Insurance and Reinsurance in UK Law

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Leading Cases
  • Wickman Machine Tool Sales Ltd v L. Schuler A.G.
    • House of Lords
    • 04 April 1973

    The fact that a particular construction leads to a very unreasonable result must be a relevant consideration. The more unreasonable the result the more unlikely it is that the parties can have intended it, and if they do intend it the more necessary it is that they shall make that intention abundantly clear.

  • Charter Reinsurance Company Ltd v Fagan
    • House of Lords
    • 22 May 1996

    This is, however, an occasion when a first impression and a simple answer no longer seem the best, for I recognise now that the focus of the argument is too narrow. The words must be set in the landscape of the instrument as a whole.

    This result can undoubtedly be changed by express provision, but clear words would be required; and it would to my mind be strange if a term changing so fundamentally the financial structure of the relationship were to be buried in a provision such as clause 2, concerned essentially with the measure of indemnity, rather than being given a prominent position on its own.

  • Hunt v Severs
    • House of Lords
    • 28 April 1994

    He should recover from the tortfeasor no more and no less than he has lost. The two well-established categories of receipt which are to be ignored in assessing damages are the fruits of insurance which the plaintiff himself has provided against the contingency causing his injuries (which may or may not lead to a claim by the insurer as subrogated to the rights of the plaintiff) and the fruits of the benevolence of third parties motivated by sympathy for the plaintiff's misfortune.

  • Post Office v Norwich Union Fire Insurance Society Ltd
    • Court of Appeal (Civil Division)
    • 18 January 1967

    In these circumstances I think the right to sue for these moneys does not arise until the liability is established and the amount ascertained. If there is an unascertained claim for damages in tort, it cannot be proved in the bankruptcy: nor in the liquidation of the Company. But nevertheless the injured person can bring an action against the wrongdoer. In the case of a Company, he must get the leave of the Court. In that way liability can be established and the loss ascertained.

    It is quiteunheard of in practice for any assured to sue his insurers in a money claim when the actual loss against which he wishes to be indemnified has not been ascertained, I have never heard of such an action and there is nothing in law that makes such an action possible.

  • Equitable Life Assurance Society v Hyman
    • House of Lords
    • 20 July 2000

    It is only an individualised term of the second kind which can arguably arise in the present case. Such a term may be imputed to parties: it is not critically dependent on proof of an actual intention of the parties. This principle is sparingly and cautiously used and may never be employed to imply a term in conflict with the express terms of the text. The legal test for the implication of such a term is a standard of strict necessity.

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Legislation
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Books & Journal Articles
  • The Construction of Terms of Facultative Reinsurance Contracts: is Wasa v Lexington the Exception or the Rule?
    • Nbr. 73-1, January 2010
    • The Modern Law Review
    Do reinsurers insure the liability faced by the reinsured under its original insurance contract? Where the reinsurance and direct insurance policies are written in identical terms, is it enough for...
  • Mazars.
    • Nbr. 2003, May 2003
    • Financial Management (UK)
    • Grewer, Claire
    • On the move - Brief Article
    ......Jones has worked as an insurance tax specialist for a number of years. He specialises in corporate tax for ... international businesses in the broking, general insurance, reinsurance and captive insurance market. . ......
  • Risk, insurance and small farm credit in developing countries: A policy proposal
    • Nbr. 6-3, July 1986
    • Public Administration and Development
    Lending to small farmers is often too risky for commercial banks; consequently extremely high interest rates have to be paid. Agricultural development banks go some way towards solving the problem....
    ...... The practical problems of implementation are considered and deemed surmountable by reinsurance and graduated premiums. THE PROBLEM It is a truth universally acknowledged that credit markets in underdeveloped rural areas ......
  • Comment on the Decision of the House of Lords in Wasa International Insurance Co Ltd v Lexington Insurance Co [2009] UKHL 40
    • Nbr. 5-1, January 2015
    • Southampton Student Law Review
    • Jie Zhang
    • University of Southampton
    • 15-18
    ...... Co1 hereinafter called “Wasa v Lexington”, in which arose disputes regarding which law would be applied to the interpretation of the reinsurance contract, where the primary insurance and facultative proportional reinsurance, with an “as original” clause, were governed by different law. ......
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Forms
  • Chapter GIM4270
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    • HM Revenue & Customs
    .... . . Insurance and reinsurance transactions, and services related to insurance and ......
  • Chapter GIM8360
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    • HM Revenue & Customs
    ......Most financial insurance and reinsurance will be accounted for in a way that is acceptable for tax ......
  • Chapter LAM12300
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    • HM Revenue & Customs
    ...... There are no special diverted profits tax provisions for life insurance companies. There are a number of insurance examples provided in the ... Insurance groups with intragroup reinsurance DPT1390 example 1. Insurance groups providing offshore bonds DPT1390 ......
  • Chapter IPT02260
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    .... . . . Reinsurance is itself insurance used by insurers to offset their risk under primary ......
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