Topic: Reinsurance

Locke Lord QuickStudy: UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation

As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation of insurance enterprises operating from one to another of these markets.

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Insurance and Reinsurance Newsletter – September 2017

Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.

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You don’t need a weather man to know which way the wind blows* (*Bob Dylan)

Dave Jones, California Insurance Commissioner took an aggressive stand on Climate Change in a Press Release issued June 21, 2017, stating that if any “…climate denying politicians of red states who threaten to sue me, I will happily defend my obligation as California’s Insurance Commissioner to make sure insurers are addressing climate change related risks and to protect California consumers.” He further noted, “The threats of lawsuits by 12 red state attorneys general and one governor are not going to stop me from doing my job as insurance commissioner to make sure that insurance companies are recognizing potential financial risks associated with climate change.” He pointed out that the bankruptcy of over 35 coal companies and the refusal of four major US banks to provide loans for new coal infrastructure, and the shift away from fossil fuels (oil, gas, coal and utilities that rely on those) creates a risk of becoming ‘stranded assets’ “ …on the books of insurance companies with significantly reduced or no value.” Commissioner Jones then asked those regulated insurance companies to “voluntarily divest from coal…and to publicly disclose their investments in coal, oil, gas, and utilities so insurers, regulators, shareholders, and consumers have better insight into these investments and the risks they face due to climate change. Insurers doing business in California now know which way the wind...

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