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The fifth Quantitative Impact Study on the Solvency II implementing measures (QIS5) was launched by the European Commission (the Commission) on 23 August 2010. The study will run until November 2010 and the Commission notes that it is aiming for a participation rate of at least 60% of EU insurance and reinsurance companies and 75% of EU insurance groups. Of particular importance to the Commission is participation by smaller insurance companies and insurance providers specialised in specific business lines. …
Read More EU: Fifth Solvency II Quantitative Impact Study Begins with a Call for Participation From the European Commission

In Robert Bacon v Nacional Suiza Cia Seguros Y Reseguros SA [2010] EWHC 2017 (QB), Mr Justice Tomlinson, in a preliminary issue hearing, was asked to determine (i) the grounds why Spanish law was applicable to the Defendant’s liability; and (ii) the issue of liability itself. …
Read More UK/Europe: English High Court Considers the Application of Rome II

The enactment of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2009 (the “Iran Sanctions Act”), signed by President Obama in the first week of July, threatened the status quo regarding the insurance and reinsurance by international insurance firms of risks relating to the Iranian petroleum industry, including cargos of oil and petrochemical equipment. …
Read More A Consensus Emerges on Iranian Sanctions: Compliance May be Easier for Global Insurers

On 19 July 2010, the FSA sent a letter to UK insurance firms reminding them of the requirement that terms in legal expenses insurance must not detract from, or qualify in any way, an insured’s freedom to choose a lawyer. …
Read More UK/EU: Legal Expenses Insurance Must Comply with Insured’s Freedom to Choose Lawyer Under EU Directive

Proposed legislation that would limit a tax deduction for reinsurance premiums paid to a foreign affiliate of a US insurer has drawn the formal opposition of the German government.  Ambassador Klaus Scharioth, in a recent letter to House Ways and Means Chairman Sander Levin (D-MI), said that the so-called Neal Bill (HR 3424) “goes well beyond” the undisputed goal of combating tax avoidance and evasion and, as a result, conflicts with provisions of the German-US tax treaty. …
Read More German Government Opposes US Legislation Limiting Deductibility of Reinsurance Premiums

On 14 July 2010, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published its draft advice on equivalence assessments to be undertaken in relation to three areas of the Solvency II directive, being reinsurance, group supervision and group solvency. CEIOPS proposes that in its first wave of assessments, Bermuda and Switzerland should be considered for equivalence in all of these areas and Japan in respect of reinsurance only. …
Read More Solvency II – Bermuda and Switzerland in Line for First Equivalency Assessments

EAPD’s own Ambereen Salamat and Chris Collins were asked by Complinet in its Mid-Year Roundup what the biggest regulatory and compliance challenge this year will be and above all, Solvency II was the resounding response. …
Read More Solvency II: The Insurance Industry’s Biggest Regulatory and Compliance Challenge this Year: How well prepared is it?

On 29 April 2010, European Advocate General Kokott gave her opinion in the case of Akzo Nobel Chemicals Ltd & Akcros Chemicals Ltd v European Commission. She was asked to consider whether “the protection of communications between lawyers and their clients (‘legal professional privilege’), guaranteed as a fundamental right under the law of the European Union, also extended to internal exchanges of opinions and information between the management of an undertaking and an ‘enrolled in-house lawyer’ employed by that undertaking?” …
Read More EU: European Advocate General Opinion Concludes No Privilege for In-house Lawyers