Introduction On June 5 2017 the National Insurance and Bonds Commission amended the Sole Provisions on Insurance and Bonds to provide the value of the investment unit (UDI) that insurers and bonding companies must consider when calculating their required minimum paid-in capital. Insurers and bonding companies must comply with the required minimum paid-in capital each
Two years after the Insurance and Bonding Companies Law was enacted, surety insurance is finally starting to take effect in Mexico and coexist with other institutions that integrate the bonding sector. In Mexico, surety insurance is regulated as a mechanism to guarantee obligations, under which an insurer must indemnify the insured (ie, the beneficiary) in
Introduction The National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) recently issued the General Provisions for the Registration of Insurance Adhesion Contracts, which regulate the organisation and operation of the Registry of Adhesion Insurance Contracts (RECAS). ‘Adhesion contracts’ are non-negotiable insurance contracts which are offered by insurers and accepted ‘as
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.
The Ministry of Finance and Public Credit recently issued a ruling interpreting the requirement to establish special funds under the Insurance and Bonding Companies Law. Article 274 of the law requires life, personal accident, medical expense, health, civil and professional liability, maritime and transport, fire, agricultural, automobile, catastrophic and diverse risk insurers to establish special
Insurers are still adapting to the new accounting, financial and reporting standards that took effect in January 2016 as a consequence of the financial and accounting aspects of the Solvency II-type regime. The initial reports filed for the first quarter of 2016 are still being tested and restated by many insurers, as the models that
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
The Ministry of Environment and Natural Resources recently issued administrative guidelines setting out the minimum insurance requirements for companies undertaking oil and natural gas exploration and production, processing and refining. All regulated entities engaged in such activities must secure civil liability, environmental damage and – if applicable – well control insurance. Click here to read the
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
In April 2016 the National Insurance and Bonds Commission amended the Sole Provisions on Insurance and Bonds to include HR Ratings de México, SA de CV as an entity authorised to issue credit ratings to foreign reinsurers. HR Ratings is the first Latin-American rating company authorised to issue such credit ratings, which are necessary for
The Ministry of Finance and Public Credit recently issued general provisions which specify the types of loan that insurance and surety companies may issue to third parties, based on Articles 126 and 152 of the Insurance and Surety Companies Law. Click here to read the full newsletter article.
This article was originally published in the February 9, 2016 Newsletter of the International Law Office – www.internationallawoffice.com. The National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) has issued general provisions to define certain activities that deviate from good practices with respect to the offer and sale of services that
Venezuela is in a period of un-doubted economic crisis. With inflation running at over 60%, a continuing recession and a credit rating of CCC, these are challenging times. The presidential elections have been slated for September 2015. It remains to be seen whether these will actually go ahead – so uncertain is the political climate.
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.
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
To help litigants navigate those rules and avoid missing tactical opportunities at an early stage in a dispute, we have prepared a note which summarises the three key European Union Regulations and provides easy to navigate flow charts.
Ebola continues to devastate West Africa. Over 14,000 cases including 5,000 deaths have been reported. Whilst the threat of a global outbreak remains relatively low, this crisis and the recent discovery of avian flu in Britain have again brought to the fore the exposure the (re)insurance industry has to pandemics. Prudent (re)insurers should use this
The Hogan Lovells Global Insurance Seminar and Webinar Programme for 2014/15 was launched in March. We have since put on a series of seminars and webinars covering topics of interest to our insurance and reinsurance clients around the world, hosted by our local insurance specialists. Click here for more information.
This article was first published in Global Reinsurance Magazine on 30 September 2014 and is reproduced in the blog with kind permission of the publishers. The answer lies in the findings of a recent case at the European Court of Justice. The case found that when a company’s head office supplies services from a third
This article was first published in Global Reinsurance Magazine on 14 August 2014 and reproduced in the blog with kind permission of the publishers. The time-honoured reliance on arbitration to settle disputes is under threat as reinsurance contracts evolve. Is the use of arbitration to settle disputes fading in the international reinsurance market? While confidentiality
This article was first published in Global Reinsurance Magazine on 1 August 2014 and reproduced in the blog with kind permission of the publishers. The world is ever changing. Change creates opportunity but with opportunity comes risk. With this, underwriters, brokers, risk analysts and others face new challenges. Some new risks, like cyber security, receive a