Banks Underwriting

The IUA’s Banks Underwriting Group provides a regular forum for underwriters dealing with bank and financial institutions insurance. It acts as an information exchange for members and liaises with other market interests where required.

IUA Contact: Chris Jones

For agendas of the Banks Underwriting Group click here.

For minutes of the Banks Underwriting Group click here.
News
26.2.10: Model Financial Institutions & Professional Indemnity Excess of Loss Policy Wording
26 February 2010
Circular 021/10: IUA’s Banks Underwriters’ Group and Professional Indemnity Forum have published a Model Financial Institutions and Professional Indemnity Policy Wording.
16.10.09: Professional Liability Data Template
16 October 2009
Circular 099/09: IUA’s Professional Lines Underwriting Group (PLUG) has produced a data submission template which can be used by reinsurers when in collating data from cedants writing Professional Indemnity, Financial Institutions and Directors & Officers business.
1.5.09: Formation of IUA Property Facultative Underwriting Committee
1 May 2009
Circular 046/09: The IUA Non-Marine Technical Committee has agreed to form a Property Facultative Underwriting Committee and would be grateful for member’s views and provision of representatives to join it.
30.4.09: IUA Clauses G510 and G511 - Radioactive Contamination Exclusion Clauses
30 April 2009
Circular 044/09: Following feedback from IUA members on clauses G510 and G511, the working party that drafted the clauses met to consider the issues which have subsequently been raised. As a result of this meeting, the working party have provided the attached clarification on the intended use and applicability of G510 and G511.
29.4.09: Conditions Precedent Clauses
29 April 2009
Circular 043/09: Following recent court cases in respect of condition precedent provisions, the IUA Non-Marine Clauses Sub-Committee have sought to raise awareness of steps insurers/reinsurers may wish to consider that could lend weight to the determination of condition precedent provisions in the event of a dispute.
21.10.08: Sub-Prime / Credit Crunch Questionnaire
21 October 2008
IUA’s Financial Lines Working Party (FLWP) has produced a new “sub-prime / credit crunch” questionnaire to be used by reinsurers when in negotiations with the direct insurance market for both Professional Indemnity and Financial Institutions business.

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Documents
Letter from IUA to Serious Fraud Office
27 October 2009
IUA has recently written to SFO highlighting the insurance implications of FI and PI insurers of the SFO policy of pursuing civil settlements for fraudulent activity. The letter can be accessed via the link above
Top 10 Policy Coverage Disputes
14 November 2008
Barlow Lyde & Gilbert recently held a seminar of Professional & Financial Lines coverage issues. A summary of the key points of the disputes can be found here.
Insurance and operational risk under Basel II and the CRD
10 June 2008
In June 2008 John Thirlwell gave a presentation to BUG entitled 'Insurance and operational risk under Basel II and the CRD'. The presentation slides can be accessed via the above link
Presentation on the Stoneridge Decision
7 May 2008
In May 2008 BUG received a presentation from Jane Childs (Mayer Brown) on the implications of the Stoneridge case. The presentation slides can be accessed via the above link
Davies Arnold Cooper Top Ten of 2007 D&O Cases
1 March 2008
Davies Arnold Cooper (DAC) have published a 2007 'Top Ten' cases paper for D&O and Financial Institutions. It can be accessed here.
XCS Sub-Prime Definition
1 March 2008
The defintion of 'Sub-Prime' published by XCS for use when attributing claims to the Lloyd's Sub-Prime Cat Code

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