On December 10, 2008, the Senate Finance Committee (the “Committee”) held a meeting to discuss proposed legislation (the “Proposal”) that would reduce the purported competitive advantage in tax treatment received by affiliated foreign reinsurers by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded by insurance companies to affiliated foreign reinsurers who are not subject to U.S. taxation.
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UK: High Court Judge Sets Aside Arbitration Award Because of Irregularity and Unfairness
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
The recent case of Van Der Giessen-de-Noord Shipbuilding Division B.V. v Imtech Marine & Offshore B.V. [2008] EWHC 2904 concerned the challenge to an arbitration award arising out of a marine construction dispute. Imtech had been hired by Van Der Giessen-de-Noord (GN) to carry out electrical works on a ship GN was building for Brittany Ferries. The works apparently suffered from delays, disruption and extra work which resulted in Imtech making a claim against GM and GM making a counter claim.
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Read More UK: High Court Judge Sets Aside Arbitration Award Because of Irregularity and Unfairness
The New York Insurance Department Will No Longer Approve D&O Policies Lacking “Duty-to-Defend” Coverage Feature
By Troutman Pepper Locke on
The New York Insurance Department has long prided itself for being an activist state regulator for insurance business underwritten in the world’s financial capital. …
Read More The New York Insurance Department Will No Longer Approve D&O Policies Lacking “Duty-to-Defend” Coverage Feature
Inaugural Latin American and Caribbean Summit to Stress Regional Integration
By Troutman Pepper Locke on
Posted in Latin American Developments
The first Cumbre de Latinoamerica y el Caribe will take place this week outside of Salvador de Bahia, Brazil, with a focus on regional cooperation and integration. The event will be attended by representatives from the region’s 33 countries and will mark the first time that the leaders of the entire region have come together of their own accord rather than at the initiation of the United States or the European Union. …
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Puerto Rican Offshore Insurance Companies Create Association
By Troutman Pepper Locke on
Four of the companies that have organized under the Puerto Rican International Insurance Center announced recently that they have created an association to promote Puerto Rico’s competitiveness in the international insurance and reinsurance markets. …
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Argentina Enacts Law Eliminating Private Pension System
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Despite significant domestic and international concerns, the Argentine government has now made official its elimination of the country’s private pension system. The Argentine legislature passed Ley 26.425 on November 20, 2008 and President Kirchner signed the law on December 4, 2008, establishing instead an Argentine Integrated Pension System (SIPA) to replace the current capitalization regime as of January 1, 2009. …
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Costa Rica Is Central America’s Largest And Fastest-Growing Insurance Market
By Troutman Pepper Locke on
Posted in Latin American Developments
Fitch recently released a report on the Costa Rican Insurance Market, “Sector Seguros de Costa Rica: Solvente y Competitivo Ante la Apertura.” The report finds that, excluding Panama, Costa Rica is Central America’s largest and fastest-growing insurance market even before it is opened to private competition.
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Read More Costa Rica Is Central America’s Largest And Fastest-Growing Insurance Market
New York Court of Appeals Recognizes Personal Jurisdiction Over Brazilian Domiciliaries Served In Brazil Under New York Law
By Troutman Pepper Locke on
Posted in Latin American Developments, New York Developments
New York state’s highest court recently held that service on Brazilian defendants in Brazil was effective under New York law even if it did not satisfy Brazilian standards for service of process.
General Contractor Entitled to Primary Coverage Under Its Own CGL Policy And As An Additional Insured Under Its Subcontractor’s CGL Policy
By Troutman Pepper Locke on
A New York state trial court recently ruled that general contractors/owners were entitled to primary coverage under both their own commercial general liability policy and under a subcontractor’s general commercial liability policy as an additional insured.
Insurers May Be Required To Provide Defense Of Bluetooth Headset Cases Even Though Complaints Do Not Allege Physical Injury
By Troutman Pepper Locke on
The United States District Court for the Northern District of California recently denied several commercial general liability insurers’ motions to dismiss, holding that the insurers may be required to defend the makers of Bluetooth Headsets against suits alleging negligent design and unfair marketing even though the suits do not allege that the plaintiffs suffered any physical injuries. …
Read More Insurers May Be Required To Provide Defense Of Bluetooth Headset Cases Even Though Complaints Do Not Allege Physical Injury