International Trade Insurance

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Cyber coverage: mind the gap

This alert identifies a number of important themes in the growing area of exposure to cyber risks and offers advice on how to negotiate the new array of insurance coverage on the market....more

Financial Cost of Ebola Crisis Sparks Insurance Coverage Questions

Ebola has become a worldwide crisis. It has ravaged Liberia and other West African countries. It has been diagnosed in Europe. And, cases are now being reported in the United States. While the cost to human life is...more

District Court Applies New York Convention, Denies Motion To Dismiss Petition To Compel Arbitration

In late July, a New York federal court denied Harris Corporation’s (“Harris”) motion to dismiss for lack of subject-matter jurisdiction. The motion sought to dismiss HBC Solutions Inc.’s (“HBC”) Amended Petition to Compel...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

IRS Denies Treaty Benefits Despite Lack of Treaty Shopping

In Starr International Company, Inc., v. United States, the taxpayer (“Starr International Company, Inc.” or “SICO”) filed a complaint in the United States District Court for the District of Columbia seeking a tax refund from...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

The Rise of Warranty and Indemnity Policies in M&A Deals

The use of warranty and indemnity (W&I) insurance policies in M&A deals has become increasingly popular in recent years. “This trend is becoming global,” said Rod Brown, a partner in Latham & Watkins’ Singapore office. “There...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

Insurance Antitrust Legal News: Volume 3, Number 5

European Antitrust "Block Exemption" for Insurance Under Review: In the United States, the McCarran Ferguson Act (15 USC 1011-1015), enacted by Congress in 1945, provides the insurance industry with a limited exemption...more

Accidents Outside Ontario - Where Do You Still Qualify for Accident Benefits?

The Financial Services Commission of Ontario ('FSCO") decision by Arbitrator Osundi in Jama and Aviva Canada Inc. (FSCO A13-004308) (“Jama”) is the most recent decision considering the territorial limits of the Statutory...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

August 2014: Insurance Litigation Update

No Longer on the Hook for Indemnity: NY Court of Appeals Reverses Decision That Held Insurers Liable to Indemnify Where They Wrongly Refused to Defend a Claim. In a decision last year in K2 Investment Group, LLC v. American...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

Insurance In Brazil: A Reinsurance Perspective

Brazil, the largest South American economy, has been an important market for international insurers and reinsurers for many years. At the same time, Brazil presents major property risks for underwriters. Companies covering...more

Federal District Court Upholds Foreign Reinsurer’s Right To Remove Action To Federal Court

The Court for the Middle District of Louisiana upheld a magistrate’s ruling denying a motion to remand filed by the Louisiana Commerce and Trade Association of Self Insurer’s Fund (“LCTA”), holding that the defendant foreign...more

Insurance and Reinsurance Alert: Follow the Settlements Clauses revisited.

In autumn 2011, Thailand suffered severe floods. Among the properties damaged were shops and distribution centres owed by a subsidiary of Tesco. Tesco was insured against property damage and BI losses in Thailand under a...more

U.K. Court Dismisses Retrocessionaire’s Defense In “Follow The Settlements” Dispute

A British retrocessionaire sued its retroceding reinsurer in a coverage dispute regarding the “follow the settlements” doctrine. The primary insurer at issue, ACE INA Overseas Insurance Company, insured Tesco, which operated...more

Capital Thinking: Homeland Security

Legistlative Activity - Reid Files Motion to Proceed on Terrorism Risk Insurance Bill - On July 9, Senate Majority Leader Harry Reid (D-NV) filed a motion to proceed to the Terrorism Risk Insurance Program...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

Florida Jury Rejects Foreign Insurer’s Claims

A Florida jury rejected all claims made by Instituto Nacional de Seguros (“INS”), a Costa Rican insurer, against two reinsurance brokers, Hemispheric Reinsurance Group, LLC and Howden Insurance Brokers, Ltd. As previously...more

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