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Law reform suggested after ruling

North Star Shipping v Sphere Drake Insurance, (Court of Appeal - 7 April 2006)

The vessel North Star, insured by Sphere Drake under a war risks policy, became a constructive total loss following an explosion.

Insurers avoided the policy on the ground of material non-disclosure

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FCA and PRA turn spotlight on MGA oversight

The Financial Conduct Authority and Prudential Regulation Authority are sharpening their scrutiny of managing general agents, stressing insurers must take primary responsibility for businesses underwriting on their behalf.

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