International Trade Insurance General Business

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Business Loss Insurance Coverage for Port Explosions in China

Massive explosions occurred at a warehouse in Tianjin, China, in August 2015, that left hundreds of people dead or injured and destroyed much of the city’s port facilities. Tianjin is located in the industrial north of China...more

Insurance Chain Reaction from the Tianjin Port Explosion

The recent Tianjin port explosion, like the 2011 Japanese earthquake and Thai floods, will lead to massive supply chain disruption. The impacted area included a high concentration of multinational and technology companies....more

Tax Policy Update

NUMBER OF THE WEEK: 10 percent. Rate of the one-time deemed repatriation tax on U.S. multinationals’ foreign earnings under GOP presidential candidate Donald Trump’s tax plan released Sept. 28. The revenue raised through...more

EP finishes Swiss Solvency 2 equivalence process

EP has updated its procedure file on the delegated act dealing with the equivalence of the solvency and prudential regime for insurance and reinsurance undertakings for Solvency 2 purposes....more

EIOPA speaks on Solvency 2 implementation

EIOPA Chairman Gabriel Bernadino spoke on “Solvency 2: What Can Go Wrong?”. He highlighted some areas of the regime which would need careful attention moving forward, including: - investment behaviour of insurers...more

EIOPA speaks on global insurance supervision

Gabriel Bernadino spoke on themes for insurance regulation which must be addressed globally to void future crises, including: - recovery and resolution in insurance...more

EIOPA issues Solvency 2 guidelines translations

EIOPA has published its second set of Solvency 2 guidelines translated into all official languages. These cover areas from all the three pillars (quantitative requirements; governance requirements; reporting and disclosure)....more

Validus Round Two: Court of Appeals’ Decision Holding That Wholly-Foreign Retrocessions Are Not Subject to Federal Excise Tax...

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

IREG Update - September 2015

Hot Topic: New York's certificates of insurance law now in effect - The new law addresses long-standing industry concerns and codifies opinions issued by the New York Insurance Department's (predecessor to the Department...more

New York-Based Marine Insurer Settles Potential U.S. Sanctions Violations

As if to provide a not-too-subtle reminder to insurers of the applicability of U.S. trade sanctions to their businesses, the Treasury Department’s Office of Foreign Asset Control (OFAC) announced on August 6, that a New...more

OFAC Announces Settlement Agreement with Insurance Company

On August 6, OFAC announced a $271,815 settlement with a New York-based insurance company with an overall focus on marine insurance and related lines of business, professional liability insurance, and commercial umbrella and...more

Blog: The Senior Insurance Managers Regime – Strengthening Individual Accountability In Insurance

We will prepare a short, practical, summary of the Senior Insurance Managers Regime, which explains what the new rules will require, and when. Our summary will also explain how today’s controlled function holders will be...more

Insurers Take Notice: Don’t Become a Casualty of Trade Sanctions Violations!

The U.S. Department of Commerce’s Office of Foreign Assets Control (OFAC) announced that Navigators Insurance Company, which is headquartered in New York and specializes in marine insurance and related lines of business,...more

Shadow Banking Remains on Regulatory Radar

The Financial Policy Committee (FPC) of the Bank of England (BoE) has recently published its latest Financial Stability Report (Report). The format of the Report is that the FPC assesses the outlook for financial stability by...more

A Primer on Insurance Dispute Resolution in China

We previously discussed in a June 10, 2015, guest article the basics of insurance underwriting and claim handling in China. In this article, we give an overview of the legal framework and relevant key issues in insurance...more

UK Summer Budget 2015

On Wednesday, 8 July 2015, George Osborne delivered the UK Summer Budget. The first Budget of the new Conservative government (and the second Budget of 2015), the Summer Budget is wide-ranging in scope and potentially...more

[Webinar] Find Out How Your Approach to Compliance Training Compares To Hundreds of Your Peers - July 22, 10:00am PT/ 1:00pm ET

Join us for this free webinar as we reveal the results of our 2015 Ethics & Compliance Training Benchmark Report. Find out how your program compares to the 600+ training professionals who weighed in this year. You’ll find...more

Resolving Inconsistent Jurisdiction Clauses And Limits To Fiona Trust Presumption

In Trust Risk Group SpA v AmTrust Europe Ltd [2015] EWCA Civ 437, 30 April 2015, the Court of Appeal held that when resolving competing jurisdiction clauses in two different agreements where one is entered into at a later...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

A Primer on Insurance Underwriting in China

China is one of the largest and fastest-growing insurance markets in the world. It provides the global insurance and reinsurance industry with tremendous opportunities but also presents challenges with its unique legal and...more

The IRS Turns Up the Heat on Hedge Fund-Backed Reinsurance

After years of inaction, the Internal Revenue Service (IRS) is throwing up obstacles to enjoying the tax advantages of hedge fund-backed reinsurance. On April 24, 2015, the IRS issued a notice of proposed rulemaking titled...more

D.C. Circuit Holds That Wholly Foreign Retrocessions Not Subject To U.S. Excise Tax

In late May, the United States Court of Appeals for the District of Columbia Circuit affirmed a grant of summary judgment to a reinsurer in a dispute with the IRS regarding the imposition of U.S. excise taxes on a wholly...more

Commerce Department Extends Deadline for BE-10 Reports and Important Clarifications for Asset Managers and Insurance Companies

On Thursday, May 28, the Bureau of Economic Analysis (BEA) issued an automatic one month extension to all first time filers of the BE-10 Benchmark Survey of U.S. Direct Investment Abroad. The extension grant, coming one day...more

Validus Affirmed for All the Right Reasons – The FET Does Not Apply to Wholly Foreign Reinsurance Transactions

On May 26, the U.S. Court of Appeals for the District of Columbia affirmed the result of the U.S. District Court for the District of Columbia in Validus Reinsurance, Ltd. v. U.S., 19 F. Supp. 3d 225 (2014), which was the...more

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