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NAIC Report: 2014 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Spring National Meeting in Orlando, Florida from March 29 through April 1. Typical for the first national meeting of the year, much activity was focused...more

Insurance and Reinsurance Newsletter: Italy - April 2014

1. IVASS (ITALIAN INSURANCE SUPERVISORY AUTHORITY) – NEW REGULATIONS ON COMPLAINTS MANAGEMENT - On 1 April 2014, the draft measure containing amendments to ISVAP (former Italian Insurance Supervisory Authority)...more

An American Policyholder in London: English Choice of Law Clauses in United States Insurance Policies

While certainly not the norm, it is not uncommon for insurance policies issued to companies based in the United States, particularly large commercial and excess policies brokered on the London Market, to contain choice of law...more

Is It Time To Include Mandatory Arbitration Clauses In All Reinsurance Policies? Mandatory Clauses Could Avoid Unnecessary Future...

Recent reports on the continued easing of collateral requirements for non-US reinsurers that operate in the US, raise the question: with the anticipated, increased presence of non-US reinsurers state-side, will more...more

The Qatar Financial Centre Regulatory Authority Issues New Rules for Insurance Firms Operating from the Qatar Financial Centre

The Qatar Financial Centre Regulatory Authority (“the QFCRA”) has recently issued new rules which amend the Insurance Business Rules 2006 (PINS) (the “2006 Rules”). The Insurance Business (Risk Management Capital Adequacy and...more

How To Navigate London's Aviation Insurance Claims Process

Maintaining appropriate insurance is critical for the entire aviation industry. Many US-based airlines, aircraft owners/financiers, and aircraft lease servicers devote significant resources at the front end, setting up their...more

Insurance and Reinsurance Newsletter: Claims Settlement: English Commercial Court Considers Lead Underwriter's Duties To Following...

In San Evans Maritime Inc and others v Aigaion Insurance Co SA1, the English Commercial Court considered whether the following underwriter was obliged to follow the settlement of the lead underwriter on one policy, in...more

New FATCA Regulations Address Certain Concerns of the Insurance Industry

On February 20, Treasury and the IRS issued new final and temporary Foreign Account Tax Compliance Act (FATCA) regulations. In brief, the new FATCA regulations provide positive changes with respect to several issues raised...more

Court Holds Excise Tax Does Not Apply to Foreign Retrocessional Reinsurance

In Validus Reinsurance, Ltd. v. United States, No. 13-0109 (ABJ), 2014 WL 462886 (D.D.C. 2014), the U.S. District Court for the District of Columbia found that although foreign reinsurance contracts covering certain U.S....more

Despite the Best of Intentions, Paving the Way for the Next Financial Meltdown Part II: Getting Ready

As discussed in Part I of our Client Alert, “Despite the Best of Intentions, Paving the Way for the Next Financial Meltdown,” dated August 22, 2013, the Financial Stability Board (FSB) is studying the application of the key...more

February 2014: London Litigation Update

Parallel Judicial Proceedings in Europe: “The Alexandros T” [2013] UKSC 70. In a landmark decision, the U.K. Supreme Court has provided parties with a meaningful way to discourage opponents from commencing proceedings in the...more

Systemic Risk and Asset Management: Progressing from Ignorance to Confusion

Early this year, the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) issued a Consultative Document regarding Assessment Methodologies for Identifying Non-Bank Non-Insurer...more

Common Policyholder Pitfalls When Navigating London Aviation Insurance Claims

Maintaining appropriate insurance is critical for the entire aviation industry. Many US-based airlines, aircraft owners/financiers, and aircraft lease servicers devote significant resources at the front end setting up their...more

No U.S. Excise Taxes On Foreign Retrocessions

Foreign retrocession insurance transactions are beyond the reach of IRS excise taxes based on the plain language of 26 U.S.C. § 4371(3), which aims to tax insurance transactions involving policies issued by foreign insurers...more

2013 Insurance Industry Year End Review and Forecast for 2014 (Global)

The tectonic plates of insurance regulation are shifting – with reverberations across the industry. The industry is also faced with significant commercial pressures, including a flood of third-party capital; persistent...more

Feeling the Heat in Florida: Could Canadian Insurers Be Exposed to Florida’s Unfriendly Bad Faith Laws?

Could a Canadian insurer that only insures Canadian residents still be sued for bad faith in Florida for failing to performing certain duties that must be performed in Florida? A recent Florida intermediate appeals court...more

Reforms to the insurance sector in India: The wait continues

The winter session of the India parliament concluded on 20 December 2013. Against the backdrop of the slowing growth rate and demands from the investment community for economic reforms, one critical piece of legislation that...more

Eye on Insurance - A Look Back at 2013 and Forward to 2014

In This Update: Introduction; Financial Institutions; Directors & Officers; Cyber; Professional Indemnity; Liability; Products; Property; Latin America; Reinsurance; and Litigation, Costs & Procedure. Excerpt...more

Unrest In Ukraine – The Insurance Implications

On 21 November 2013 protesters gathered in central Kiev to demand the resignation of President Yanukovich and his government following his sudden decision not to sign an Association and Free Trade Agreement with the European...more

Reforms to the insurance sector in India: the wait continues

The winter session of the India parliament concluded on December 20,2013. Against the backdrop of the slowing growth rate and demands from the investment community for economic reforms, one critical piece of legislation that...more

EU partially suspends Iran sanctions under nuclear deal

I. Introduction - On 20 January 2014, the Council of the European Union (EU) agreed to temporarily suspend certain sanctions against Iran, namely those relating to (re)insurance and transport services for Iranian crude...more

Legal Alert: Final Volcker Rule: Update and Key Takeaways for Insurers

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading...more

Yo-Ho-Ho and No Exclusion: Louisiana Federal Court Gives Insurer "No Quarter" and Refuses to Apply Terrorism Exclusion for Act of...

The federal district court for the Eastern District of Louisiana in Johnson v. PPI Technology Services, Inc. (Case No. 11-2773, Rec. Doc. 305 (E.D. La. Dec. 17, 2013)) has scuttled an insurer's attempt to avoid coverage for...more

Judge Finds Illinois Insurance Department's Policy Prohibiting Offshoring To Be Improper Rulemaking

On November 27, 2013, the Circuit Court of Cook County, Illinois issued an Order in a lawsuit filed by the American Council of Life Insurers, Inc. ("ACLI") v Andrew Boron, Director of the Illinois Department of Insurance and...more

New Insurance Law in Chile

Chile’s new insurance law came in to force on 1 December 2013. The new rules amend the Chilean Code of Commerce, including rules deriving from the 1865 Civil Code. We have summarised some of the features of the new law....more

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