Jurisdiction: European Union

Locke Lord’s Zach Lerner, Associate in the New York office, Co-Authors “The Privacy Shield and its Impact on U.S. Insurance Companies” for FORC Fall 2016 Edition

The EU-U.S. Privacy Shield (the “Privacy Shield”) has been promulgated through a joint effort between the United States (the “U.S.”) and the European Union (the “EU”) in order to facilitate the transfer of personal data from the EU to U.S. companies.

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EIOPA Publishes Additional Information on National General Good Provisions

EIOPA has published additional information on its General Good provisions which are intended to promote transparency for cross-border activity in accordance with Article 9 of the EIOPA Regulation. The provisions list some of the requirements that are to be observed by insurance undertakings and/or intermediaries that intend to carry on business in EU/EEA Member States, hence protecting the ‘general good’. 

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EIOPA Publishes Good Practices for Comparison Websites

On 30 January 2014, EIOPA published its report on good practices for comparison websites (here), in response to EIOPA’s consultation on this topic. The report is concerned primarily with the activities of commercial comparison websites, as opposed to non-commercial websites run by consumer and/or industry associations or public authorities. 

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EU: EIOPA publishes second Half-Yearly Financial Stability Report for 2013; comprehensive stress tests on the way

On 12 December 2013, the European Insurance and Occupational Pensions Authority (EIOPA) published its second Half-Year Financial Stability Report for 2013 (available here). The risk environment described in the second Half-Year report is broadly the same as the environment described in the first Half-Year report, published in July.

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Validus Launches a Challenge to the IRS’ Cascading Federal Excise Tax Ruling

On 25 January 2013, Validus Reinsurance Ltd (Validus), a reinsurer domiciled in Bermuda, filed a suit in the District Court of the District of Columbia against the United States of America for the repayment of taxes which they allege were wrongly demanded by the IRS. The tax was assessed under the Federal Excise Tax (FET) regime, which (among other things) imposes a 1% tax on premiums under contracts of reinsurance with foreign reinsurers covering risks in the US (s4371 of the Internal Revenue Code). 

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