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Food Safety Modernization Act › Insurance Industry

The Food Safety Modernization Act is a United States federal statute enacted in 2011 to ensure the safety of the U.S. food supply and prevent food contamination. The main features of the FSMA include expanding... more +
The Food Safety Modernization Act is a United States federal statute enacted in 2011 to ensure the safety of the U.S. food supply and prevent food contamination. The main features of the FSMA include expanding the FDA's inspection of food processing facilities and imported food products, requiring all food processors, manufactures and handlers to register with HHS and maintain food safety records, and shifting the government's focus away from responding to food contamination and towards preventing food contamination.  less -
Latham & Watkins LLP

UK Introduces Write-Down Procedure for Insurers’ Policyholder Liabilities

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FSMA 2023 includes a court procedure for failing insurers to temporarily write-down liabilities, with implications for counterparties. The recently passed Financial Services and Markets Act 2023 (FSMA 2023) provides for a...more

Hogan Lovells

UK Insurance Horizon Scanner - July, August and September 2023

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A snapshot of key market and regulatory developments expected to impact the UK insurance sector over the next few months. JULY 7 Definition of “insurance holding company”...more

A&O Shearman

Enhancing the insolvency tools for insurance companies

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In July 2022, the UK government proposed two key changes to the existing insolvency arrangements in respect of insurance companies as part of a wider set of reforms to the existing Financial Services and Markets Act 2000...more

Skadden, Arps, Slate, Meagher & Flom LLP

Insurers in Financial Difficulty: The UK Government and Prudential Regulation Authority Issue Consultation Papers Concerning...

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In late January 2023, the UK government issued a detailed consultation paper to introduce a long-awaited resolution regime for UK (re)insurers. The new regime addresses long-standing concerns about how the UK would manage one...more

Latham & Watkins LLP

UK High Court Sanctions £10.1 Billion Annuity Book Transfer From PAC to Rothesay

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The judgment clarifies the Court’s approach to proposed transfers under Part VII of FSMA, as well as the scope and application of s. 110(1)(b).  On 24 November 2021, the High Court of England and Wales (the Court)...more

Latham & Watkins LLP

Landmark Judgment Rules in Favour of Rothesay Life Plc

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Court of Appeal sets out correct approach to transfer of long-term Insurance. Latham & Watkins has won an appeal on behalf of Rothesay Life Plc (Rothesay) in an unprecedented challenge to the High Court’s refusal to...more

A&O Shearman

Key Regulatory Topics: Weekly Update 25 January to 31 January 2019

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BREXIT - FMLC paper on issues of legal uncertainty arising in the context of emissions allowances after Brexit On 31 January, the FMLC published a paper identifying issues of legal uncertainty in the context of emission...more

A&O Shearman

Key Regulatory Topics: Weekly Update 10 August 2018 – 16 August 2018

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BREXIT - Please see the ‘Other Developments’ section for an update on the minutes of the meeting between the Governor of the BoE and the Chancellor of the Exchequer on the June Financial Stability Report....more

A&O Shearman

Key Regulatory Topics: Weekly Update - 16 February 2018 - 22 February 2018

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BREXIT - AFME FAQs on wholesale financial services contracts - On 19 February, AFME published a set of FAQs on how wholesale financial services contracts might be impacted by Brexit. The FAQs address operational impacts...more

Hogan Lovells

UK: FCA consults on its approach to reviewing Part VII transfers of insurance business

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On Monday 15 May 2017 the Financial Conduct Authority (FCA) published a consultation paper on new proposed guidance on its approach to reviewing applications to transfer insurance business under Part VII of the Financial...more

A&O Shearman

Judicial review of Financial Ombudsman decisions – Wednesbury unreasonableness

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In R (on the application of Aviva Life & Pensions (UK) Ltd) v Financial Ombudsman Service & ors [2017] EWHC 352 (Admin), the Administrative Court held that a decision of the Financial Ombudsman that an insurer’s avoidance of...more

Proskauer Rose LLP

Regulation Round Up - February 2017

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The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

Zelle LLP

Product Contamination: Strong Underwriting is Key

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In 2011, the Food Safety Modernization Act, regarded by many as a major reform of the food safety provisions of the Federal Food, Drug and Cosmetic Act, significantly expanded the powers of the U.S. Food and Drug...more

Blank Rome LLP

The Recall Button Doesn't Have to Be a Panic Button

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In recent years, the food industry has experienced a dramatic increase in recalls, withdrawals and contamination events. The U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) requested or monitored...more

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