Hogan Lovells Litigation and Arbitration partner, Pieter Van Tol, has written a recent article, entitled “Service of Suit Clauses: Do They Also Dictate the Applicable Law in Reinsurance Disputes?” The article was published in the last ARIAS Quarterly. This should be of particular interest to practitioners and companies with connections to New York because, as noted in the
On 16 May 2017 the CIRC and the Hong Kong Office of the Commissioner of Insurance (“OCI“) entered into a framework agreement aimed at mutual recognition of solvency regimes between Mainland China and Hong Kong. China adopted a risk-based capital regime, C-ROSS, with effect from 1 January 2016. In Hong Kong, the consultation on a
The Hong Kong Financial Services Development Council, an advisory body to the government, has recently released a report on the Hong Kong insurance sector. Its key recommendations are: Boosting the Hong Kong reinsurance market, including by negotiating preferential treatment for Hong Kong reinsurers under C-ROSS, China’s risk-based capital regime, and by extending tax incentives for
http://www.hlinsurancelaw.com/ 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 regulation. The inquiry has four main objectives: to consider the options for the UK insurance industry that are
A growing trend is emerging within the insurance sector, where insurers and other users of insurance products are looking to structured finance solutions both from an investment and risk management perspective. What are the driving forces behind this development? Is regulation enhancing or impeding the trend? What role do insurers and other participants play in
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
A new guidance note on reinsurance for Hong Kong insurers (“GN17“) came into effect on 1 January 2017. GN17 contains a number of general requirements with regard to the management and monitoring of reinsurance arrangements. The most significant changes in regulation are new approval requirements for certain alternative risk transfer and financial reinsurance
Lloyd’s of London recently published a market bulletin informing the market that assets and/or documents must be submitted to Market Services by close of business (5pm) on the Coming-into-Line date, Thursday 1st December 2016. However, if the asset is a letter of credit or bank guarantee, this must be received together with the supporting documentation
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
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.
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.
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
Just as Hurricane Andrew made waves in the insurance industry in 1992, the UK government could now stir up further significant change in the traditional catastrophe reinsurance market. Hurricane Andrew was the first event where catastrophe bonds were used to reinsure traditional catastrophe risk and this particular form of Insurance Linked Security is now becoming
Two of the key opportunities envisaged by the recent London Market Group’s report into the future of the London Insurance Market, was to break down barriers to reinsurance and reduce the cost of doing business for the London Market. It will therefore be welcomed that last month, the Council of the European Union issued a
While FATCA withholding commenced July 1, 2014, issues remain for parties negotiating cross-border reinsurance agreements. Principally, the issue is how FATCA withholding risk should be allocated among the parties to the transaction and how risk allocation should be reflected in the transaction documents. Jason Kaplan and Christine Lane, of Hogan Lovells’ US tax practice, recently
The EU and US have significantly stepped up trade and investment sanctions against the Ukraine and Russia in recent days in light of the on-going political instability in Eastern Ukraine. For details on the sanctions regime previously in force, see our blog post of March 26. The key new measures are outlined below.
Tokio Marine Europe Insurance Limited v Novae Corporate Underwriting Limited In a refreshingly short judgment, Field J adopted a robust, common sense approach in granting summary judgment to a cedant and refusing to allow a reinsurer to try to develop arguments that the underlying commercial settlement was reached without all proper and business like steps
This article was first published in Actualidad Aseguradora América Latina no. 7, April 2014, and reproduced in the blog with kind permission of the publishers. Claims control is one of the striking features of reinsuring through the London market. It brings with it a tension: the reinsured in the position of a go-between whilst London
Thomson Reuters (Westlaw Publications) has just released its 2014 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 and construction
The European Union (EU) and the United States (US) have now both taken targeted action against Russia (and certain former members of the Ukrainian government) to address the evolving situation in Ukraine. These measures do not yet impose broad-based country sanctions on Russia. As things stand, both the EU and US have designated a number of