Maritima, Brazil’s tenth largest insurer, is reportedly actively seeking a foreign insurer to purchase a minority position in the company. 

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Read More Brazil: Insurer Reportedly Seeks Foreign Partner To Meet Heightened Minimum Capital Requirements And Finance Expansion

By a 6-3 vote, the United States Supreme Court yesterday found that state law claims for failure to include an adequate warning on a pharmaceutical label are not preempted by the federal Food and Drug Administration’s (“FDA”) prior approval of the product’s label. 

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Read More Wyeth v. Levine: U.S. Supreme Court Rejects FDA Labeling Preemption Argument, Likely Increasing Defense Costs for Many Pharmaceutical Product Liability Claims

Local Brazilian reinsurer JMalucelli Re and foreign admitted reinsurer Hannover Life Re recently announced that they have entered into a cooperation agreement to offer life and health reinsurance in the Brazilian market. …
Read More Brazilian News: JMalucelli Re and Hannover Life Re Enter Accord; SUSEP Approves Withdrawal of AIG from Unibanco

In a recent decision of the United Stated District Court for the Southern District of New York, Global Int’l Reinsurance Co. v. TIG Ins. Co., 08 Civ. 7338 (JSR) (S.D.N.Y. Jan 20, 2009), the court granted a cedent’s petition to confirm an arbitration award and denied a reinsurer’s motion to vacate the award in part. 

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Read More U.S. District Court for the Southern District of New York Confirms Arbitration Award

A delegation of representatives from municipal bond issuer advocacy groups, the National League of Cities and the National Association of Counties, met last month with the staff of the New York State Insurance Department (the “NYSID”) to discuss the possible formation of a not-for-profit mutual municipal bond insurer that would be broadly-owned by the issuers of municipal debt.  During the discussion, the staff of the NYSID walked the delegation through the mutual insurance company licensing process. 

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Read More Municipal Bond Issuers Explore Forming a Mutual Insurer to Provide Municipal Credit Enhancement

In DHL GBS (UK) Limited v Fallimento Finmatica SPA [2009] EWHC 291 the English High Court declined an application by DHL GBS (UK) Limited (DHL) to stay its own appeal against the registration of an Italian judgment which had been entered against it. …
Read More UK – English High Court Decision Hints at the Impact of the West Tankers Decision

The high-level group on financial supervision in the EU, chaired by Jacques de Larosière, published an initial report recommending ‘repair’ of the oversight of financial services across Europe. In addition to de Larosière, the group is composed of seven senior European figures from the financial services industry and its regulators, including Leszek Balcerowicz, former president of the National Bank of Poland, and Callum McCarthy, former chairman of the UK’s Financial Services Authority. …
Read More De Larosière Report on Financial Supervision in the EU

In addition to the requirements for an insurer to be authorised to carry on insurance (whether general business or long term business and whether as a direct insurer, composite insurer, reinsurer or captive insurer) in or from Hong Kong (as described in our companion guidance note on the “Authorisation of insurers in Hong Kong”) there are a number of continuing regulatory requirements that the insurer will need to satisfy on authorisation and thereafter. 

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Read More Doing Business in Hong Kong – Ongoing Regulatory Requirements for Insurers

On February 19, 2009, Connecticut Insurance Commissioner Thomas R. Sullivan testified before the Connecticut Insurance and Real Estate Committee in support of House Bill 6354, titled “An Act Regulating Surety Bail Bond Agents” (the “Act”).  The Act would reform the bail bond industry and allow the Connecticut Insurance Department to better regulate the industry through stronger laws. 

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Read More Connecticut Insurance Commissioner Supports Bail Bond Reform

As we previously reported here, former Massachusetts Governor Mitt Romney signed a health care bill, known as “An Act Providing Access to Affordable, Quality, Accountable Health Care” (the “Act”), into law on April 12, 2006.  The Act became effective on July 1, 2007 and requires that all Massachusetts residents carry health insurance, unless they have a waiver for religious reasons or have a waiver from the Commonwealth Health Insurance Connector Authority (the “Connector”).  Individuals that do not have a waiver and do not have health care insurance face fines of more than $1,000 per individual for the 2009 tax year. …
Read More Recession Will Test Massachusetts’ Mandatory Health Insurance Program