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Global Insurance Blog

International Insurance and Reinsurance News, Trends, and Cases

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, South Africa, Spain, The Netherlands, UK, USA

How will pharmacogenetics influence the life insurance industry?

Pharmacogenetics is the study of how genes affect a person’s reaction to medicines. The combination of pharmacology (the science of drugs) and genomics (the study of genes and their functions) leads to the development of medications that will be effective and safe, as they will be tailored to a person’s genetic make-up.

A small blood or saliva sample can help determine:

  • Whether the medication can be effective treatment for you;
  • What dosage is best for you; and
  • Whether you could have serious side effects from a medication.

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Posted in Regulatory and legislative updates, USA

US – Game changer: Oklahoma’s new insurance business transfer law could set precedent for other states

On 7 May 2018, Oklahoma Governor Mary Fallin signed into law a measure that, effective 1 November 2018, will allow an insurer or reinsurer, through a court supervised process, to transfer a portfolio of business to another insurer domiciled in Oklahoma without the affirmative consent of policyholders or insureds, becoming the first U.S. state to embrace insurance business transfers (“IBTs”) under a structure that closely mimics “Part VII” transfers authorized under the UK Financial Services and Markets Act 2000. If it gains traction, this statute could become a viable alternative structure to complex reinsurance transactions typically employed in the sale of a block of business to a third party.

To learn about key takeaways from this, please click here for a full analysis.

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, Spain, The Netherlands, UK, USA, Vietnam

Insurance M&A 2017/2018

Following up on our 2018 Insurance Horizons brochure, which comments on legal and regulatory trends and developments across the insurance industry, we have today released Insurance M&A 2017/2018, a paper that takes a closer look at M&A activity across the sector.

Click here to continue reading…

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, South Africa, Spain, UK, USA

Insurance Horizons 2018

As a global insurance industry team, we aim to follow industry trends and developments as closely as possible in order to deliver well informed perspectives and thought leadership to our clients and contacts.

Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk. We also look in detail at M&A in the industry, sanctions and insurtech in Asia, and provide a focus on the development of micro-insurance.

To continue reading, click here.

 

Posted in Regulatory and legislative updates, UK

Seminar – Countdown to SMCR: What insurers need to know

Please join specialists from our financial services, regulatory investigations and enforcement and employment teams for a CPD accredited breakfast seminar looking at the impact of the requirements on the insurance industry and how firms can best prepare for this change.

Click here for more information

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – April 2018

The Hogan Lovells’ Corporate Insurance Newsletter for April has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover:

  • A number of PRA consultation papers on Solvency II reporting matters
  • The FCA and PRA business plans for 2018/19
  • HM Treasury’s consultation on claims management regulations.
Posted in European Union, Regulatory and legislative updates, UK

Are you a credit insurer? Or a bank which relies on credit insurance? Now is the time to respond to the PRA’s consultation on unfunded guarantees

It has now been two months since the PRA opened a consultation on the eligibility of unfunded guarantees as a form of credit risk mitigation for banks. The consultation will remain open for responses for two and a half more weeks – until 16 May 2018.

Although the consultation relates to banking regulation, the consultation has caused deep concerns for credit insurers.  This is because credit insurers provide a large proportion of the credit risk mitigation protection on which banks rely.  If brought into force, some of the proposals made by the PRA in its consultation paper would make many traditional credit insurance products ineligible as a form of credit risk mitigation for banks.

We have been working with some of our clients to consider how the PRA’s proposals might affect credit insurers and the products they offer. From our discussions it is clear that there are some points of concern for the industry as a whole.  We have written a paper which examines the background to the consultation and comments on the proposals and their potential effect on credit insurers and banks.  You can read the paper here.

Posted in Italy, Regulatory and legislative updates

Italy: IVASS extends to EU insurers its recent guidelines to simplify insurance policy wording

In a letter to the market published by IVASS yesterday, the Italian insurance regulator expressly clarified that the scope of application of the guidelines set out in a previous letter to the market also includes EU insurance undertakings acting in Italy under both the right of establishment and freedom of services regimes.

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Posted in Case reports, South Africa

South Africa: Drake a redefining judgment on breach of mandate and contractual damages

In a precedent setting judgment, the Supreme Court of Appeal in Drake Flemmer & Orsmond Inc & Another v Gajjar NO [2017] ZASCA 169 (1 December 2017) pronounced on the principles applicable in respect of assessment of contractual damages arising from breach of mandate by an attorney.

The court had to determine at what date damages against the attorneys for professional negligence should be assessed.

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Insurance Sector Team Members:

Partners: Christine Rodrigues; Ayanda NondwanaRachel Kelly; Clive Rumsey; SJ Thema; Lesley Morphet; Jean Ewang; Jackie Peart

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – March 2018

The Hogan Lovells’ Corporate Insurance Newsletter for March has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover:

  • A number of items related to Brexit, including papers from the PRA and FCA, Theresa May’s speech and a paper from Insurance Europe on the consequences of Brexit on existing contracts
  • The European Commission’s paper on its financing sustainable growth action plan.