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Tag Archives: insurance

Posted in Market developments, Regulatory and legislative updates, UK

Event: Insurance and structured finance – a new dawn

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

Posted in Market developments, Regulatory and legislative updates, UK

On your marks, get set, GO! Why has Lloyd’s brought forward the Coming-into-Line date for letters of credit this year?

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

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

Impact of Brexit on the insurance industry: what’s next?

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

Posted in Regulatory and legislative updates

The UK has voted to leave the EU

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

Posted in Latin America, Regulatory and legislative updates

Mexico: CONDUSEF issues rules on transparency, publicity and sale of insurance products

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

Posted in Regulatory and legislative updates, South Africa

South Africa: Sasol Limited v CINPF: The rules take precedence

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 [2015] ZASCA 113 (7 September 2015) was one such matter.  The issue at hand was whether

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

China proposes new cyber security rules for insurance industry

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….

Posted in Regulatory and legislative updates, South Africa

South Africa: Breaking the golden egg – The pitfalls of written admissions in section 37D of the Pensions Fund Act

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

Posted in Asia, Indonesia, Regulatory and legislative updates

Indonesia: Otoritas Jasa Keuangan (OJK) to get rid of sanctions for insurance companies who fail to meet minimum risk-based capital (RBC) requirement

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

Posted in European Union, France, Germany, Hungary, Italy, Poland, Regulatory and legislative updates, Spain, The Netherlands, UK

EU: European Commission to issue Green Paper on Retail Financial Services and 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

Posted in Asia, Regulatory and legislative updates, Singapore

Singapore: Strengthening of the Monetary Authority of Singapore’s anti-money laundering (AML) and counter-terrorism financing (CTF) powers

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

Posted in Market developments, Regulatory and legislative updates, Singapore

Singapore: consumers empowered to directly purchase and compare some life insurance products

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

Posted in Asia, Market developments, Regulatory and legislative updates

China: CIRC Issues New Rules for Internet Insurance Business

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

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 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 Market developments, UK

UK: Industrial Deafness

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.

Posted in Asia, Regulatory and legislative updates

China’s State Council Indicates Clear Intention to Develop China’s Insurance Industry

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

Posted in Case reports, UK

UK: Potential judicial review proceedings on the jurisdiction of the FOS

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