Last 2 July 2015 EIOPA published its Consultation Paper on the Call for Advice from the European Commission on the identification and calibration of infrastructure investment risk categories. This Consultation is a natural response to the continuous increase experienced in infrastructure investment and promoting initiatives in the last years, not only at a global level
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
Last 28 April 2015 the Spanish Official Gazette published the Act 5/2015, dated 27 April 2015, on Promotion of the Corporate Finance. One of the modifications introduced by Act 5/2015 was the new legal regime envisaged for Financial Credit Establishments (EFCs), entities created to carry out specific credit and loan operations (such as leasing, factoring,
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.
On 22 September 2014 the Section 25 of the Appeal Court of Madrid issued a resolution concluding that the insurance company, which brought a recovery action against a third party after paying the indemnity to its insured, has to prove not only the payment made to the insured party but also the fact that the
The Preliminary Draft of the Insurance and Reinsurance Entities’ Organization, Supervision and Solvency Act which will transpose into Spanish Law the Directive 2009/138/CE (Solvency II) was recently published introducing important developments regarding the current legislation. As foreseen in the Directive, the three pillars are the known ones:(i) capital requirements, (ii) the new supervision system for a
Progress has been made recently with the Council of the European Union agreeing its general approach on the Insurance Mediation Directive 2 (“IMD2”) on 5 November 2014. This allows negotiations to begin with the European Parliament. The European Commission originally presented a proposal for a revised insurance mediation directive in July 2012 and, following initial
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
In 2012 a formal dialogue was initiated between the EU and the US with the objective of enhancing understanding and cooperation for the benefit of insurance consumers, business opportunity and effective supervision. In December 2012, following a year of collaboration, the project published the EU-U.S. Dialogue Project Technical Committee Reports Comparing Certain Aspects of the
We are pleased to announce that the third webinar in the Hogan Lovells Insurance Seminar and Webinar Programme 2014/15 will take place on Wednesday 10 September 2014 at 9:00 (PDT)/12:00 (EDT)/17:00 (BST). The seminar will cover: Fundamentals of Bad Faith Litigation in California: New Developments Click here for further information.
The current Insurance Block Exemption Regulation (IBER) expires on 31 March 2017, and the European Commission is required to report to the Council and European Parliament by March 2016 on the functioning and future of the IBER. To facilitate the preparation of this report, the Commission has issued a consultation seeking views on the IBER,
Last year, Hogan Lovells and FT Remark interviewed 240 senior decision-makers from public companies across the globe, as part of a research project titled ‘Evolution: Reigniting the Global Economy’. That research highlighted the impact that legislators and policy makers have on businesses in every sector, in every one of the world’s markets — and the
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.
In the UK, there has been a lot of activity in relation to ensuring the protection of consumers buying general insurance products. On the back of the (relatively new) Consumer Insurance (Disclosure and Representations) Act 2012, there have been a number of FCA initiatives for increasing consumer protection and fairness and it can be said
In the Spanish jurisdiction how to calculate lawyer´s civil liability has always been a controversial issue. The key question is, if the professional makes a mistake, is the client´s right of defense damaged or is there only an infringement of a contractual relationship with the obligation to pay a compensation for damages?
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
Last week we annouced the launch of the Hogan Lovells Global Insurance Seminar and Webinar Programme for 2014/15. Please click here for further details.
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
Several studies maintain that an increase in the use of the health cover is lately provoking sensible rises of the insurance premiums. The first consequence of this fact is a general discontent of the policy holders and the subsequent launching of the debate on whether these premium rises are lawful or not. The aforementioned premium