Brazil’s government-controlled former reinsurance monopoly holder, IRB-Brasil Re, reports that it saw profits rise 2.6% in 2009 despite lower revenue from premiums. 

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Read More Brazil: IRB-Brasil Re Achieves Higher Profits Despite Lower Premiums and Reduced Investment Income

The Financial Services Authority (FSA) went to the Court of Appeal to seek clarification regarding its obligation to co-operate with the Securities and Exchange Commission (SEC), as previously reported here. 

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Read More UK: Financial Service Authority Wins Appeal Case on Co-Operation With Overseas Regulators

As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants. 

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Read More UK: Third Party (Rights Against Insurers) Bill

As a reminder, please join the U.S. Reinsurance Under 40s Group for its upcoming “It’s Almost Spring” Happy Hour this Thursday at 6:00 p.m. 

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Read More Reminder: The U.S. Reinsurance Under 40s Group at “It’s Almost Spring” Happy Hour–this Thursday

The Bermuda Monetary Authority (the BMA) published a consultation paper on 5 February 2010 entitled “Consultation Paper on The Bermuda Monetary Authority’s Proposed Insurance Groups Regulatory Framework” (the Paper). The Paper outlines the BMA’s proposal for the implementation of a group-wide supervisory regime and outlines the conditions under which the BMA would seek to be considered the Group-Wide Supervisor. 

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Read More Bermuda: The Bermuda Monetary Authority Proposes Introducing Group-Wide Supervision in Further Move Towards Solvency II Equivalence

In a statement issued by Justice Secretary Jack Straw, the Government has set out its decision on pleural plaques. As previously reported here, the House of Lords’ decision in  Johnston v NEI International Combustion [2007] UKHL 39 found that asymptomatic pleural plaque claims were not compensatable under the current laws. 

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Read More UK: Government Announces its Decision on Pleural Plaques

Recently, the Supreme Judicial Court of Massachusetts upheld two lower court decisions dismissing, on separate motions to dismiss and for summary judgment, a number of claims brought by credit unions against a retailer in connection with a breach of debit and credit card data. 

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Read More Massachusetts Supreme Court Affirms Dismissal of Data Breach Claims Brought Against Retailer by Financial Institutions

National Union Fire Insurance Company of Pittsburgh, PA entered into a reinsurance treaty with Odyssey America Reinsurance Corporation, which contained an arbitration clause.  After a dispute arose between the parties and was submitted to arbitration, a panel issued a ruling in Odyssey’s favor. 

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Read More Federal Court Upholds an Arbitration Panel’s Award Requiring a Cedent to Pay its Reinsurer’s Attorneys’ Fees

As efforts to produce a bipartisan deal on sweeping financial regulatory reform legislation inch forward, Senator Bob Corker (R-TN) offered an alternative proposal that aims to end the impasse over one of the legislation’s most controversial issues – consumer financial protection.  Though sources reported this morning that the offer is gaining traction, a final agreement remains elusive. …
Read More Senate Financial Regulatory Reform Update

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