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ARTICLE · 30 JULY 2008

Latest Developments In Legacy

Barlow Lyde & Gilbert LLP
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The developments that will be of interest to those dealing with legacy portfolios are: 1) the Reinsurance Directive and European wide Part VII transfers; 2) HM Treasury response in relation to extending the ambit of Part VII transfers; and 3) the Scottish Parliament’s reaction to Grieves v F T Everard & Sons (2007) which held that pleural plaques were not compensatable.

United KingdomInsurance
Jon Yorke
Jon Yorke
Kiran Soar
Kiran Soar

The developments that will be of interest to those dealing with legacy portfolios are: 1) the Reinsurance Directive and European wide Part VII transfers; 2) HM Treasury response in relation to extending the ambit of Part VII transfers; and 3) the Scottish Parliament's reaction to Grieves v F T Everard & Sons (2007) which held that pleural plaques were not compensatable.

The Reinsurance Directive

In December 2007, the European Reinsurance Directive came into force. The Directive provides for each European Member State to enact a 'Part VII' equivalent portfolio transfer mechanism into their local law.

Such a mechanism has been available in the UK for many years. Germany was one of the first continental European states out of the blocks and it now allows portfolio transfers to other authorised reinsurers in the EU. The first such transfer took place earlier this year where Deutsche Ruck

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