The CIRC Shenzhen Bureau and the Shenzhen Office of Finance have recently submitted a proposal to the Chinese government regarding the establishment of an insurance exchange which will trade in a variety of insurance products (the Qianhai Insurance Exchange). …
Read More Shenzhen Proposes to Launch Insurance Exchange

Effective from 1 May 2012, foreign insurers are allowed to enter China’s compulsory transport accident insurance market which was previously open only to domestic insurers. …
Read More Foreign Companies Allowed Full Access to China’s Compulsory Transport Accident Insurance Market

The NRCMS, overseen by the Ministry of Health, is a basic health social security system, started in 2003, that combines insurance and social assistance, and targets all farmers and rural residents in China. …
Read More China to Outsource Management of the New Rural Co-operative Medical Scheme (NRCMS) to Commercial Insurers

The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury, and the California Insurance Department (the “Department”) announced that they signed a Memorandum of Understanding (“MOU”) that will allow the FinCEN and the Department to share important information enabling both parties to coordinate and heighten efforts aimed at rooting out fraud and protect consumers and the insurance industry from criminal acts. …
Read More The U.S. Treasury and the California Insurance Department Signed a Memorandum of Understanding Regarding Information Sharing

N.J. State Senator Nicholas Scutari (D-22nd Dist.) introduced Senate Concurrent Resolution No. 105 (the “Resolution”), which is critical of a proposed amendments by the New Jersey Department of Banking and Insurance (the “Department”) affecting the personal injury protection (“PIP”) regulations promulgated under the Automobile Insurance Cost Reduction Act of 1998 (the “Act”). …
Read More Resolution Critical of the New Jersey Department of Banking and Insurance Amendments to the Personal Injury Protection Regulations Introduced to the New Jersey State Senate

In Elafonissos Fishing & Shipping Co v Aigaion Insurance Co SA (2012) EWHC 892 (Comm), the defendant insurers, Aigaion Insurance Co SA (Aigaion), sought to re-amend its Defence to a claim brought by the claimant, Elafonissos Fishing & Shipping Co (Elafonissos), under a policy for marine insurance in relation to a damaged vessel, and to adduce expert evidence in support of its amendments. …
Read More UK: Late Application by Insurer to Re-Amend Defence Succeeds in Part

The New York Department of Financial Services (the “Department”) has made a major step in making it easier for the public to view property and casualty insurance company rate, rule and form filings through a free online database.  These filings are used by P&C insurers to, among other things, introduce new products, support rate increases, or make changes to coverages on existing products. …
Read More New York P&C Rate, Rule and Form Filings Now Available for On-Line Download

This presentation will be of interest to anyone working in, or advising, an international insurance or reinsurance group. It will also be of interest to reinsurers based outside the European Union with reinsureds based inside the Union. …
Read More WEBINAR: Solvency II – Capital Requirements, Groups and Third Country Equivalence -Thursday, May 31, 2012