On 25 March 2014, the Government of the Hong Kong Special Administrative Region (Hong Kong) signed an agreement with the Government of the United States of America (US) relating to the exchange of information relating to taxes. This is the first TIEA signed by Hong Kong. …
Read More Hong Kong Signed its First Tax Information Exchange Agreement (TIEA) With US

A bipartisan group of senators have co-sponsored a measure to extend the Terrorism Risk Insurance Act (“TRIA”) for the next seven years. TRIA, which is set to expire at the end of 2014, was put into place after the terrorist attacks on September 11, 2001. …
Read More U.S. Senators Announce Bipartisan Agreement to Extend TRIA

We have been closely following the progress of a Massachusetts bill that would realign the Commonwealth’s reinsurance regulations to make them more consistent with the increasingly global nature of insurance and reinsurance markets. …
Read More Massachusetts House Committee Revises Proposed Reinsurance Credit Legislation

Following up on our earlier Insurance and Reinsurance Blog on this matter (the relevant post can be found here), the Internal Revenue Service today filed an appeal to the United States Court of Appeals for the District of Columbia Circuit of the recent United States District Court decision in the Validus case (holding that the excise tax imposed on the foreign insurance/reinsurance of U.S. risks by Section 4371 of the Internal Revenue Code does not apply to retrocession policies). …
Read More Internal Revenue Service Files Appeal in the Validus Excise Tax Case

Edwards Wildman’s Lori Basilico, partner in the Healthcare Practice Group discuss “U.S. House of Representatives Passes Bill to Redefine Full-Time Employee Under the Affordable Care Act.” …
Read More Healthcare Update: U.S. House of Representatives Passes Bill to Redefine Full-Time Employee Under the Affordable Care Act

On March 31, 2014, the New York State Department of Financial Services (“DFS”) issued three separate Circular Letters pursuant to various laws, including Insurance Law Sections 308, 1109, 2130 and 7001, Articles 42, 44 through 47, 52 through 55 and 59, and Financial Services Law Sections 202 and 306, setting forth standards expected of the “addressees” (as defined below) in planning, preparing for and responding to disasters in New York State. …
Read More New York State Department of Financial Services Circular Letters Regarding Disaster Preparedness

The federal district court in Massachusetts has declared that a professional liability insurer owes no duty to defend its insured, an accounting firm, against a suit alleging that the accounting firm negligently advised its client to invest in a Ponzi scheme. …
Read More Massachusetts Federal Court Declares That Professional Liability Insurer Need Not Defend Accounting Firm For Faulty Investment Advice

The U.S. Court of Appeals for the First Circuit earlier this year held that the preclusive effect of a prior arbitration is itself a matter for arbitration as between a reinsurer and its cedent. …
Read More First Circuit Holds That Preclusive Effect Of Prior Arbitration Outcome Is Itself An Arbitrable Issue

On March 31, 2014, Edwards Wildman Palmer LLP (“Edwards Wildman”) hosted an informal roundtable attended by Pennsylvania Commissioner Michael Consedine. Other invitees included clients of Edwards Wildman, as well as acquaintances of the firm. …
Read More Live Blog: Edwards Wildman Roundtable with Pennsylvania Commissioner Michael Consedine