South African readers will be interested to hear that, according to a recent article in Insurance Day,severe delays at the UK Financial Conduct Authority in approving senior hires are causing strife and harming competitiveness.  System errors are allegedly also leading to threats of fines that are unwarranted and later withdrawn.

Part of the problem

Insurable Interest (England)

In this High Court of Justice decision the insured claimed under a marine cargo open policy. The insured had purchased cargos of grain under various contracts and paid for those against presentation by the sellers of warehouse receipts issued by the warehouses.

The warehouses were however acting fraudulently in issuing multiple warehouse

In this judgement, the English high court decided that the insurer was entitled to avoid an employer’s liability insurance policy on grounds of material non-disclosure and misrepresentation.  The insurers had shown that the facts misrepresented or not disclosed would have influenced the mind of a reasonably prudent underwriter in exercising their underwriting judgment as