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Category Archives: USA

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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

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

EU/US: Breaking barriers in Transatlantic Reinsurance

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

Posted in Case reports, USA

USA: Washington Law Bars Reevaluating Regulator Approved Rates Invoking the Filed Rate Doctrine

The Washington State Supreme Court today issued its en banc opinion in McCarthy Finance, Inc. et al. v. Premera et al., WA S. Ct. Case No. 90533-9.  The Court held that Washington law does apply the filed rate doctrine in the insurance context, and that the doctrine bars actions that would require a court to

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

Jurisdiction and Governing Law Rules in the European Union

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.

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

Ebola: insurance under the microscope

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

Posted in Market developments, USA

US: The Allocation of FATCA Withholding Risk in Cross-Border Reinsurance Agreements

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

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

Global Insurance Seminar and Webinar Programme 2014/15

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.  

Posted in Asia, Case reports, European Union, France, Germany, Italy, Latin America, Poland, Russia, Spain, The Netherlands, UK, USA

When do insurers need to charge themselves VAT?

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