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.
Read MoreOn 27 November 2013, the European Insurance and Occupation Pensions Authority (EIOPA), published new “comply or explain” guidelines in respect of the complaints-handling process undertaken by insurance intermediaries (the Guidelines).
Read MoreThe European Union has lifted its sanctions in relation to Myanmar/Burma.
Read MoreOn 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).
Read MoreThe European Commission (Commission) has published a study conducted by Ernst & Young on potential competition issues relating to the operation of co(re)insurance pools and ad hoc co(re)insurance agreements on the subscription market.
Read MoreOn January 29, 2013, the International Group of P&I Clubs (IGP&IC) released Frequently Asked Questions relating to Council Regulation (EU) No. 1263/2012. For the IGP&IC FAQs click here and for the E.U. council regulation click here.
Read MoreThe European Court of Justice (ECJ) has confirmed that airlines should pay compensation to passengers who are subject to long delays, giving them the same rights as those who are denied boarding or whose flights are cancelled.
Read MoreIn the Australian case of Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200, the Australian Federal Court held Standard & Poor’s (S&P) to be jointly liable with ABN Amro Bank NV and Local Government Financial Services for losses suffered by 13 local councils, who had invested in complex credit derivatives that had been rated ‘AAA’ (the highest possible rating) by S&P.
Read MoreIn Refcomp SpA v Axa Corporate Solutions Assurance SA [Case C-543/10], the Advocate General of the Court of Justice of the European Union (CJEU, previously known as the European Court of Justice) interpreted Article 23 of Council Regulation (EC) No. 44/2001 on jurisdiction (the Article) to mean that where the general terms of a sale of goods contract incorporated a clause conferring jurisdiction, that clause could only be relied upon against the original parties to the contract.
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