International Trade Finance & Banking Insurance

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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

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

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

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

New Pilot Program for Climate-Related Projects: Insurance for Energy Savings - The Mission of the Global Innovation Lab for...

"Insurance for Energy Savings" is one of four ideas selected on Oct. 20, 2014, for refinement, stress-testing and preparation of a pilot program by the Global Innovation Lab for Climate Finance. The Lab was launched in June...more

Jamon y Queso (Ham and Cheese) – Offshore Annuity Planning Options for Non-Resident Aliens

I have been active in private placement life insurance since 1999. Over that course of time, while the offshore private placement life insurance industry was getting its start in the late 1990s, Sun Life of Canada introduced...more

Indonesia’s New Insurance Law

On 23 September 2014, Indonesia’s parliament (the “DPR”) passed the insurance bill into law (the “New Insurance Law”). The New Insurance Law is awaiting the signature of the President and therefore has not been officially...more

FIO Focus, Issue No. 62: FIO Issues Second Annual Report

Pursuant to its mandate under the Dodd-Frank Act, the Federal Insurance Office (FIO) recently issued its second Annual Report on the Insurance Industry (Report). The Report provides information about the financial condition...more

Overriding Interest

In This Issue: - Islamic Real Estate Finance: Getting The Deal Done - Announcements & Events - Government Consultation on Energy Efficiency Improvements to the Private Rented Sector - K&L Gates...more

European Union Sanctions Against Russia - September 2014 Expansion of Sanctions

As NATO and the EU seeks to increase pressure on Russia and the Crimea, the EU expanded its sanctions against Russia on 12 September. This is the latest in a series of measures introduced since March in response to the...more

Bermuda: Taking Charge of the Future - A review of recent legislative changes relating to Trusts and Life Insurance Contracts

Bermuda is a financial centre that is determined to grow, diversify, and improve upon the range and quality of the financial and professional services that it offers to its international clients. This goal is supported...more

NAIC Report – 2014 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Summer National Meeting in Louisville, Kentucky, August 14-19. International regulatory standards were a prime focus of the meeting, as the International...more

Rating Agency Developments

On August 21, Moody’s released its global methodology for monitoring and rating property and casualty insurers. On August 21, Moody’s released its global methodology for monitoring and rating life insurers. ...more

New Italian finance law to facilitate company financings

On August 20, 2014, the Decreto Competitività (as converted into Law with amendments, the “Decree”), was published in the Italian Official Gazette (Gazzetta Ufficiale della Repubblica Italiana). The Decree is part of a...more

Insurance Sector Update: The ASEAN Economic Community

The Association of Southeast Asian Nations ("ASEAN") was established on 8 August 1967 under the framework of the "3 pillars" of regional cooperation: security, socio-cultural integration and economic integration. The 10...more

In Opposing Global Capital Standards for International Insurers, NCOIL Roils Domestic Industry

In July, the International Association of Insurance Supervisors (IAIS), a membership organization that represents insurance regulators and supervisors in more than 100 countries, released for public consultation a set of...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

FIO Focus, Issue No. 52

Treasury's Inspector General Releases Audit Report for the Federal Insurance Office - On May 14, 2014, the Office of the Inspector General (OIG) of the U.S. Department of the Treasury released its audit report of the...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

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

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