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A key part of the new Solvency II regime, due to come into force in 2012, looks set to be removed or watered down following a recent meeting of the EU’s Economic and Financial Affairs Council (Ecofin). The group supervision and group support proposals approved by the European Parliament would allow assessment of capital and risk across an insurance group and increased co-ordination of the relevant supervisors. 

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Read More Solvency II: Group Supervision Proposals Under Threat

On 27 November 2008, the European Commission (EC) published its Green Paper on Consumer Collective Redress. The paper proposes new methods to help large numbers of consumers who have been harmed by a trader’s breach of consumer law. 

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Read More EU : European Commission Publishes Green Paper on Consumer Collective Redress

On Tuesday, December 2, 2008, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autorité de Contrôle des Assurances et des Mutuelles, France’s insurance regulator (“ACAM”). 

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Read More New York Insurance Department Announces Cooperation Agreement With France

The European Commission (the Commission) continues to examine whether the insurance industry’s Block Exemption Regulation (BER) should continue after 2010. Please see the previous blog for further information on the block exemption by clicking here. …
Read More EU: Disappointing Response to the European Commission’s Consultation Paper on the Insurance Block Exemption Regulation

The Reinsurance Directive was adopted in 2005 and was to be implemented by member states no later than 10 December 2007 (with some provisions coming into force by 10 December 2008). Although a number of member states missed the 2007 deadline, most have now completed their implementation or are expected to do so by December 2008. …
Read More UK: EAPD Publishes Updated Guidance Note on Implementation of the Reinsurance Directive

On 16 October 2008, the Department for Business, Enterprise and Regulatory Reform (BERR) published a consultation document seeking comments in respect of the European Commission’s proposal for the creation of European Private Companies, which was published in June 2008. …
Read More UK/EU: Consultation on EU Proposal to Enable the Creation of European Private Companies

In Elektrim SA (In Bankruptcy) v Vivendi Universal (& Ors) [2008] EWHC 2155 (Comm) the claimant and defendant companies had entered into an investment agreement governed by Polish law, which contained an arbitration clause providing for arbitration in London. It was common ground that unlike the rest of the investment agreement , the arbitration agreement was governed by English law. …
Read More UK: English High Court Rules on Law Applicable to the Effects of an EU Insolvency Proceeding on Pending Lawsuits