Following on from its statements of 30 September 2008 and 20 January 2009 (see our previous blog on this statement here) suggesting firms may wish to stop selling single premium PPI, the FSA has sent a letter to CEO’s requesting that if they have not already done so, to stop selling single PPI with unsecured personal loans as soon as possible and in any event no later than 29 May 2009.
Brazil: Susep Further Decreases 2009 Premium Growth Prediction
By Troutman Pepper Locke on
Posted in Latin American Developments
The global financial crisis has taken its toll on Brazil’s insurance industry, according to Susep, the country’s insurance regulator. Susep projected in November 2008 that premium growth in Brazil would reach 16.2% in 2009.
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UK: Association of British Insurers Argues Against Age Restriction in Equality Bill
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Association of British Insurers (ABI) has published a report warning that customers are likely to face higher premiums and less choice if insurers are restricted from using age to help assess risk under proposed legislation. …
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Brazil: Insurer Reportedly Seeks Foreign Partner To Meet Heightened Minimum Capital Requirements And Finance Expansion
By Troutman Pepper Locke on
Posted in Latin American Developments
Maritima, Brazil’s tenth largest insurer, is reportedly actively seeking a foreign insurer to purchase a minority position in the company.
Wyeth v. Levine: U.S. Supreme Court Rejects FDA Labeling Preemption Argument, Likely Increasing Defense Costs for Many Pharmaceutical Product Liability Claims
By Troutman Pepper Locke on
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.
Brazilian News: JMalucelli Re and Hannover Life Re Enter Accord; SUSEP Approves Withdrawal of AIG from Unibanco
By Troutman Pepper Locke on
Posted in Latin American Developments
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. …
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U.S. District Court for the Southern District of New York Confirms Arbitration Award
By Troutman Pepper Locke on
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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Municipal Bond Issuers Explore Forming a Mutual Insurer to Provide Municipal Credit Enhancement
By Troutman Pepper Locke on
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.
UK – English High Court Decision Hints at the Impact of the West Tankers Decision
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
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. …
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De Larosière Report on Financial Supervision in the EU
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. …
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