International Law Office Update (8.2.19): Bermuda Insurance Code Conduct Update; Jersey – Z Trusts Judgment; Switzerland – trust arbitration; and UK Inheritance Act Claim Allowed After Statute of Limitations

New code of conduct for insurance brokers and agents, Bermuda – Carey Olsen Bermuda

The Bermuda Monetary Authority recently published the Insurance Brokers and Insurance Agents Code of Conduct. The code was developed in consideration of the international standards set by the International Association of Insurance Supervisors and is intended to assist the authority in providing appropriate, effective and efficient supervision and regulation of Bermuda-registered brokers and agents. Author: Gavin Woods

Oliver Passmore          Z Trusts judgment: whose rights take priority when a trust is insolvent?, Jersey – Ogier

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated. Authors: Oliver Passmore, Daniel Maine       

 Werner Jahnel           Revised PILA: setting the ground for trust arbitration in Switzerland?, Switzerland – LALIVE

While trusts have not been incorporated into the Swiss legal system, Switzerland ratified the Hague Trust Convention with effect from 1 July 2007 and adapted its conflict of laws provisions – in particular, Articles 149(a) to 149(e) of the Private International Law Act. As a result, foreign trusts are fully recognised and implemented under Swiss law. Although discussed controversially, legislative initiatives to introduce trusts into the Swiss legal system are ongoing. Authors: Werner Jahnel, Roman Huber         

Hannah Mantle        Court of Appeal allows out of time inheritance act claim, United Kingdom – Forsters LLP

The Court of Appeal recently overturned a first-instance decision and confirmed that the plaintiff can make a claim out of time for reasonable provision from her husband’s estate. The court disagreed with the first-instance decision that to allow this claim would amount to forced spousal heirship, as each case depends on its own facts and the specific application of the factors set out in the inheritance act. Authors: Hannah Mantle, Roberta Harvey, Emily Exton        

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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