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Shadow Banking Remains on Regulatory Radar

The Financial Policy Committee (FPC) of the Bank of England (BoE) has recently published its latest Financial Stability Report (Report). The format of the Report is that the FPC assesses the outlook for financial stability by...more

A Primer on Insurance Dispute Resolution in China

We previously discussed in a June 10, 2015, guest article the basics of insurance underwriting and claim handling in China. In this article, we give an overview of the legal framework and relevant key issues in insurance...more

UK Summer Budget 2015

On Wednesday, 8 July 2015, George Osborne delivered the UK Summer Budget. The first Budget of the new Conservative government (and the second Budget of 2015), the Summer Budget is wide-ranging in scope and potentially...more

[Webinar] Find Out How Your Approach to Compliance Training Compares To Hundreds of Your Peers - July 22, 10:00am PT/ 1:00pm ET

Join us for this free webinar as we reveal the results of our 2015 Ethics & Compliance Training Benchmark Report. Find out how your program compares to the 600+ training professionals who weighed in this year. You’ll find...more

Resolving Inconsistent Jurisdiction Clauses And Limits To Fiona Trust Presumption

In Trust Risk Group SpA v AmTrust Europe Ltd [2015] EWCA Civ 437, 30 April 2015, the Court of Appeal held that when resolving competing jurisdiction clauses in two different agreements where one is entered into at a later...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

A Primer on Insurance Underwriting in China

China is one of the largest and fastest-growing insurance markets in the world. It provides the global insurance and reinsurance industry with tremendous opportunities but also presents challenges with its unique legal and...more

The IRS Turns Up the Heat on Hedge Fund-Backed Reinsurance

After years of inaction, the Internal Revenue Service (IRS) is throwing up obstacles to enjoying the tax advantages of hedge fund-backed reinsurance. On April 24, 2015, the IRS issued a notice of proposed rulemaking titled...more

D.C. Circuit Holds That Wholly Foreign Retrocessions Not Subject To U.S. Excise Tax

In late May, the United States Court of Appeals for the District of Columbia Circuit affirmed a grant of summary judgment to a reinsurer in a dispute with the IRS regarding the imposition of U.S. excise taxes on a wholly...more

Commerce Department Extends Deadline for BE-10 Reports and Important Clarifications for Asset Managers and Insurance Companies

On Thursday, May 28, the Bureau of Economic Analysis (BEA) issued an automatic one month extension to all first time filers of the BE-10 Benchmark Survey of U.S. Direct Investment Abroad. The extension grant, coming one day...more

Validus Affirmed for All the Right Reasons – The FET Does Not Apply to Wholly Foreign Reinsurance Transactions

On May 26, the U.S. Court of Appeals for the District of Columbia affirmed the result of the U.S. District Court for the District of Columbia in Validus Reinsurance, Ltd. v. U.S., 19 F. Supp. 3d 225 (2014), which was the...more

Global Trends in Insurance M&A in 2014 and Beyond

Looking back on 2014: The return of the billion dollar transactions - In recent years, insurance companies have largely focused on improving their performance by cutting costs amidst a slow post-global financial crisis...more

Wholly foreign retrocession premiums not subject to US excise tax

The United States Court of Appeals for the District of Columbia has affirmed a lower court’s grant of summary judgment in Validus Reinsurance, Ltd. v. United States, in favor of the taxpayer, though on narrower grounds than...more

Validus Wins Round Two: Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a lower court decision and ruled that the IRS could not impose excise tax on certain wholly-foreign retrocessions of insurance. The...more

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

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