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UK Tax Round Up - November 2017

by Proskauer Rose LLP on

UK Tax News and Developments - The OTS publishes its report "Value added tax: routes to simplification" - On 7 November, the Office of Tax Simplification (OTS) published its first report on VAT, which included a range...more

Texas Passes Reduced Collateral Credit For Reinsurance Law Pertaining To Foreign Reinsurers

by Carlton Fields on

This past summer, the Texas legislature passed and the Governor signed a law that allows Texas insurers to negotiate reinsurance contracts with foreign reinsurers that do not require 100% collateral before the insurer can...more

The Treasury Committee’s Report on EU Insurance Regulation – What’s next for the PRA and the UK insurance industry?

by Hogan Lovells on

In September 2016, the treasury committee of the House of Commons (the Committee) launched an inquiry into EU insurance regulation and to supplement its work on the relationship that the UK might seek to have with the EU...more

U.S. Covered Agreement Policy Statement Affirms U.S. State-Based Regulation Of Insurance

by Carlton Fields on

We have posted several times on the negotiation and finalization of the Covered Agreement (“the Agreement”) negotiated by the Obama Administration and approved by the Trump Administration with the European Union....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). After a period of uncertainty...more

United States To Sign Covered Agreement With European Union

by Carlton Fields on

The U.S. Department of the Treasury and the U.S. Trade Representative have ended the speculation about the fate of the Covered Agreement negotiated by the Obama Administration with the European Union by announcing their...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

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

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

U.S. - EU Covered Agreement: The Road Ahead

On Thursday, February 16, the Housing and Insurance subcommittee of the Financial Services Committee of the United States House of Representatives will hold a public hearing entitled, “Assessing the U.S.-EU Covered...more

The US and EU finalize a Covered Agreement on insurance and reinsurance regulation

by Dentons on

On January 13, 2017, the US Treasury reported to Congress that Treasury and the US Trade Representative (USTR) had successfully concluded negotiations with the EU on a Covered Agreement (the Agreement) that would presumably...more

Antitrust & Distribution Alert - The End of the Insurance Block Exemption Regulation

On 31 March 2017, the EU Insurance Block Exemption Regulation n° 267/2010 (“IBER”) will expire and will not be renewed. Therefore, the types of cooperation it covered will fall under the general rules of competition...more

Brexit’s Impact on the Insurance Industry

by Carlton Fields on

Following the UK’s historic advisory vote to leave the EU, key questions must be answered before any real change occurs. These include: Must the government implement the advisory vote, and if so, how? Will the UK...more

European Parliament Votes to Object to PRIIPs Implementing Legislation

by Dechert LLP on

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

Argentina’s New Leadership and How it Affects Insurance

by Zelle LLP on

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

Brexit: Implications for the Insurance and Reinsurance Industry

by Shearman & Sterling LLP on

Following the so-called “Brexit” referendum held on 23 June 2016, the UK has narrowly voted to leave the European Union. This note briefly discusses the possible issues arising from the decision for the UK and EU insurance...more

Brexit's Impact on the Insurance Industry

by Carlton Fields on

Following the UK’s historic vote to leave the EU, numerous questions have arisen, including whether the UK will really leave the EU and whether Scotland and Northern Ireland (both of which voted to remain in the EU) will have...more

IREG Update - Global pandemic emergencies: the insurance industry tackles a seemingly unmanageable risk

by Dentons on

Global pandemic emergencies: the insurance industry tackles a seemingly unmanageable risk - On May 21, 2016, the World Bank Group announced the Pandemic Emergency Financing Facility (PEF), a new global financing...more

U.S. PFIC Taxation Exemption to be Narrowed?

by Foley & Lardner LLP on

The last 15 years have seen the advent of a new reinsurance platform, where hedge funds have sponsored non-U.S. reinsurers, who in turn invest their capital in the sponsoring hedge funds. While there are business rationales...more

FY2017 Budget Proposal Sets Its Sights on Insurance Companies

On February 9, the Obama Administration released its fiscal year 2017 budget proposal (FY2017 Budget). Many of the tax proposals included in the FY2017 Budget closely follow those included in the President’s fiscal year 2016...more

“Implementation Day” Marks Lifting of Certain Nuclear-Related “Secondary” Sanctions on Iran by the United States in Accordance...

by K&L Gates LLP on

On January 16, 2016, the International Atomic Energy Agency (“IAEA”) verified that the Islamic Republic of Iran (“Iran”) had satisfied its commitments under the Joint Comprehensive Plan of Action (“JCPOA”), which was entered...more

Six Crucial Points About Iran Sanctions Liberalization

Crucial Points - - The U.S. government has, by and large, left in place its embargo generally forbidding U.S. companies, citizens and residents, and others in the United States to engage in Iran-related...more

Treasury and U.S. Trade Representative Notify Congress of Intent to Initiate Negotiations on Covered Agreement With EU Regarding...

On Friday, November 20, 2015, the U.S. Department of the Treasury and the U.S. Trade Representative (USTR) notified the chairs of the U.S. House Financial Services Committee, House Ways and Means Committee, Senate Banking...more

President Obama directs key US agencies to prepare for sanctions waivers under the JCPOA

by Dentons on

On October 18, 2015, President Obama published a memorandum to the Secretaries of State, the Treasury, Commerce, and Energy instructing them to prepare to implement the US’s commitments under the Joint Comprehensive Plan of...more

The Iran Sanctions Program: Is There Relief in Sight for Re/Insurers Under The Iran Nuclear Agreement?

by Locke Lord LLP on

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers complex and comprehensive trade and financial sanctions against the Government of Iran. The Iran sanctions prohibit virtually all...more

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