Latin American Developments

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An aviation repair company recently filed a lawsuit in federal court in Florida seeking recovery from its insurance broker and Lloyds of London for their alleged failure to cover a purported loss of plane engines leased to a Mexican airline that were confiscated by the Mexican government. 

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Read More Aviation Repair Company Files Lawsuit to Recover for Alleged Total Loss of its Leased Plane Engines Due to Confiscation by the Mexican Government

Amafore, the Mexican pension fund industry association, announced recently that all Mexican pension fund managers (Afores) have agreed to invest only in local instruments in the coming year in an attempt to help ameliorate the ongoing deterioration of the country’s economy. 

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Read More Mexico: Pension Funds Agree to Invest Only in Mexican Instruments

Jorge Claude, General Manager of the Association of Chilean Insurers, recently states that the organization expects results to improve in 2009 over 2008, based primarily on the expectation that it is unlikely Chile will see another economic collapse such as that seen in 2008. 

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Read More Chilean Insurers Predict Improved Results in 2009 Despite Likely Slower Growth

On March 9, 2009, the International Association of Insurance Supervisors (“IAIS”) released an Issues Paper on Group-Wide Solvency Assessment and Supervision (the “Issues Paper”).  The purpose of the Issues Paper is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale. 

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Read More IAIS Releases Issues Paper on Group-Wide Solvency Assessment and Supervision