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North Korea’s Attack Raises Critical Coverage Issues and TRIA Implications

Potential Critical Coverage Issues - The FBI advised that the recent attack on Sony Pictures Entertainment (SPE) “destroyed systems” and “rendered thousands of SPE’s computers inoperable, forced SPE to take its entire...more

NAIC Approves Seven Foreign Countries As Qualified Jurisdictions For Reinsurance Collateral Reduction Requirements And Announces...

At its December 11, 2014 meeting, the National Association of Insurance Commissioners (NAIC) approved seven foreign countries as Qualified Jurisdictions so that reinsurers licensed and domiciled in those jurisdictions will be...more

TRIA Extension Fails: An Initial Guide to Next Steps

To the surprise of many, Congress failed to extend the Terrorism Risk Insurance Act of 2002 ("TRIA"), which is set to expire at the end of this year. Many hope that TRIA in some form will be re-authorized early in 2015 and,...more

U.S. Congress Fails to Renew TRIA – for Now

The U.S. Senate wrapped up the 113th Congress and left Washington without holding a vote to renew the Terrorism Risk Insurance Act (TRIA). In the closing weeks of the session, Senator Chuck Schumer (D-N.Y.) had negotiated an...more

Terrorism Risk Insurance Act Set to Expire at Year End

The Terrorism Risk Insurance Act (TRIA) now appears set to expire as of December 31, 2014, barring further action from Congress.  The Terrorism Risk Insurance Program Reauthorization Act of 2014[1] would have extended the...more

Congress’ Failure to Extend Terrorism Risk Insurance Act Requires Policyholders to Act Diligently Before January 1

With the recent uptick in terrorist activity omnipresent in the news, the need for financial protection against the effects of terrorism is plainly evident. Nevertheless, Congress has now adjourned for the year without making...more

Our Dysfunctional Congress Skedaddles, Leaving TRIA to Die

Last Friday we reported that the House of Representatives had finally passed a bill reauthorizing the Terrorism Risk Insurance Act (TRIA) and sent it to the Senate. The post included a picture of a cartoon bomb with a lit...more

The Terrorism Risk Insurance Act (TRIA) Set to Expire Year End

The Terrorism Risk Insurance Program Reauthorization Act of 2014 (the “Bill”), which would extend the existing terrorism insurance coverage under TRIA, appears that it will now expire as of December 31, 2014 barring further...more

FIO Focus No. 69 - House Passes TRIA Reauthorization Legislation

On December 10, 2014, the House approved a bill to reauthorize the Terrorism Risk Insurance Act (TRIA) for six years. The vote was 417-7. The compromise legislation, worked out between Senator Charles Schumer (D-NY) and...more

Appeal Dismissed In Instituto Nacional De Seguros V. Hemispheric Reinsurance Group, L.L.C. Et Al.

We have posted on this case filed against two reinsurance brokers several times. Since our last posting regarding this case, which reported on the results of the trial, an appeal was filed in Florida’s Third District Court...more

EIOPA Consults on Second Set of Solvency II Implementing Technical Standards and Guidelines

The European Insurance and Occupational Pensions Authority (EIOPA) has, on December 2, published 16 consultations in respect of the second set of draft implementing technical standards (ITS) and guidelines required under the...more

OFAC Sanctions Compliance Provisions in Agreements

Due to costly settlements secured by U.S. regulatory agencies, banks, insurers, and corporations are increasingly inserting rigorous OFAC sanctions compliance language into their credit agreements, insurance policies, and...more

Piracy, Kidnap & Ransom: UK Bans Ransom Payments by Insurers

On 26 November 2014 the British Home Secretary introduced the Counter-Terrorism and Security Bill (the Bill) to Parliament, part of which deals specifically with prohibiting the payment of insurance claims in respect of...more

A Short Reflection of The Infidel(*) Policyholder Counsel’s Invasion of the Insurance Industry’s Island Confab

I recently had the extraordinary opportunity to join other seasoned insurance professionals in a panel presentation focused on claims arising under jeweler’s block insurance. We gave this presentation as part of the annual...more

Convention on Supplementary Compensation: Liability Implications for the Nuclear Industry

Now that Japan’s Diet, as of November 21, 2014, has approved Japan’s ratification of the Convention on Supplementary Compensation for Nuclear Damage (CSC) and implementing domestic legislation, Japan presumably will soon...more

Separate trials of liability and quantum in an insurance context

In Fortescue Metals Group Ltd v Underwriting Members of XL Syndicate 1209 at Lloyd’s for the 2004 and 2005 Underwriting Years of Account [2014] WASC 422, the Supreme Court of Western Australia considered whether to order the...more

Court Confirms Award Over Arguments Of “Manifest Disregard,” “Evident Partiality,” And “Corruption”

A transported liquid chemical had been found degraded after shipping from Texas to South Korea. The chemical company contended that the shipper was responsible for the losses as samples taken from the chemical prior to its...more

FIO Focus, No.67 - Hearing on the Impact of International Regulatory Standards

On November 18, 2014, the Housing and Insurance Subcommittee of the House Committee on Financial Services held a hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.”...more

Seventh Circuit Declines To Require Pre-Pleading Security From Uruguay’s State-Owned Reinsurer And Refuses To Compel Arbitration

The Plaintiff, Pine Top Receivables of Illinois, LLC brought an action in Illinois federal court against Banco de Seguros del Estado, an entity wholly owned by Uruguay. Pine Top claimed that Banco de Seguros owed Pine Top...more

What The Us Mid-Terms Mean For The Insurance Sector

Last week the Republican party surprised many observers by securing substantial gains in the 2014 mid-term elections at multiple levels of government. Republicans won control of the US Senate and increased their majority in...more

Governments Eager to Help Market for Cyber Insurance Develop

Have you heard about cyber insurance? It is predicted to be the next big thing in insurance coverage. In the aftermath of the Home Depot and Target data breaches, it’s easy to see why companies doing business over the...more

Captive Insurance: What is it and how might it work for you?

WHAT IS A CAPTIVE? A captive insurer is a legal entity formed primarily to insure the risks of one corporate parent or a number of similar corporations (e.g., trade associations) thereby contributing to a reduction in...more

FIO Focus, No. 66 - Federal Advisory Committee on Insurance Meeting

On November 6, 2014, the Federal Advisory Committee on Insurance (FACI) met in Washington, DC. FACI heard presentations about the role of cyber insurance in cybersecurity, the affordability and accessibility of auto...more

OFAC Settlement Extends Violations to “Support Service” Providers

OFAC stated that an insurance company and its affiliates violated OFAC regulations by providing insurance support services for policies that were issued to, or provided coverage for, persons designated on the OFAC Specially...more

Insurance Brokers to be the gatekeepers for unauthorised foreign insurers in North Queensland

The announcement last week of the establishment of an aggregator website for North Queensland strata, home building and home contents insurance coupled with a proposal to allow unauthorised foreign insurers (UFI) into the...more

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