), Robert E. Litan (Ewing Marion Kauffman Foundation and Brookings Institution), Phil O'Connor (PROactive Strategies), Hal S. Scott (Harvard Law School), Harold D. Skipper (Georgia State University), Peter J. Wallison (American Enterprise Institute).

The Institute of International Shipping and Trade Law held a symposium in July 2008 at Lloyd's of London on the Law Commissions' Reform Proposals on Marine and Commercial Insurance. Reforming Marine and Commercial Insurance Law is based on thought provoking discussions at the symposium. The book provides a comprehensive, coherent, and practical legal analysis of the work currently undertaken by the English and Scottish Law Commissions with a view to reforming the current legal regime. Written by a team of experts from the legal profession, insurance market, and academia, the book offers a critical discussion on the legal and practical implications of planned law reform in this area. Table of contents include: Reforming Pre-contractual Information Duties of the Assured: A Case against the Reform Reforming Pre-contractual Information Duties of the Assured: A Case for the Reform Reforming Pre-contractual Information Duties of the Intermediaries of the Assured Reforming Pre-contractu