A growing trend is emerging within the insurance sector, where insurers and other users of insurance products are looking to structured finance solutions both from an investment and risk management perspective. What are the driving forces behind this development? Is regulation enhancing or impeding the trend? What role do insurers and other participants play in
A number of factors are driving disruption in the insurance industry, posing a major challenge for the regulators – a challenge the UK regulators are rising to with gusto, says Helen Chapman, an insurance partner at law firm Hogan Lovells.
In the last years, it can be perceived in Spain an important increase of the corporate crimes, such as fraud, improper management, misappropriation, etc., which are attributed to the directors and officers of listed companies or financial entities with a huge media impact. These criminal offences result in the civil direct liability of the D&O
The General Insurance Association of Singapore (GIA) has introduced new rules on the payment of premiums in a bid to reduce claim disputes between customers and insurers. The rules require premiums to be paid to insurers or intermediaries on or before the inception date or renewal of the policy. If full payment is not made
Lloyd’s of London recently published a market bulletin informing the market that assets and/or documents must be submitted to Market Services by close of business (5pm) on the Coming-into-Line date, Thursday 1st December 2016. However, if the asset is a letter of credit or bank guarantee, this must be received together with the supporting documentation
Over the past few years the taxi industry has undergone a complete transformation. This has, in part, been fuelled by the growth in popularity of apps such as Uber and GrabTaxi, both mobile apps which allow customers to hail a third party privately owned vehicle for use as a taxi. The growth of Uber and
In this bulletin, we summarise some of the issues the insurance industry now faces following the referendum result. Hogan Lovells has had in place a dedicated constitutional change taskforce led by senior thought leaders from across our business since 2014 to analyse and alert businesses to the issues on the horizon. We also have a
This will inevitably have a number of implications for your business over the course of the next few years. It is not possible, at this stage, to predict how English insurance law and regulation will now evolve. We will, however, be monitoring developments closely and working in some areas to shape the new legal and
Imagine that your client has filed a straightforward motion that is critical to its position. Then imagine that the judge hearing the motion is involved in personal litigation where he is facing the same issue and arguing exactly what your opponent is arguing. Then imagine that the judge has not bothered to disclose the fact
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
Often our courts are called upon to adjudicate disputes relating to the interpretation of rules of pension and provident funds where there is a lacuna or disagreement among the relevant stakeholders. Sasol Limited v Chemical Industries National Provident Fund  ZASCA 113 (7 September 2015) was one such matter. The issue at hand was whether
On 9 October 2015, the China Insurance Regulatory Commission issued draft Supervisory Rules for Adoption of Information Technology by Insurance Institutions (“Draft Insurance IT Rules“) for public comment. The public comment period will close on 31 October 2015…. Click here to continue reading….
The protection of pension fund assets against credits has been a topic of debate in several countries. The ultimate risk faced by pension fund members and pension fund beneficiaries is the loss of retirement income. As a general rule, most countries have legislative means which seek to protect pension fund members’ benefits. Accordingly, South Africa
Background In order to maintain sound financial management, insurance companies in Indonesia are currently obliged to maintain a minimum solvency level of at least 100% of their risk-based minimum capital. Beyond this, insurance companies are also expected to reach the “target” solvency level of 120%, below which the Minister of Finance can require an insurance
The European Commission has recently published (2 September ) a roadmap on its forthcoming green paper on retail financial service and insurance. The objective of this Green Paper is to consider the obstacles faced by providers and consumers when offering or purchasing financial services across the EU. It will investigate issues not yet addressed in legislation
Background On 11 May 2015, the Monetary Authority of Singapore (Amendment) Bill (the Bill) passed its second reading in Parliament. The Bill will empower the Monetary Authority of Singapore (the MAS) to combat money laundering and terrorism financing more efficiently through a combination of centralised due diligence requirements, enhanced ongoing supervision and inspection powers, and
Background Following the Financial Advisory Industry Review (FAIR) of the financial advisory market in 2013, it was accepted by the Monetary Authority of Singapore (MAS) that improvements should be made to the level of professionalism of financial advisors and to the efficiency from consumers’ perspective of the life insurance and investment product market. This year
On 22 July 2015, the China Insurance Regulatory Commission (“CIRC“) released the Interim Measures for Regulating the Internet Insurance Business (the “Internet Insurance Measures“), which will take effect from 1 October 2015. The Internet Insurance Measures are China’s first comprehensive rules to regulate the emerging internet insurance business. 1. Foreign insurers equally allowed to engage
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
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.
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
One of the major concerns for the insurance industry looking forward in 2015 is industrial deafness. Industrial deafness is the permanent reduction in auditory acuity associated with prolonged noise exposure over many years in certain types of industrial work.
In policy guidance issued last month, China’s State Council reemphasised the importance of the insurance sector to the country’s economy as a whole. In Several Opinions on Accelerating the Development of a Modern Insurance Industry (“Opinion Document“), released on 13 August 2014, the State Council recognises insurance as an important pillar of China’s financial system
Bluefin Insurance Services Limited (“Bluefin”) recently challenged the Financial Ombudsman Service’s (“FOS”) jurisdiction over a complaint made against it. In order for the FOS to have jurisdiction over a complaint, the person making the complaint (the “Complainant”) must fall within the definition of “eligible complainant” contained within Rule 2.7.1R of the FCA’s Dispute Resolution: Complaints