Banker's duty of confidentiality
A bank’s duty of confidentiality to its customers, as well as the obligation on banking institutions to preserve the details and secrets of its clients, are long-established principles. Whilst some may argue, on the basis of the Norwich Pharmacal principles, that they are entitled by law to request the disclosure of limited information from banking institutions, the Mauritian Chief Justice has recently clarified the position of the bank in respect of its overriding duty of confidentiality towards its clients and any possible latitude towards disclosure.
Insurance and reinsurance in the Isle of Man in 2022: Overview
A Q&A guide to insurance and reinsurance in the Isle of Man. Reproduced from Practical Law with the permission of the publishers.
When will the court enforce a promise?
As we all know, promises are made and broken all the time. What, if anything, can the law do to assist? Bermuda law, like English law, is usually uninterested in the simple promise, or, more pertinently, the breaking of a simple promise. Without a contract, a trust, a claim under statute or a breach of duty, there is usually no recourse to the court.
Legally speaking: what not to do when outsourcing operations
In the course of my career, I have drafted, negotiated or otherwise provided commercial and legal advice concerning well more than 300 outsourcing contracts of all types.
Significant Judgment for Isle of Man Fund Managers
A rethink of exclusion clauses in fund agreements may be needed after the Isle of Man’s appeal court delivered a significant judgment in September. The Court also examined duties owed to funds, which will be of interest to governing bodies, managers, administrators and auditors of Isle of Man funds.
The Insolvency Review – Edition 10
The Insolvency Review offers an in-depth review of the most consequential features of the insolvency laws and procedures in key jurisdictions worldwide. It also examines the practical implications of recent market trends and insolvency case developments.
An update to Isle of Man Trust Law
In the week that the Trust and Trustees Bill 2022 goes for its second reading (25 October 2022), it might be helpful to recap what was considered to be the major talking points in the Bill.
Directors’ duties on the eve of insolvency
It is common knowledge that directors of companies owe a duty to the company to act in its best interests. Less well understood is the principle that, when a company reaches a certain level of financial distress, the directors’ duties shift to include a duty to consider the interests of creditors of the company.
Employee probation periods: an update
The Employment Act 2000 is the island’s key piece of employment legislation, applicable to employees who work mainly in Bermuda under an employment contract.
Centre Stage: Bermuda’s Role In An Insurtech Revolution
Bermuda is rapidly becoming a focus for insurtechs seeking the island’s expertise, the accessibility of capital and its regulatory regime. This roundtable discussion hosted by Appleby explored the growth and health of the insurtech sector on Bermuda.
