Advantages of Discretionary Mutuals Over Higher Excesses and Self-Insurance
Retaining and funding risk within a mutual framework presents several distinct advantages over opting for higher excesses on commercial insurance ...
The Medicines and Medical Devices Act 2021 (MMDA) became law when it received Royal Assent on 11 February 2021. The MMDA can be viewed here:
https://www.legislation.gov.uk/ukpga/2021/3/pdfs/ukpga_20210003_en.pdf
Its stated aims included the following:
Why is the MMDA important? By far and away the most important provisions of the MMDA relate to the powers given to the UK to depart from the EU regulatory framework in order to give effect to the end of the Brexit transition period and to allow relatively easy amendment of existing UK laws and regulations through secondary legislation, known as statutory instruments.
Statutory instruments often receive less legislative scrutiny than primary legislation. The MMD Bill had a controversial path through parliament with Lord Blencathra describing, in the second reading in the House of Lords, the future powers of delegation as “absolutely atrocious and an affront to parliamentary democracy”.
What will be absolutely key for the currently globally-leading life science sector will be the detail set out in future statutory instruments which have not yet been published, but which industry observers believe might be fairly soon. Whether the life sciences sector benefits from “slashing red tape” to make the UK an even more attractive place to do life sciences business, as the government hopes, or whether there is, as detractors fear, a “race to the bottom” in terms of a rapid move away from EU regulatory standards remains to be seen. It’s a matter of watch this space.Whatever happens, it’s bound to be an interesting time for the industry.
Prospect Law will publish an update when the draft statutory instrument is published.
About the Author
David McIntosh was admitted as a Solicitor in 1988 and is a highly experienced commercial projects lawyer who has advised clients in a number of different fields including intellectual property, data privacy, procurement law (both public and private), manufacturing, distribution, information governance and general regulatory matters covering both the nuclear and pharmaceutical sectors.
Prospect Law is a multi-disciplinary practice with specialist expertise in the energy, infrastructure and natural resources sectors with particular experience in the low carbon energy sector. The firm is made up of lawyers, engineers, surveyors and other technical experts.
This article remains the copyright property of Prospect Law Ltd and Prospect Advisory Ltd and neither the article nor any part of it may be published or copied without the prior written permission of the directors of Prospect Law and Prospect Advisory.
This article is not intended to constitute legal or other professional advice and it should not be relied on in any way.
For more information and/or advice on the impact of the MMDA on your business, please contact dmc@prospectlaw.co.uk or by phone on (+44) (0)7483 300 132.
Prospect is a multi-disciplinary practice with specialist expertise in the energy and environmental sectors with particular experience in the low carbon energy sector. The firm is made up of lawyers, engineers, insurance and risk management specialists, and finance experts.
This article remains the copyright property of Prospect Law Ltd and neither the article nor any part of it may be published or copied without the prior written permission of the directors of Prospect Law.
This article is not intended to constitute legal or other professional advice and it should not be relied on in any way.
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