Latin American Developments
Brazil Issues New Regulations Governing Maximum Cession Levels To Occasional Reinsurers
Brazil’s insurance regulator, the Superintendency of Private Insurance (SUSEP), recently issued regulations establishing that cessions to occasional reinsurers (see definition below) by Brazilian insurers may not exceed 10% of the total premiums ceded to reinsurers. The new regulations further establish that no Brazilian insurer may cede more than 50% of the risk it underwrites to occasional reinsurers. The moves were not unexpected, having been foreshadowed in SUSEP’s discussions with the industry. …
First Circuit Federal Court of Appeals: Spanish Language Version of Puerto Rican Insurance Code Mandates Dismissal of Suit Against Puerto Rico Insurance Commissioner
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Non-Signatory To Agreement Containing Forum Waiver Clause Cannot Be Held Liable For Forum Waiver
In a March 3, 2008 decision, the U.S. District Court for the Southern District of New York granted a motion to dismiss for improper venue. See Aguas Lenders Recovery Group, LLC v. Suez S.A., Sociedad General De Aguas De Barcelona, S.A., and Agua y Saneamientos Argentinos S.A., Case No. 06 Civ. 7873 (RLC). The Court noted that the plaintiff could not hold defendant liable for forum waivers, where defendant was not a party to the relevant agreements and did not even exist when the agreements were created. …
Lloyd’s enters Brazil
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Brazilian Bank Seeks Authorization for Reinsurance License
Parana Banco, a Brazilian bank, recently sought authorization to form the country’s first ever private-sector reinsurer. Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank. …
Lloyd’s to Apply for Admission as a Reinsurer in Brazil
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Policy construction: The English Commercial Court has construed the terms of a business interruption policy
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The International Insurance Center of Puerto Rico
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First Circuit: Under Puerto Rico Law, A Plaintiff Must Ordinarily Introduce Expert Testimony Concerning Standard Of Care To Prevail On Defective Or Negligent Design Claim
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