General Business Insurance International Trade

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FIO Director Testifies On The Impact Of International Regulatory Standards On The Competitiveness Of U.S. Insurers

The Director of the Federal Insurance Office (FIO), Michael McRaith, recently testified before the House Financial Services Subcommittee on Housing and Insurance regarding the impact international regulatory standards have on...more

Focus On International Standards

The influence of international standards on the direction of insurance regulation in the United States has dominated public discussion about insurance regulation during recent years. Nowhere was that more evident than in...more

IRS Proposes Regulations Directed To “Passive” Hedge Fund Foreign Insurance Entities

On April 24, 2015, the Internal Revenue Service proposed regulations directed to “situations in which a hedge fund establishes a purported foreign reinsurance company in order to defer and reduce the tax that otherwise would...more

Council Of The European Union Agrees To Negotiations On Reinsurance

On April 21, 2015, the Council of the European Union (“Council”) issued a mandate to the European Commission (“Commission”) to negotiate an agreement with the United States on reinsurance. The mandate consists of a decision...more

IRS Proposes PFIC Regulations That Could Characterize Many Foreign Insurance Companies as PFICs

A mere 28 years after Congress enacted the tax rules governing passive foreign investment companies (“PFICs”), the Treasury Department and Internal Revenue Service have for the first time issued proposed regulations that...more

Challenges for the London Insurance Market

The London insurance market is in a fight to remain competitive and maintain its role as a leading market international insurance and reinsurance business....more

IRS Publishes Proposed Regulations for Hedge Fund Reinsurance Arrangements

In April 24’s Federal Register, the IRS released proposed regulations (REG-108214-15) to restrict when a foreign insurance company’s income can be excluded as passive income by giving a more strict definition for the “active...more

Europeans Authorize Negotiations with US to Loosen Reinsurance Collateral Requirements

Earlier this week, the European Union’s executive body gained key approval to begin negotiations with the United States on a deal aimed at cutting the minimum collateral levels required of foreign reinsurers operating in the...more

Council of EU Mandate to Negotiate Agreement With US on Reinsurance

On April 21, 2015, the Council of the EU published a press release announcing that it has issued a mandate to the European Commission to negotiate an agreement with the US on reinsurance. The mandate consists of a decision...more

"Shadow Banking and Financial Stability: Regulators Propose Framework for Nonbank Noninsurers"

On March 4, 2015, the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) issued a second consultation paper concerning the methodology they propose to use to identify nonbank...more

Treasury and the IRS Offer a New Take on the PFIC Active Insurance Exception

On April 23, Treasury and the IRS issued proposed regulations interpreting the active insurance exception under the passive foreign investment company (PFIC) rules. Although the release of the proposed regulations did not...more

Sale of Online Insurance Products: AMF Releases Recommendations

On April 2, 2015, the Autorité des marchés financiers (AMF), the regulatory body responsible for enforcing the legislative framework applicable to the financial sector in Quebec, released a report entitled Internet Insurance...more

Case Alert: Employee Benefits Insurance – Does Coverage Apply to Employees Working Overseas?

What happened? In Rai v Legal & General Assurance Society [2015] EWHC 170, the English High Court decided that coverage was not available under an employee benefits insurance policy due to the operation of an exclusion in...more

FCA Releases Discussion Paper Under MiFID II

The revised Markets in Financial Instruments Directive (“MiFID II”) came into force on 2 July 2014. It will have effect on 3 January 2017, reflecting the period required for European Union member states to transpose its...more

Germany's Amended Investment Ordinance

The Investment Ordinance (Anlageverordnung – “Investment Ordinance” or “AnlV”), as recently amended and as discussed in more detail below, applies to the investments and the asset allocation of insurance companies and pension...more

Seventh Circuit Denies Rehearing In Failed Attempt To Compel Arbitration And To Require Pre-Pleading Security From Uruguay...

On November 18, 2014, we reported on the Seventh Circuit’s decision in Pine Top Receivables of Illinois, LLC v. Banco de Seguros del Estado, in which Pine Top claimed that Banco de Seguros owed it $2,352,464.08 under certain...more

Retiring Abroad with a Long-Term Care Insurance Policy

As more people consider retiring abroad, questions are arising about how an overseas retirement will affect long-term care insurance benefits. If you are planning to relocate out of the country and want to purchase or already...more

PE Matters - Q1 2015

Welcome to the Q1 2015 edition of PE Matters. It is tempting to make predictions at this time of year about the year ahead. This is a pretty risky thing to do at any time but this year seems more difficult than most. Economic...more

Alert: Insurance Contracts and Terrorism – the Effect of the UK Counter Terrorism and Security Act 2015

The Counter Terrorism and Security Act 2015 ("CTSA 2015") received the Royal Assent on 12 February 2015, having started in the House of Commons on 26 November 2014. ...more

Focus: PI Insurance – Conformity Certification – New Rules

Many undertakings operating in the professional indemnity insurance sector traditionally offer policies covering the civil liability of certified chartered accountants and bookkeepers arising from the issue of conformity...more

Cayman Insurance Law Amendments Enhance Captive Flexibility

On January 16, 2015, the Cayman Islands published new insurance regulations affecting portfolio insurance companies (PICs). The regulations are designed to provide more flexibility to insurance companies incorporated as...more

Undercover of the Night – Hacking, Data Breaches And The Terrorism Exclusion

In recent years, there have been several notable large data breaches that have caught the attention of the media. Home Depot and Target are examples of major corporations that have been hacked. ...more

Alert: Brokers Beware: Impact of the Insurance Bill

The Insurance Bill has completed its passage through the House of Commons and is now in the form in which it will become law, probably at some point in March this year. A number of significant changes have been made to...more

FY 2016 Budget Tax Proposals Target Insurance Companies

On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S....more

FRANCE: CNIL Adopts New “Compliance Pack” for the Insurance Sector

In November 2014, the French Data Protection Authority (“CNIL”) issued a new “compliance pack” for the insurance sector, following consultations with trade associations. Written by Carol Umhoefer and Mathilde Hallé...more

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