As Hogan Lovells previously reported, the New York State Department of Financial Services (NYDFS) has launched a significant initiative to impose detailed cybersecurity requirements on covered financial institutions. On February 16, NYDFS issued its Final Rules, following the initial proposed rules published in September 2016 and two rounds of feedback via industry complaints and public
On 15 February 2017, the Centers for Medicare & Medicaid Services (CMS) took a step toward addressing concerns about the stability of the individual and small group health insurance markets by proposing a modicum of regulatory relief for insurers. Most of the proposed changes are relatively modest and, for the most part, would not be
On January 13, 2017, representatives of the European Union and the United States of America issued a joint statement announcing that they had successfully concluded negotiation of an agreement (the “Agreement” or “Covered Agreement”) that both parties contend “will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating
On Jan. 5, 2017, the Department of Treasury Federal Insurance Office held its first committee meeting of the new year. Several topics were addressed, including the use of blockchain/distributed ledger technology (“DLT”) in the insurance industry. Matt Higginson of McKinsey & Company presented this topic to the committee. While DLT’s impact on
The New York Department of Financial Services (NYDFS) just issued major revisions to the cybersecurity regulations for financial institutions that were due to come into effect on January 1, 2017. To allow covered institutions more time to implement the rules, the effective date will now be March 1, 2017, with a series
Hogan Lovells have produced a brochure highlighting key trends in the insurance industry as well as a number of articles on industry issues. The brochure also showcases the strength and depth of our insurance practice, and our client events and thought leadership. Click here to read the full brochure.
Running from 14 to 16 November, the InsurTech Rising conference and Blockchain Summit will bring together key startups and incumbents shaping the InsurTech sector. Hogan Lovells is the conference’s Gold Sponsor and will be presenting on blockchain, the internet of things and insurance regulation, as well as moderating a panel discussion, introducing demos from a
It is 90 days since the UK’s electorate voted to leave the EU. With so many unknowns, how can you look beyond the uncertainty and decide what to do right now? The Brexit toolkit is a seven step practical guide to help you assess real impacts and implement a practical response. It also contains critical
What is genuinely innovative about today’s insurance sector? Perhaps little – but that is beginning to change. For the past few years we have seen innovative ways of selling products – such as search engine aggregators – at the distribution end of the retail market. Yet with the majority of costs borne by insurers falling
Following last week’s vote for Brexit, many are wondering what impact the decision will have on litigation and arbitration in the UK. Will jurisdiction agreements in favour of the UK courts continue to be respected within the EU, and will English judgments be enforceable throughout the EU? How are court documents to be served in
Webinar Invitation – 13 July 2016 In this webinar, we will be looking at the potential impact of Brexit (if and when it happens) on the insurance industry, including the possible implications for the rules on investments and reinsurance, and the effect on regulatory capital and the regulatory balance sheet. We will consider the corporate structures
On Tuesday 26th April Hogan Lovells hosted a live webinar on the topic of insurance linked securities. Featuring speakers from HM Treasury and HM Revenue & Customs, the session examined the UK government’s recent consultation paper on the topic and its plans to transform the UK into a hub for ILS transactions. The informative discussion also provided
Imagine that your client has filed a straightforward motion that is critical to its position. Then imagine that the judge hearing the motion is involved in personal litigation where he is facing the same issue and arguing exactly what your opponent is arguing. Then imagine that the judge has not bothered to disclose the fact
Thomson Reuters Westlaw announces the publication of the 2016 edition of its book on reinsurance, the foremost treatise on the highly specialized field of American reinsurance law, co-authored by Hogan Lovells’ Dean Hansell. Click here for more information.
Ever since the first open enrollment period for qualified health plans (QHPs) available on health insurance Exchanges under the Affordable Care Act (ACA), the Centers for Medicare & Medicaid Services (CMS) has grappled with the question of whether QHP issuers must accept premium and cost-sharing payments made by third parties on behalf of QHP enrollees.
Under the JCPOA, the EU 3+3 agreed to lift certain economic and financial sanctions against Iran in return for Iran complying with its nuclear-related obligations. For further detail of the structure of the JCPOA, please see our prior blog post on 17 July 2015. On 16 January 2016, Implementation Day, the International Atomic Energy Agency
On November 22, 2015, the National Association of Insurance Commissioners (NAIC) approved new standards designed to ensure that consumers have adequate access to doctors, hospitals, and other health care providers under health benefit plans that use provider networks. That action was the culmination of nearly two years’ work by state insurance regulators, with input from health
After months of negotiation China, France, Germany, Russia, the UK and the United States (known as the “EU+3”) and Iran reached an agreement, the joint comprehensive plan of action (“JCPOA”), regarding Iran’s nuclear program. Currently, EU and US sanctions prohibit a wide range of (re)insurance activities connected to Iran and impose sweeping asset freezes on
It happens all too often, or at least it feels like it does. Your client is named as a defendant in a case that you know has no merit. You tell the plaintiff that they have no case and, after they ignore you, you move to dismiss. But low pleading thresholds, broad allegations and some
What is Being Proposed In an effort to reduce perceived U.S. tax advantages for certain multinational insurance and reinsurance groups with U.S. operations, the Obama administration in its 2016 Fiscal Year Budget Revenue Proposals seeks new legislation that would deny a U.S. cedent a federal income tax deduction for premiums paid to an affiliated non-U.S.
The U.S. District Court of Appeals for the District of Columbia Circuit recently affirmed the U.S. District Court’s decision in Validus Reinsurance, Ltd. v. United States of America, that the U.S. federal excise tax (“FET”), sometimes referred to as the “cascading” FET, does not apply to retrocessions between two non-U.S. reinsurers even if the underlying
Who’s Who Legal has just released its Insurance & Reinsurance 2015 Analysis, “a comprehensive analysis of the market, featuring 559 leading practitioners from 280 firms across 58 jurisdictions”, that highlights Hogan Lovells’ top international insurance practice. As the Analysis points out, “[o]nly a relatively small number of law firms can boast a global network of
Thomson Reuters (Westlaw Publications) has just released its 2015 edition of The Law of Reinsurance , co-edited by Hogan partner Dean Hansell (with Graydon S. Staring). The almost 700 page book is the most authoritative and comprehensive book on reinsurance law in the United States. Its 23 chapters cover everything from reinsurance arbitration, to interpretation
The US Internal Revenue Service (“IRS”) recently proposed new rules potentially affecting the classification of non-US insurance companies (including reinsurers and certain captives) as PFICs. In particular, these proposed rules raise three key issues for non-US insurance companies that hope to avoid PFIC status (and the application of onerous PFIC tax consequences to shareholders that