International Trade Insurance

Read need-to-know updates, commentary, and analysis on International Trade issues written by leading professionals.
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Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Blog: Solvency II: EIOPA on regulatory certainty, and legislative review

Like most modern European Directives, Solvency II includes a structured review process to give the legislature an opportunity to (a) check the regime’s working properly; and (b) make adjustments, if it’s not. The...more

Blog: #IDD: EIOPA plans a series of InsurTech roundtables for 2017

When Gabriel Berndardino, the chair of the European Insurance & Occupational Pensions Authority (EIOPA) delivered the key note speech at yesterday’s 6th EIOPA Annual Conference in Frankfurt, he told delegates that, whilst...more

Mandatory PI insurance for lawyers - minimum requirements approved

By decree no. 22 September 2016, published in the official gazette on 11 October 2016, the minimum requirements of the mandatory PI insurance for lawyers have been approved. The main minimum requirements are summarized below....more

Blog: #IDD: Insurance Europe responds to EIOPA’s technical advice on delegated acts – conflicts of interest & commission payments

Insurance Europe (IE) has published its response to EIOPA’s “Consultation Paper on Technical Advice on possible Delegated Acts concerning the Insurance Distribution Directive” (IDD). IE argues that, in “a number of...more

Red Notice Newsletter - Chinese

LATAM Airlines Agrees to Pay $22 Million to Settle FCPA Cases - Last month, LATAM Airlines (“LATAM”), based in Santiago, Chile, agreed to pay $22 million to settle parallel civil and criminal proceedings involving...more

European Banking Authority Consults on Minimum Amount of Professional Indemnity Insurance for Authorization under the Revised EU...

The European Banking Authority published a consultation paper proposing draft Guidelines on how to stipulate the minimum monetary amount of professional indemnity insurance required for authorization under the Payment...more

UK Treasury Committee Begins Review Of Impact of Brexit On Insurance Regulation And Outlines Options For Post-Brexit Regulation

The UK Parliament’s Treasury Committee recently issued “Terms of Reference” providing the structure for its inquiry into Solvency II, including the amount of capital insurers must maintain to reduce their risk of insolvency,...more

European Parliament Votes to Object to PRIIPs Implementing Legislation

The European Parliament voted to object to draft regulatory technical standards (“RTS”) implementing the Packaged Retail and Insurance Investment Products (PRIIPs) Regulation (the “Regulation”) on 14 September 2016. The draft...more

Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more

Blog: #Brexit: UK pro-actively considers cancelling & withdrawing from Solvency II

The UK’s House of Commons Treasury Select Committee (TSC) has finally* launched its Solvency II inquiry. The inquiry will look at “the introduction and operation of Solvency II“, its “strengths and weaknesses“, and its...more

NAIC Report: 2016 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2016 Summer National Meeting from August 26 through August 29 in San Diego, California. The meeting began with strong words from the NAIC President and...more

NAIC Summer 2016 National Meeting: key developments

The National Association of Insurance Commissioners Summer National Meeting, held on August 24 - 28 in San Diego, produced a number of noteworthy developments related to international, financial, and other regulatory matters....more

Blog: #IDD / #IMD2: EIOPA launches online survey about future Guidelines – Quick! the deadline’s 25 September 2016!

The European Insurance & Occupational Pensions Authority (EIOPA) has launched an online survey, seeking views about the scope of, and the nature of the products that should be covered in, its Insurance Distribution Directive...more

Argentina’s New Leadership and How it Affects Insurance

Following last year’s elections, the political and economic landscape is changing in Argentina. Where new economic opportunities arise, (re)insurance follows. Along with new demand for commercial insurance products, the legal...more

Rules of the (International) Road, Brexit, PPP as a New Tool for Argentina, and Keeping Non-U.S. Companies Safe from Suit (Expect...

- Post-Daimler: Are Non-U.S. Companies Safe from Suit in U.S. Courts? What if the Non-U.S. Parent Registers to Do Business in a State? - Rules of the (International) Road: Choosing and Appointing a Distributor ...more

Changes in Cuba May Impact the Insurance Industry

While much remains to be determined, the recent easing of U.S. restrictions on travel to and trade with Cuba may bring opportunities for U.S. and global insurance companies. However, many questions and obstacles remain. This...more

Rules of the (International) Road: Choosing and Appointing a Distributor

Appointing an agent to sell to businesses in your chosen country on your company’s behalf may be a good first step toward penetrating a foreign market, as we previously discussed in Rules of the (International) Road: Make and...more

European Commission Adopts Implementing Regulation on Information for Calculation of Technical Provisions and Basic Own Funds for...

On August 8, 2016, the European Commission adopted an Implementing Regulation laying down information for the calculation of technical provisions and basic own funds for reporting with reference dates from June 30 until...more

Insurers Beware: The Risks of Failing to Comply With OFAC SDN Screening Requirements

Two related enforcement actions by the U.S. Department of Treasury’s Office of Foreign Assets Compliance (OFAC) are stark reminders that health insurance providers (and other insurers) must maintain adequate U.S. trade...more

Alert: Insurance Act: Underwriter's Checklist

The Insurance Act 2015 will come into force on 12 August 2016. It will apply to all English law contracts of insurance and reinsurance (or variations to current contracts) underwritten on or after that date. Contracts of...more

OFAC Cites Violations in Dealings with Specially Designated Nationals

Insurance companies and financial institutions are targeted. On August 2, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a Finding of Violation against two different insurance...more

Blog: #IDD: EIOPA consults on the non-life Insurance Product Information Document required by the Insurance Distribution Directive

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Consultation Paper on the proposed format of the non-life Insurance Product Information Document (IPID) required by the Insurance Distribution...more

"Privacy & Cybersecurity Update - July 2016"

In this edition of our Privacy & Cybersecurity Update, we discuss the revised Privacy Shield and what companies should be doing to prepare for the new program, the FTC's reinstatement of its LabMD case, the European...more

U.S., E.U. Representatives Continue to Work on Covered Agreement for Insurance and Reinsurance Measures

Earlier this week, European Union (“E.U.”) and U.S. representatives met in Brussels to continue to discuss a potential agreement concerning insurance and reinsurance matters. This is the third such meeting since the U.S....more

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