A criminal indictment recently unsealed in the United States District Court for the District of Columbia against an Iranian businessman who allegedly conspired to violate the U.S. embargo of Iran by funneling U.S.-origin goods to Iran through front companies in Turkey, highlights one of the biggest risks faced by U.S. exporters: You never know where your goods or technology will end up. …
Read More Client Advisory – Recent Government Enforcement Actions Regarding the Iranian Embargo Highlight the Hidden Risks of International Trade

AXA Seguros, S.A. De C.V. v Allianz Insurance plc (Allianz) and others [2011] EWHC 268 (Comm) concerned a claim for privilege in reports produced by an engineering firm in relation to damage to the Don Nogales highway in Mexico. AXA had insured a company which had responsibility for the Don Nogales highway. Allianz and others (the Reinsurers) reinsured AXA. The reinsurance policy only covered damage to highways constructed to “internationally acceptable standards“. …
Read More UK: Engineering Firm Reports Not Privileged

Costa Rica’s local insurance market soared by 17% in 2010 as premiums grew from US$633 million in 2009 to US$739 million last year, according to figures recently released by the Insurance Superintendency. The market continues to be dominated by the Instituto Nacional de Seguros (INS), but other players, including Panama’s ASSA Compañia de Seguros, have increased their presence. …
Read More Costa Rican Insurance Market Starts to Flourish

Insurance Commissioner Kevin McCarty of the Florida Office of Insurance Regulation (FOIR) has announced the appointments of Al Willis, Steve Szypula and Toma Wilkerson to new positions within the FOIR.  Willis will now be the acting Deputy Commissioner for Property & Casualty.  Previously he was the Director of Life & Health Financial Oversight.  Szypula will now be the acting Director of Property & Casualty Financial Oversight. …
Read More Florida Insurance Commissioner Announces New Staff Appointments

The RAA Re Contracts program continued on Wednesday and the calendar was packed with speakers who presented on an array of topics relating to the Reinsurance Contracts.  Gerard Finley of Munich Re America kicked off the day with a presentation on Different Kinds of Reinsurance Contracts and Related Issues.  The theme he emphasized appears to be one that runs throughout the conference, namely that “if it is open to interpretation, it is open to arbitration.” …
Read More RAA Re Contracts In Bermuda – Day 2

The U.S. Departments of Health and Human Services (HHS) and Treasury have proposed new rules to guide states in pursuing “State Innovation Waivers” under the Patient Protection and Affordable Care Act (PPACA). …
Read More New Federal Regulations Set Forth PPACA “Innovation Waiver” Process

The U.S. Department of Health and Human Services has approved more than 1,000 one-year waivers of the Patient Protection and Affordable Care Act (PPACA) provision that restricts annual limits for essential benefits.  Through February 28, 1,040 waivers had been approved for plans that cover more than 2.6 million insureds.  Most of the affected plans are limited medical benefit (“mini-med”) plans, which are generally offered to low-wage, part-time or seasonal employees. …
Read More More Than 1,000 Waivers of PPACA Provision Granted

According to a recent article in the New York Times, insurance and reinsurance companies from Japan and abroad, as well as hedge funds and other investors in catastrophe bonds, are expected to bear a relatively small portion of the losses stemming from the earthquake and resulting tsunami, which is expected to exceed $100 billion.  By way of comparison, the 1995 earthquake in Kobe, Japan resulted in approximately $100 billion of damages, according to the Insurance Information Institute, but only about $3 billion of that was covered by insurance. …
Read More Japan’s Government Will Likely Bear Most of the Damages Resulting from the Earthquake

The U.S. Department of Health and Human Services has granted the State of Maine’s request for a waiver of the Patient Protection and Affordable Care Act (PPACA) requirement that individual health insurance plan issuers spend at least 80% of premiums on medical care or quality improvements. …
Read More Maine Obtains Waiver of Medical Loss Ratio Requirement; Florida Requests Waiver

Bermuda insurer Renaissance Reinsurance Ltd. has been approved to take part in Florida’s property reinsurance marketplace with modified collateral requirements. Legislation passed in 2007 authorized the state’s Office of Insurance Regulation to set reduced collateral requirements for non-United States based reinsurers that are highly rated and financially secure. Florida Insurance Commissioner Kevin McCarty has now approved a total of seven reinsurance companies to operate in Florida under modified terms. …
Read More Florida Approves Another Foreign Reinsurer for Reduced Collateral Requirements