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White & Case LLP

2024 Summer review – M&A legal and market developments

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We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. Our Summer review looks at these developments and gives practical guidance...more

Eversheds Sutherland (US) LLP

NAIC investment-related initiatives: August 2024 status report

The National Association of Insurance Commissioners (NAIC) held its 2024 Summer National Meeting August 11-15 in Chicago, Illinois, where regulators continued to work through the implementation of numerous investment-related...more

Allen Matkins

Has Your Corporation Unwittingly Agreed To Indemnify Its "Executives"?

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The "usual suspects" when looking for director and officer indemnification requirements are...more

Conyers

Conyers Coverage Issue 11 – Summer 2024

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A warm welcome to the Summer edition of Conyers Coverage. The whirlwind that is the Cayman Islands (re)insurance industry continues to blow with gusto! To keep you updated on recent developments, we include various items from...more

Conyers

Economic Substance Enforcement Regime Overview - Applicable to Insurance Entities

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It has now been over a year since the updated Enforcement Guidelines: Economic Substance (the “Guidelines”) were issued on 31 March 2023, outlining the enforcement powers and processes of the Cayman Islands Tax Information...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

NYSDFS Issues Final Circular for Insurers on Artificial Intelligence and External Data Use

On July 11, 2024, the New York State Department of Financial Services (NYSDFS) adopted a final circular about the "Use of Artificial Intelligence ("AI") Systems and External Consumer Data and Information Sources in Insurance...more

Conyers

To NAIC or Not to NAIC?

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Arguably the most notable takeaways from the [Re]Connect conference were the updates on the positive progress the Cayman Islands has made in its quest toward (hopefully) making a formal application to secure Qualified...more

Barnea Jaffa Lande & Co.

Israeli Capital Market, Insurance and Savings Authority Issues New and Revised Circulars

The emerging risks in the financial services market and the inception of the Regulation of Payment Services and Payment Initiation Law prompted the Capital Market, Insurance and Savings Authority (CMISA) to amend a series of...more

Alston & Bird

New York Department of Financial Services Issues Final Guidance to Insurers on Using AI and External Consumer Data

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Our Privacy, Cyber & Data Strategy Group analyzes important guidance from the NYDFS on how insurers use external consumer data and information sources and artificial intelligence systems....more

Lewis Roca

Supreme Court Clarifies Shareholder Agreement Valuations for Estate Tax Purposes in Connelly v. United States

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Many co-owners of closely held businesses will employ life insurance as a tool for funding the transfer of ownership in the business upon the death or retirement of an owner. In these cases, planning involves the use of...more

Latham & Watkins LLP

ESAs Propose New SFDR Classification System

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The ESAs urge the European Commission to consider a labelling rather than a disclosure regime to help consumers understand the sustainability goals of financial products....more

Womble Bond Dickinson

The Impact of the Corporate Transparency Act on Companies in a Captive Insurance Structure

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Captive insurance companies are likely exempt from filing a Beneficial Ownership Information (BOI) Report under the insurance company exemption to the Corporate Transparency Act (CTA). Likewise, companies that are owned by...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Bermuda Monetary Authority’s Approach to Private Equity-Owned (Re)insurers

In recent years, demographic changes and macroeconomic factors have led to significant growth in insurance markets. Within insurance markets, a much more active market in trading “back-books” of insurance liabilities has...more

Allen Matkins

Are D&O Premiums Less For Nevada Corporations?

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I have been following Nevada law since 1987 when it followed Delaware by enacting a statute allowing Nevada corporations to include an exculpation provision in their articles of incorporation.  The original statute was an...more

McDermott Will & Emery

US Insurers: Climate Change Disclosure Litigation and Data Calls Await

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The climate change landscape for insurers has changed dramatically this past month. There are multiple developments insurers should keep in mind – and not just the US Securities and Exchange Commission’s (SEC) recent adoption...more

Eversheds Sutherland (US) LLP

Connecticut Insurance Department adopts NAIC model bulletin on AI

On February 26, 2024, the Connecticut Insurance Department (the CID) adopted Bulletin No. MC-25 on the “Use of Artificial Intelligence Systems in Insurance” (Connecticut Bulletin). This Connecticut Bulletin is similar to the...more

Kramer Levin Naftalis & Frankel LLP

NAIC Adopts ESG Statement

On Feb. 21, 2024, the National Association of Insurance Commissioners (NAIC) announced that it had adopted the NAIC Statement on Environmental, Social, and Governance Policies for the insurance sector. The 50-plus state and...more

Conyers

Bermuda Regulatory Outlook 2024

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As we enter 2024 the myriad of regulatory changes can appear overwhelming. We are here to help and have set out below some key changes and issues that can impact Bermuda entities. Bermuda has introduced a corporate income tax...more

J.S. Held

2024 J.S. Held Global Risk Report: New Laws Addressing the Risks and Rewards of Artificial Intelligence (AI)

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The race to develop AI and calls to regulate it are heating up around the world. In November 2023, 28 countries, including the United States, United Kingdom, China, and the European Union, met and pledged to work together to...more

Robins Kaplan LLP

Considerations for D&O Insurance in Light of the Changing Diversity, Equity, and Inclusion (DEI) Legal Landscape

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After George Floyd’s death in May 2020, companies (including their directors and officers) are facing increasing liability exposure and scrutiny from both sides of the political aisle relating to diversity, equity, and...more

J.S. Held

Disaster Reduction: Key Insights for Risk Managers & Corporate Executives

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The need for comprehensive disaster risk management has never been more evident. In recent years, major storms, earthquakes, wildfires, tornados, derechos, and other destructive large-scale events have been significant....more

Conyers

Converting a PIC to a Standalone Licensed Entity

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The Conyers insurance team regularly assists clients looking to convert their licensed insurer into a segregated portfolio company (“SPC”) in order to separate their programs by cedents or lines of business into segregated...more

Skadden, Arps, Slate, Meagher & Flom LLP

2024 Insights: Corporate Trends

Global M&A Activity Endures Headwinds in 2023 and Displays Resilience Going Into 2024 - Despite market headwinds, dealmakers have looked to carveouts, spin-offs, joint ventures and other creative deal structures to engage...more

Skadden, Arps, Slate, Meagher & Flom LLP

Climate Change and Its Undeniable Impact on Insurance: How To Respond?

Models that have historically been used by insurers to hedge risk were not designed to predict uncertain events such as natural disasters that may be exacerbated by climate change. This now leaves insurers overexposed to...more

Conyers

Debunking Common Cayman Clichés: Episode 1 – CIMA

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Part and parcel of practising law in the Cayman Islands regularly involves dispelling commonly held but mistaken myths around Cayman as an international jurisdiction. One such misconception which inexplicably persists in some...more

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