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Locke Lord QuickStudy: Proposed Regulations Issued On Hedge Fund Reinsurance Transactions

The Internal Revenue Service (IRS) recently issued proposed regulations addressing what constitutes the “active conduct of an insurance business” for purposes of the passive foreign investment company (PFIC) rules (the...more

2015 Federal Budget – Selected Tax Measures

On April 21, 2015, the Minister of Finance presented Canada’s long-awaited 2015 Federal Budget (the 2015 Budget). The 2015 Budget includes a number of taxpayer-friendly measures, including limited relief from Canadian source...more

New Thai insurance acts facilitate foreign ownership of insurers

The Life and Non-Life Insurance Acts (No. 3) were issued earlier this month. Their provisions make it substantially easier for permission for majority or total foreign ownership of insurers to be granted, and also regulate...more

Association of British Insurers Releases New Best Practice Guidelines for Lock-Up Periods

The Association of British Insurers’ guidelines recommend greater transparency in disclosures relating to lock-up agreements. On 14 April, the Association of British Insurers (ABI) published best practice...more

SEC Charges Allianz with FCPA Violations

On December 17th, the SEC brought a settled administrative FCPA action against Allianz SE, a German insurance company with a subsidiary in Indonesia. The order does not allege violations of the FCPA’s antibribery provisions,...more

The Allianz FCPA Enforcement Action – What the Compliance Practitioner Needs to Know

Who is your favorite character from the Iliad? Is it Agamemnon the king who brings the Greek Armada to Troy for his brother’s honor; perhaps Ajax the mountain of a man who is the most loyal Greek warrior; how about Achilles...more

The FCPA and Insurance Coverage: Five Strategies for Protecting Against the Financial Costs of an FCPA Claim

In an era of high profile Wall Street prosecutions and shareholder derivative suits, the phrase “Foreign Corruption Practices Act” (“FCPA”) surely should have corporate officers and executives deeply concerned and vigilant....more

Construction Insurance Rates Rise

Construction companies need experienced insurance attorneys to guide them now more than ever. That’s because the market for construction-related commercial general liability (CGL) insurance, and umbrella and excess liability...more

Strategic Investment Tax Planning for Non-Resident Aliens Using Private Placement Variable Annuities – Part II

Part I of this article addressed the potential benefits of private placement variable annuities (PPVA) for wealthy non-resident alien taxpayers. Generally, tax treaties make all of this possible. As a result, annuities are...more

ObamaCare’s Impact on Expatriate Investment Fund Partners

The United States Supreme Court upheld the constitutionality of the Health Care and Education Reconciliation Act of 2010 (commonly referred to as ObamaCare) in a decision released June 28, 2012. A copy of the decision...more

BVI companies, Indemnification and protection of directors after resignation.

An underlying principle of company law has been that a company should be managed for the main purpose of increasing its share price, or as some put it returning “shareholder value”. Against this backdrop of the interest of...more

Showing Substance - Offshore Independent Directors for PE Funds - www.privateequitymanager.com

More emerging market fund managers are seeking the services of offshore non-executive directors. David Charles Lloyd of Walkers Management Services explains some of the intricacies around their function....more

Insurance Industry Developments for Spring 2012

In This Issue: - The Reinsurance Industry Needs to Understand and Comply With the FCPA - Federal Health Care Reform and the Supreme Court...more

Nigerian Oil and Gas Local Content Act

The Nigerian Government recently consolidated into one legislation known as the Nigerian Oil and Gas Oil Content Development Act, which legislation is more commonly referred to as the local content law, various other...more

NAIC Releases Draft White Paper On Corporate Governance; At Odds With Existing Bodies of U.S. Law

This Legal Alert addresses the “White Paper on High-Level Corporate Governance Principles for Use in U.S. Insurance Regulation” Click here for White Paper exposed for comment at the Spring NAIC Meeting in Austin, Texas. The...more

Insurance Commissioner Removes Four Companies from List of Companies Doing Business with Iran

As we have previously reported in this blog, the CDI issued a broadly-drafted Data Call on July 9, 2009, to all insurers admitted in California seeking information on their investments in or related to Iran as a measure to...more

California Office of Administrative Law Disallows Insurance Department Rule on Iranian Investments

Yesterday afternoon, the California Office of Administrative Law (“OAL”) issued a decision finding that a rule adopted by California Department of Insurance (“CDI”) to restrict insurers’ investment in companies that do...more

The Advantage of Insurance Service Providers when Entering New Markets

In the normal course of business, reinsurers typically assist insurance companies (hereinafter referred to as “Cedents”) in expanding their underwriting capacity through the mechanism of reinsurance. On occasions,reinsurers...more

Iranian Data Call ... What Next?

On July 9, 2009, the California Department of Insurance (CDI) issued a Data Call to all insurers admitted in California seeking information on their investments in or related to Iran. The information was due on September 30,...more

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