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Category Archives: USA

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Posted in Regulatory and legislative updates, USA

US: The “Final Final” Is Here: NYDFS Cybersecurity Regulations

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

Posted in Market developments, USA

Trump administration issues proposed health insurance market stabilization rule: Will it be enough to stabilize exchange participation and premium rates?

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

Posted in European Union, Germany, Regulatory and legislative updates, UK, USA

EU/U.S. Covered Agreement: What’s Next?

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

Posted in Market developments, Regulatory and legislative updates, USA

US: How distributed ledger technology might grow in the insurance industry

      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

Posted in Regulatory and legislative updates, USA

New York Department of Financial Services Cybersecurity Rules Revised and Delayed

      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

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, UK, USA

Hogan Lovells: Insurance Industry Perspectives – 2016 Review

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.

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Hogan Lovells sponsoring InsurTech Rising 2016

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

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Singapore, South Africa, Spain, The Netherlands, UK, USA

Brexit – You snooze, you lose

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

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

InsurTech – Innovation in Insurance?

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

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Brexit: Hague Convention ensures English jurisdiction agreements and judgments will continue to have force within the EU

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

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Impact of Brexit on the Insurance Industry

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

Posted in European Union, Market developments, Regulatory and legislative updates, UK, USA

Watch our Insurance Linked Securities Seminar

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

Posted in Regulatory and legislative updates, USA

US: CMS Defers on Substantial Expansion of Third Party Premium and Cost-Sharing Support for Exchange Plans

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.

Posted in European Union, Market developments, UK, USA

The Joint Comprehensive Plan of Action (“JCPOA”) – Implementation Day

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

Posted in Regulatory and legislative updates, USA

US: CMS proposes Network Adequacy Standards for 2017 as State Regulators approve network access and Adequacy Model Law

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

Posted in European Union, Market developments, UK, USA

Sanctions Update – Historic nuclear deal struck with Iran: What does this mean for sanctions?

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

Posted in Case reports, USA

US: Turning The Tables – Hogan Lovells Recovers More Than $625,000 In Attorneys’ Fees From Plaintiff’s Counsel for Frivolous Bad Faith Suit

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

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Poland, Regulatory and legislative updates, Russia, Spain, The Netherlands, UK, USA

Proposal by Obama Administration Seeks to Limit U.S. Federal Income Tax Deductions for Reinsurance Premiums Paid by U.S. Cedents to Affiliated Non-U.S. Reinsurers

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.

Posted in Case reports, USA

U.S. Court of Appeals Affirms Decision by Lower Court That Retrocessions with Underlying U.S. Risks Between Two Non-U.S. Reinsurers Are Not Subject to U.S. Federal Excise Tax

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

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Russia, Spain, The Netherlands, UK, USA

Recognition for Hogan Lovells’ Insurance Team from Who’s Who Legal 2015

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

Posted in Market developments, USA

US: The Law of Reinsurance – 2015 Edition

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

Posted in Regulatory and legislative updates, USA

US: IRS Proposes New PFIC Regulations Impacting Non-US Insurance Companies

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