International Trade Finance & Banking Insurance

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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

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

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

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

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

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

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

The Fed Issues Final Rule on Treatment of Uninsured U.S. Branches and Agencies of Foreign Banks Under Section 716 of Dodd-Frank

On December 24, the Fed issued the final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under Section 716 of the Dodd-Frank Act. The final rule adopts the interim final rule issued on...more

Global Financial Market Insight - November 2013

Welcome - With recovery in financial markets starting to take hold it is an exciting time to launch our Global Financial Markets Insight. The purpose of our new quarterly is to help guide new and experienced users of...more

The Development of Global Capital Standards for IAIGs and G-SIIs: Notes from IAIS Meeting on November 13, 2013

Backstop Capital Requirements, Higher Loss Absorption, Global Insurance Capital Standards: What Applies to Whom and When? In July 2013, the Financial Stability Board (FSB) designated nine insurance groups as global...more

New investment regulations for Thai insurers become effective

On 25th October 2013, new regulations became effective which govern how life and non-life insurers in Thailand may conduct investment and engage in other business. While the regulations are lengthy and detailed, we have...more

Legal Alert: IRS Issues Draft FATCA FFI Agreement and Announces Positive New Rules for Insurance Companies

On October 29, the Internal Revenue Service (IRS) issued Notice 2013-69, which includes guidance to foreign financial institutions (FFIs) entering into FFI agreements with the IRS and a draft FFI agreement. The Notice also...more

EIOPA Publishes Concerns on Investment Insurance Products’ Inclusion under MiFID II

A letter sent on September 19 from Gabriel Bernardino, the Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), to the European Commission Director General of Internal Market and Services, Jonathan...more

EU Court Strikes Down Iran Asset Freeze Sanctions: Council of the European Union Urged to Act with more Rigour

In September 2013, the EU General Court annulled a series of asset freeze sanctions imposed by the Council of the European Union on a number of Iranian entities and one person. The General Court requires the EU regulators to...more

FDIC Finalizes Depositor Preference Rule

On September 10, the FDIC approved a final rule to clarify that deposits in foreign branches of U.S. banks are not insured. The impetus for the rule was the U.K. Prudential Regulation Authority’s (PRA) (formerly the Financial...more

FDIC Issues Final Rule Clarifying That Deposits in Foreign Branches of US Banks Are Not Insured

On September 12, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a final rule clarifying that deposits in foreign branches of US banks are not FDIC-insured, even though they can be deposits...more

FDIC Issues Final Rule Regarding Insured Deposits at Foreign Branches of U.S. Banks

The Board of Directors of the FDIC approved and the FDIC issued a final rule (the “Final Rule”) that excludes deposits in foreign branches of U.S. banks from the guarantee of FDIC insurance under the Federal Deposit Insurance...more

European Commission Issues Communication Addressing New Sources of Risk in the Financial Sector

On 4 September 2013, the European Commission published a long-anticipated communication that detailed far-reaching plans to reform the shadow banking industry. The envisaged reform project anticipates a five point approach,...more

Reinsurance Newsletter - September 2013: Foreign Account Tax Compliance Act And Reinsurance

On July 12, 2013, insurance companies, banks and other financial institutions, received a reprieve from the Internal Revenue Service (“IRS”). The agency delayed, by six months, withholding and other requirements mandated by...more

Reinsurance Newsletter - September 2013: New York State Department Of Financial Services’ Iran Sanctions Probe

The New York State Department of Financial Services (“DFS”) started an “investigation” of whether certain non-U.S. reinsurers that do business in New York may be violating the Iran sanctions by insuring companies involved in...more

A good first half for Qatar

Despite a highly competitive market with new insurance companies entering the Qatari market through the Qatar Financial Center, Damaan Islamic Insurance Company recorded a profit of QAR28 million (US$7.68 million) for the...more

Asia: Corporate Newsletter - August 2013

Listing rule changes regarding the new IPO sponsors regime - The much anticipated new regulatory regime for IPO sponsors will come into effect this October. Details of the reforms under the new regime have been...more

"Hot fun in the summertime": insurance regulatory activity heats up

The now iconic song of 1969 aptly describes the insurance regulatory activity we are seeing in the summer of 2013. During the last two weeks of July, the International Association of Insurance Supervisors (IAIS)...more

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