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International Trade Insurance

Read need-to-know updates, commentary, and analysis on International Trade issues written by leading professionals.

Arbitration Options Put Global Insurers In The Driver Seat

by Robins Kaplan LLP on

Globalization of the insurance market has seen an increase in the use and enforcement of international arbitration agreements in insurance policies. When tragedy strikes or loss occurs, insurers have a variety of options to...more

Banking, Finance & Insurance Letter - Mars-Avril 2017

Portées des Q&A des AES - Le 21 mars 2017 la Commission Européen a lancé une consultation intitulée « Operations of the European Supervisory Authorities ». Please see full Publication below for more information. ...more

Preparing for PIPA — Data Protection and Implications for the Insurance Industry

by Sedgwick LLP on

On 2 December 2016, the administrative provisions of the Personal Information Protection Act 2016 (PIPA; the Act) came into force establishing the office and powers of the Privacy Commissioner and providing for the method of...more

China: CIRC Publishes Final Requirements for Collateral in Cross-border Reinsurance Transactions

by Hogan Lovells on

On 9 August 2016, the China Insurance Regulatory Commission (“CIRC“) issued the Notice on Matters Relating to Collateral Provided by Offshore Reinsurers (Draft) (the “Draft Notice“) for public consultation. On 13 March 2017,...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

BaFin Publishes Guidance on Transparency Standards for German Funds - On 4 April 2017, BaFin has published new transparency standards for funds after a BaFin investigation found that some active funds “closely” track...more

Changes to Bermuda Solvency Capital Requirement Postponed

by Sedgwick LLP on

In the light of concerns raised in industry feedback, the Bermuda Monetary Authority (BMA) has decided to postpone the introduction of various adjustments to the Bermuda Solvency Capital Requirement (BSCR) standard formula...more

Bermuda Bribery Act: Waiting in the Wings — Implications for the Insurance Industry

by Sedgwick LLP on

The Bribery Act 2016 received Royal Assent on 6 December 2016. When it comes into operation, it will introduce a number of new offences into Bermuda law, including the corporate offence of failure to prevent bribery. Bermuda...more

Time Is Money: A Remedy for Delay in Settlement of Commercial Insurance Claims in the UK?

by Jones Day on

Section 13A of the Insurance Act 2015 ("Section 13A") implies a term into insurance policies issued or varied after that date that requires insurers to settle claim sums due within a "reasonable time". This new provision...more

US-EU Covered Agreement: An Overview

On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). Once the Covered Agreement...more

Stressed about CATs? The London Market Is Ready

by Zelle LLP on

Earlier this year, a London insurance market industry group published London Market looks ahead: Preparing for the next big insurance event, a White Paper describing a stress test of the market when faced with a...more

Business Litigation Report - March 2017

Culture: Meeting Regulatory Expectations - Recent scandals in the corporate and financial spheres have served to highlight the importance of a strong and well-embedded institutional culture. It is difficult to pinpoint...more

Insuring and reinsuring Canadian risks from the United States

by Dentons on

Over the past ten years, regulation in Canada of insurers has evolved significantly. Prior to the financial crisis, Canada’s primary regulator had begun to move from a "rules-based" approach to regulation to a...more

The Treasury Committee inquiry into EU insurance regulation – what have we learned so far?

by Hogan Lovells on

To supplement its work on the relationship that the UK might seek to have with the EU following Brexit, the Treasury Committee of the House of Commons established in September 2016 an inquiry into EU insurance...more

A time of change: Global Insurance Summit - February 2017

by Hogan Lovells on

We welcomed over 100 clients to our Global Insurance Summit last month. They gathered, in the heart of the City of London, to hear from industry leaders, academics and new market players. The discussions centred around the...more

Expect Focus - International, Spring, March 2017

by Carlton Fields on

Rules of the (International) Road - An Overview - Going international is a complicated undertaking. Your specific situation and concerns will determine the steps required. The following outlines, very generally,...more

China Tightens Regulations on Investing Insurance Funds in Shares of Listed Companies

by Carlton Fields on

The entire Chinese economy, including its insurance industry, has experienced rapid growth in recent years. Speculative investments have become an inevitable byproduct of this growth. One of the most well-known examples of a...more

Increase in Energy Industry Losses in Latin America

by Zelle LLP on

Recent studies in the insurance industry have shown that the fall in oil prices has historically led to an increase in claims in refineries and petrochemical plants. The 2016 Marsh report, in relation to the 100 claims...more

Blockchain - a revolution for the insurance sector with some risks

by DLA Piper on

Blockchain is “the most important invention since the Internet itself” according to Marc Andreessen. And there is no doubt that there are huge potentials for the insurance sector to exploit such technology, but as any new...more

IAIS Releases Consultation on Insurance Core Principles and ComFrame Related Material

by Faegre Baker Daniels on

The International Association of Insurance Supervisors (IAIS) has released for public comment certain revised Insurance Core Principles (ICPs) with integrated ComFrame guidance. The consultation covers the following...more

Funds Talk: March 2017

OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers - On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more

Fighting Insurance Fraud in Latin America

by Zelle LLP on

Though they are a minority, fraudulent claims can amount to very significant sums of money, causing insurers to re-think their business practices and take action to mitigate the negative impact resulting from fraud. ...more

The new regulatory references regime in the UK

by White & Case LLP on

The UK's Financial Conduct Authority and the Prudential Regulation Authority are introducing a new tool to enhance the accountability regime being rolled out in the financial services sector. On 7 March 2017, the new...more

US/UK Insurance Continues to be “Business as Usual” in Light of Pending New US/EU Insurance Agreement

by Robins Kaplan LLP on

A five year agreement between the US and the EU standardizing certain requirements for foreign insurers was finalized and presented to Congress for 90 days of review and comment on January 13, 2017 after lengthy negotiations...more

U.S.-EU Covered Agreement Gets First Congressional Review

by Faegre Baker Daniels on

On February 16, 2017, the House Financial Services Subcommittee on Housing & Insurance held a hearing entitled “Assessing the U.S.-EU Covered Agreement.” The hearing was the first opportunity for Committee members—or any...more

The U.S.-EU Covered Agreement: Different Assessments By Different Audiences

by Carlton Fields on

On January 13, 2017, the week before the inauguration of President Trump, the U.S. Department of Treasury and the Office of the U.S. Trade Representative announced that the negotiations between the full text of the agreement...more

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