Costa Rica – Aseguradora Mundial, the first foreign company authorized to sell insurance in the Costa Rican market, expects to roll out is first policy, an automobile insurance product, by April 2010.  The product has reportedly been submitted to the Costa Rican insurance regulator, Sugese, for approval. …
Read More Latin American Insurance and Reinsurance Update: Costa Rica, Mexico, Ecuador

The Financial Services Authority (FSA) issued a Dear CEO letter (the Letter) on 23 February 2010 stating that it was concerned that many insurance intermediaries could not demonstrate that they had adequate financial resources. …
Read More UK: Financial Services Authority Reminds Insurance Intermediaries of Financial Resources Requirements

Chile’s largest insurer, Seguros Chile, the local subsidiary of Britain’s Royal Sun Alliance, has estimated that the total property damage from the recent earthquake covered under its policies will total US 45 million (33 million Euros, 30 million British Pounds).  The company further stated that these losses should not materially affect its results in the coming year. …
Read More Chile’s Largest Insurer Estimates Its Insured Property Damage At US$ 45 Million

As the insurance industry mobilizes in response to the fifth largest earthquake on record, our thoughts remain with our friends, business associates and everyone else impacted by the devastation in Chile.  In the wake of the quake and numerous aftershocks, the death toll in Chile has risen to over 700, thousands are missing, 2 million are estimated homeless and property damage is widespread. 

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Read More Insured Losses From Chile Earthquake Could Reach US$ 8 Billion

The White House released its own healthcare reform bill last week, in preparation for Thursday’s marathon healthcare summit.  Despite its bipartisan billing, that six hour session did not yield tangible progress, leaving Democrats exactly where they were before the summit – faced with the question of how to move comprehensive healthcare reform forward without any help from the minority party. 

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Read More Last Week in DC: The Healthcare Reform Debate – March 1, 2010

Costa Rica’s Insurance Regulator, Sugese, recently included Aseguradora Mundial on its list of authorized insurers, making Grupo Mundial of Panama the first foreign company with permission to conduct insurance business in the country’s newly liberalized market. 

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Read More Aseguradora Mundial Becomes First Foreign Company Fully Authorized To Do Insurance Business In Costa Rica

Masefield AG v Amlin Corporate Member Ltd [2010] EWHC 280 (Comm) concerned the interpretation of actual and constructive total loss under the Marine Insurance Act 1906. 

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Read More UK: Interpretation of Actual and Constructive Total Loss Under the Marine Insurance Act 1906

On February 23, 2010, Jack Dearie and Machua Millett of EAPD’s Insurance and Reinsurance Department presented the group’s annual webinar on Latin American Insurance and Reinsurance issues. 

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Read More Opportunities and Risks for (Re)Insurers in Latin American in 2010 and Beyond

The Centers for Medicare & Medicaid Services (“CMS”) has revised the timeline for non-group health plan (“NGHP”) reporting under the Medicare secondary payer reporting provisions of Section 111 of the Medicare, Medicaid and SCHIP Extension Act of 2007 (“Section 111”). …
Read More Medicare Secondary Payer Reporting Deadline Extended

On Monday, February 22, Representatives Tom Perriello (D-Va.) and Betsy Markey (D-Colo.) introduced H.R. 4626, the Health Insurance Industry Fair Competition Act, to repeal the McCarran-Ferguson Act antitrust exemption for the business of health insurance. …
Read More House Introduces Health Insurance Bill to Repeal Antitrust Exemption