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FOS issues micro-enterprises review

FOS has published an insight briefing reviewing the complaints it has received from “micro-enterprises” in connection with financial services. The review examines the types of “micro-enterprise” approaching FOS and the types...more

OFAC Announces Settlement Agreement with Insurance Company

On August 6, OFAC announced a $271,815 settlement with a New York-based insurance company with an overall focus on marine insurance and related lines of business, professional liability insurance, and commercial umbrella and...more

Insurers Take Notice: Don’t Become a Casualty of Trade Sanctions Violations!

The U.S. Department of Commerce’s Office of Foreign Assets Control (OFAC) announced that Navigators Insurance Company, which is headquartered in New York and specializes in marine insurance and related lines of business,...more

Iran Sanctions: Change is Coming, But Risks and Uncertainties Remain

The Joint Comprehensive Plan of Action (“JCPOA”) that was signed on July 14, 2015 among Iran and the United States, Germany, UK, France, Russia and China (referred to as “P5+1” in the United States and “E3+3” in the EU) could...more

Privacy & Cybersecurity Newsletter: International Edition July 2015

Retail Tracking Update: Privacy Guidance Following Nomi Technologies - There is currently a widespread effort to quantify everything, from steps, to sleep, to batted ball exit velocity. Fifteen years ago, TV host Jeremy...more

UK Financial Institutions Strengthen Accountability

UK regulators extend the new regulatory framework that governs individual accountability to banking and insurance. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published their...more

Health Alert (Australia) - July 20, 2015

In This Issue: New South Wales (NSW). 14 July 2015 - Ping Yuan v Da Yong Chen [2015] NSWSC 932 The New South Wales Supreme Court has made a declaration allowing an unconscious man's wife to consent to the...more

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

Third Party Bound By Arbitration Agreement Which It Never Signed

In the context of a right of direct action by an injured party (Spain and France) against a D&I insurer, in The London Steamship Owners' Mutual Insurance Association Ltd v The Kingdom of Spain & anr [2015] EWCA Civ 333, 1...more

Third Party Bound By Arbitration Agreement Which It Never Signed

In the context of a right of direct action by an injured party (Spain and France) against a D&I insurer, in The London Steamship Owners' Mutual Insurance Association Ltd v The Kingdom of Spain & anr [2015] EWCA Civ 333, 1...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

Feedback Sought on Higher Loss Absorbency Requirement for Global Systemically Important Insurers; Additional Information Regarding...

The International Association of Insurance Supervisors (“IAIS”) recently requested comments from the public as part of its effort to finalize development of the Higher Loss Absorbency (“HLA”) requirement for global...more

Insurance Risks of Bitcoin: Lloyd’s Take

On June 12, global insurance giant Lloyd’s of London released a report titled Bitcoin: Risk Factors for Insurance. Lloyd’s knows a thing or two about risk—it has been underwriting for more than 300 years and has insured...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

Nowotny on Private Placement Group Variable Deferred Annuity Contracts for Tax Exempt and Foreign Investors [Video]

The Private Placement Group Variable Deferred Annuity Contract aka GAC has quietely been used by tax-exempt organizations for some time. As far as I can count, $50 billion of tax exempt transactions have utilized the GAC as a...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

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