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OnRisk: Arbitration Provisions in Insurance Policies

by K&L Gates LLP on

In this episode of OnRisk, Carolyn Branthoover and Sarah Turpin talk about the increasing frequency of arbitration clauses in insurance policies, the enforceability of arbitration agreements in both the U.S. and in the UK,...more

Special Focus: NAIC Hearing Regarding The Implementation Of The Covered Agreement

by Carlton Fields on

On July 31, 2017 we posted a Special Focus article on the final approval of the Covered Agreement(“the Agreement”) negotiated and entered into by U.S. and E.U. dealing with reinsurance collateral reform and insurance...more

The PRA response to the Treasury Committee’s Inquiry into Solvency II

by Hogan Lovells on

In October 2017, the Treasury Committee of the House of Commons (the Committee) published its report on the Solvency II Directive and the upcoming issues generated by Brexit for the UK insurance industry. As part of its...more

The reform of the professional secrecy in the financial and insurance sector: the key changes

by Allen & Overy LLP on

The provisions of the long awaited act of 27 February 2018 (the 2018 Act) which aim at smoothing (especially in the context of outsourcing arrangements) the professional secrecy regime that credit institutions, professionals...more

Defence + Indemnity: February 2018 - I. Insurance Issues A.

by Field Law on

I. INSURANCE ISSUES - A. An Ontario plaintiff was held to be able to look to his OPCF 44R insurer to pay his damages in excess of a liability cap in the U.S. state where the accident occurred up to the OPCF 44R limits but...more

Key Regulatory Topics: Weekly Update (23 Feb - 1 March 2018)

by Allen & Overy LLP on

BREXIT - UK Government response to HoC Treasury Committee report on transitional arrangements - On 27 February, the HoC Treasury Committee published the UK government's response to the Committee's report on transitional...more

NAIC holds first hearing on EU-U.S. covered agreement reinsurance collateral elimination

by Hogan Lovells on

In a much anticipated public hearing, The National Association of Insurance Commissioners (“NAIC”) discussed how U.S. states should address the elimination of reinsurance collateral requirements for EU reinsurers of U.S....more

NAIC considers changes to Credit for Reinsurance Model Law and Regulation to address the US-EU Covered Agreement

The National Association of Insurance Commissioners (NAIC) held a public hearing in New York on February 20, 2018, to receive comments on the steps it should take to address the reinsurance collateral provisions of the...more

Key Regulatory Topics: Weekly Update - 16 February 2018 - 22 February 2018

by Allen & Overy LLP on

BREXIT - AFME FAQs on wholesale financial services contracts - On 19 February, AFME published a set of FAQs on how wholesale financial services contracts might be impacted by Brexit. The FAQs address operational impacts...more

NAIC Holds Public Hearing on Reinsurance Collateral Provisions of Covered Agreement

by Locke Lord LLP on

On February 20, 2018, the National Association of Insurance Commissioners (NAIC) held a public hearing on the reinsurance collateral provisions of the Bilateral Agreement between the United States of America and the European...more

Orrick's Financial Industry Week In Review

US CFTC and UK FCA Sign Arrangement to Collaborate on FinTech Innovation - On February 19, The US Commodity Futures Trading Commission ("CFTC") and the UK's Financial Conduct Authority ("FCA") signed an arrangement that...more

Recent Conference Highlights Cyber Risks and How to Protect Against the Same

On February 13-14, 2018, Advisen held a conference focused on exploring cyber risks and how companies can best move to address potential exposures. Below are key takeaways and trends discussed by the panelists....more

IDD implementation in Italy: a step forward

by DLA Piper on

On 8 February 2018, the Italian Council of Ministries published a press release regarding the approval of the text of the draft of the legislative decree aimed at implementing EU Directive no. 97/2016 (IDD)....more

Key Regulatory Topics: Weekly Update - 9 February 2018 - 15 February 2018

by Allen & Overy LLP on

Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more

Council of EU Agrees to Delay Application Date of IDD

The Council of the European Union (“EU“) has agreed to delay the transposition deadline of the Insurance Distribution Directive ((EU) 2016/97) (“IDD“) to July 1, 2018, and the application date to October 1, 2018. On...more

Impact of US Tax Reform on Insurance Companies

On December 22, 2017, President Donald Trump signed into law a budget reconciliation act commonly referred to as the Tax Cuts and Jobs Act (TCJA). This sweeping tax bill represents the most comprehensive reform of U.S. tax...more

Key Regulatory Topics: Weekly Update - 2 February 2018 – 8 February 2018

by Allen & Overy LLP on

BREXIT - EC publishes notices on consequences of Brexit on banking and finance sectors - On 8 February, the EC published a new webpage containing a number of notices setting out the consequences of Brexit on banking and...more

Regulation Round Up - January 2018

by Proskauer Rose LLP on

1 January - The Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation (1286/2014) (the "PRIIPs Regulation") came into force on 1 January 2018. This includes an obligation on PRIIP manufacturers to...more

More Plus than Minus: Examining the NHL’s Decision to Skip the Winter Olympics

by Foley & Lardner LLP on

To repurpose a quote attributed to the late Olympic ice hockey player and head coach Herb Brooks for the 2018 Olympic ice hockey tournament, the name on the front of the jersey is definitely going to be more important or at...more

Real Property, Financial Services, & Title Insurance Update: Week Ending January 12, 2018

by Carlton Fields on

REAL PROPERTY UPDATE - Standing/Foreclosure: pursuant to Florida Rule of Procedure 1.260, the assignee of a note during pendency of a foreclosure acquires standing of original plaintiff lender - Spicer v Ocwen Loan...more

Blog: BILA publishes Financial Markets Law Committee working group report on the Establishment of an EEA Insurer in another Member...

by Cooley LLP on

A working group (chaired by Cooley partner, David Kendall) was established by the Financial Markets Law Committee (FMLC) to examine and report on the lack of clarity surrounding the distinction between a (re)insurer providing...more

US: National Association of Insurance Commissioners to Hold February Hearing on Collateral Requirements for EU Reinsurers

by Hogan Lovells on

The National Association of Insurance Commissioners (NAIC) will hold a public hearing in New York City on 20 February 2018 to consider how U.S. States should address the elimination of reinsurance collateral requirements for...more

European Parliament to Expedite Process for Adopting Proposal to Delay Application Date for IDD and IDD Delegated Regulations

European Parliament’s Committee on Economic and Monetary Affairs (“ECON”) published a letter (dated January 9, 2018) on January 16, 2018. The letter was sent by the ECON Chair to the Chair of the Council of the EU’s Permanent...more

Insurance Topics We Will Be Watching in 2018

On its current course, this year could be both the best and the worst of times for insurance. The US economy continues to enjoy steady growth, stock indices continue to reach new highs and tax reform in the US allows both...more

Spain: Obligation to provide the KID vs lack of obligation to provide the PID

by Hogan Lovells on

The European Union (the ”EU”) packaged retail and insurance-based investment products (PRIIPs) Regulation (the ”PRIIPs Regulation”) is applicable throughout the EU from 1 January 2018. ...more

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