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
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
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
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 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.
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.
On 31 December 31 2014, the Terrorism Risk Insurance Act (TRIA) will expire if it is not renewed by Congress. Although renewal is not guaranteed, it is likely 2015 will usher in a revised TRIA, one with more restrictive measures. In this blog post Dean Hansell looks at the history of TRIA and current plans for
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
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
Human organs, guns and high heels are just a few objects manufactured using the fast-evolving technology of additive manufacturing, or 3D printing. There has been burgeoning interest in it as its cost has tumbled and cottage manufacturing has become reality. Increased demand for 3D printing entails increased risk. The novelty of this technology means that
Our fourth annual Global Bribery and Corruption Review is designed to bring you up to date on all the latest developments in the area of anti-bribery and corruption regulation and enforcement. In this latest issue, we review the continued global effort to combat bribery and corruption in 2013. In the United States, reaffirming the government’s
On February 5, 2014, the U.S. District Court in Washington, D.C. issued the much anticipated opinion in Validus, holding that the so-called “cascading” federal excise tax (FET) of 1 percent of premiums paid in connection with reinsurance covering US risks does not apply to retrocession agreements between a non-U.S. reinsurer and a non-U.S. retrocessionaire. The
The Third Party (Rights against Insurers) Act 2010 was given Royal Assent in March 2010 but has yet to come into force 4 years later. What is the delay? Given the anticipation with which claimants are awaiting the provisions to come into force, we have provided a recap below on how this Act will differ
We are delighted to welcome you to this blog dedicated to reporting on developments in the global insurance and reinsurance markets. Our blog brings together our expertise from across the globe to provide you with the latest legal developments in this market and will focus on topical developments in a commercially useful and easily-digestible form.
The October 24, 2013 decision of the Wisconsin Court of Appeals to affirm approval of a rehabilitation plan for the Segregated Account of Ambac Assurance Corp. (the “Ambac Segregated Account”) concluded a year of dramatic shift in the standards for approval of rehabilitation plans, at least in regards to financial guaranty insurers. See Nickel v.
Background On 23 November 2013, the Joint Plan of Action was agreed between Iran and the E3/EU+3 (France, Germany, the UK, China, Russia and the US). Under this plan it was agreed that “limited, targeted, temporary and reversible” relief from certain sanctions measures would be granted to Iran, in return for Iran’s agreement to commence