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Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more

Rules of the (International) Road, Brexit, PPP as a New Tool for Argentina, and Keeping Non-U.S. Companies Safe from Suit (Expect...

- Post-Daimler: Are Non-U.S. Companies Safe from Suit in U.S. Courts? What if the Non-U.S. Parent Registers to Do Business in a State? - Rules of the (International) Road: Choosing and Appointing a Distributor ...more

Changes in Cuba May Impact the Insurance Industry

While much remains to be determined, the recent easing of U.S. restrictions on travel to and trade with Cuba may bring opportunities for U.S. and global insurance companies. However, many questions and obstacles remain. This...more

Rules of the (International) Road: Choosing and Appointing a Distributor

Appointing an agent to sell to businesses in your chosen country on your company’s behalf may be a good first step toward penetrating a foreign market, as we previously discussed in Rules of the (International) Road: Make and...more

"Privacy & Cybersecurity Update - July 2016"

In this edition of our Privacy & Cybersecurity Update, we discuss the revised Privacy Shield and what companies should be doing to prepare for the new program, the FTC's reinstatement of its LabMD case, the European...more

The PRIIPs Regulation – A view from Germany: Why Asset Managers should be ready as of January 2017 and not rely on Grandfathering

The Regulation (EU) 1286/2014 of the European Parliament and the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (“PRIIPs Regulation”) will introduce a new...more

Third Parties (Rights Against Insurers) Act 2010 Comes Into Effect Soon

After years of delay, on 1 August 2016, the Third Parties (Rights against Insurers) Act 2010 will be brought into force in the United Kingdom, making it easier for a party with a claim against an insolvent business to bring...more

Brexit's Impact on the Insurance Industry

Following the UK’s historic vote to leave the EU, numerous questions have arisen, including whether the UK will really leave the EU and whether Scotland and Northern Ireland (both of which voted to remain in the EU) will have...more

UK Financial Regulatory Developments - June 2016 #11

BRRD ITS on form and content of support agreements published in OJEU - The Implementing Regulation laying down ITS under the Bank Recovery and Resolution Directive (BRRD) on the form and content of the description of...more

UK Financial Regulatory Developments - June 2016 #9

OCC upholds complaint about misinformation for third party insurer complaints - OCC has published a decision partially upholding a complaint relating to FCA’s rules for third party insurers. The complaint highlighted...more

UK Financial Regulatory Developments - June 2016 #8

ESMA updates EMIR Q&A - ESMA has updated its Q&A on EMIR. The new questions address: - the clearing obligation, specifically about the self-categorisation needed to establish which counterparties belong to which...more

UK Financial Regulatory Developments - June 2016 #7

Treasury updates sanctions - Treasury has updated the sanctions lists in respect of North Korea, to reflect new prohibitions on dealing with any person in the country. It has also updated the guidance from the Office of...more

Update On Covered Agreement Negotiations Between The U.S. And The European Union

As we previously reported in March 2016, the United States initiated discussions with the European Union to enter into a Covered Agreement addressing: (1) the equivalence of the U.S. insurance and reinsurance regulatory...more

Overview of Chinese Insurance Law

As global insurers continue to penetrate the Chinese market, our offices are seeing an ever increasing number of Chinese law related inquiries, including in the fields of credit and political risk, property and other lines....more

UK Financial Regulatory Developments - June 2016 #4

ESMA publishes EU MAR Q&A - ESMA has published a Q&A document relating to practical issues surrounding the implementation of the Market Abuse Regulation (EU MAR). It clarifies the scope of firms subject to the EU MAR...more

UK Financial Regulatory Developments - June 2016 #1

Insurance Europe reiterates PRIIPSs concerns - Insurance Europe has published a paper articulating its detailed concerns over the RTS produced by the European Supervisory Authorities in support of the Key Information...more

UK Financial Regulatory Developments - May 2016 #19

EBA finalises guidelines for DGS stress test - EBA has published the finalised guidelines on stress tests for deposit guarantee schemes (DGSs) under the recast Deposit Guarantee Schemes Directive (DGSD).... ...more

The Federal Reserve Board Outlines Approach For Capital Rules For Federally Supervised Insurance Groups

At the NAIC’s tenth International Insurance Forum, Daniel K. Tarullo, a member of the Board of Governors of the Federal Reserve System (FRB), outlined the FRB’s plans for: - ..the capital and liquidity rules for...more

UK Financial Regulatory Developments - May 2016 #16

Lloyd’s updates requirements for performance management - Lloyd’s has published a market bulletin to update its “Performance Management – Supplemental Requirements and Guidance”. It consolidates a number of existing...more

IAIS Secretary General Considers Path to International Cybersecurity Standard

Last week, the National Association of Insurance Commissioners (NAIC) hosted the 2016 NAIC International Insurance Forum. The Forum addressed topics such as the management of catastrophic disaster risks, industry perspectives...more

UK Financial Regulatory Developments - May 2016 #15

ESAs publish ECAI opinion - The European Supervisory Authorities (ESAs – EBA, ESMA and EIOPA) have published their opinion on the Commission’s intention to amend the draft Implementing Technical Standards (ITS) on the...more

Ground-breaking referral: Are arbitration clauses in BITs between EU Member States void?

In recent years, the number and economic relevance of bilateral investment treaties (“BITs”) has significantly increased. BITs are international treaties which provide for assurances in favour of investors from the...more

Outsourced claims handling services attract VAT

The CJEU has confirmed in the Polish referred case of Minister Finansów v Aspiro SA1 that a third party acting on behalf of an insurer in the handling and settlement of claims cannot benefit from the exemption for insurance...more

Taking Rights over Third Party Insurances

Following the publication of our client alert dated 20th January 2016, we have been asked to consider a series of issues relating to insurance arrangements designed to maximise the benefit of cover for the interests of a...more

UK Financial Regulatory Developments - May 2016 #7

MAS updates business plan - MAS has published an updated business plan for 2016-2017. The changes reflect criticism that MAS was spending too much time and money building its own brand and developing its own website. It...more

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