Under prior law (Law No. 17418, Article 162), Argentina treated reinsurance as an international undertaking and permitted the ceding company and the reinsurer to choose the appropriate law and jurisdiction in their contract. Recent Resolution 33.320/2008, however, provides that all new reinsurance contracts involving local insurers, whether treaty or facultative, must stipulate that the contract is subject to Argentinean law and jurisdiction.
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Regulatory
UK: FSA Lifts Short Selling Ban
We reported last week that the FSA was consulting on whether to lift its ban on short selling of stocks in financial companies and certain amendments to the disclosure rules in connection with short positions (see the post by clicking here).
Mexico: Major Insurance and Reinsurance Developments in 2008
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Mexico stands out as particularly significant given the size of the market involved.
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Costa Rica: Major Insurance and Reinsurance Developments in 2008
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Costa Rica stands out as particularly significant given the the fundamental nature of the developments seen there in the past year. …
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Chile: Major Insurance and Reinsurance Developments in 2008
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Chile stands out as particularly significant given the size of the market involved. …
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Brazil: Major Insurance and Reinsurance Developments in 2008
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Brazil stands out as particularly significant given the size of the market involved and the fundamental nature of the developments seen there in the past year.
…
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Argentina: Major Insurance and Reinsurance Developments in 2008
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Argentina stands out as particularly significant given the size of the market involved and the fundamental nature of the developments seen there in the past year. …
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SCHIP Bill Passed Again By House
By Troutman Pepper Locke on
On January 14, 2009, the U.S. House of Representatives passed the Children’s Health Insurance Program Reauthorization Act of 2009 (H.R. 2) (the “Act”) by a vote of 289-139. The Act would expand coverage and extend the effective date of the State Children’s Health Insurance Program (“SCHIP”), which is set to expire at the end of 2009 fiscal year.
(Re)emerging Mercados: Significant Recent Developments in the Latin American Insurance and Reinsurance Markets
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
At 1:21 p.m. local time on January 8, 2008, an earthquake measuring 6.2 on the Richter scale occurred in the Central American country of Costa Rica. It left 18 people dead, 40 missing and hundreds injured. The earthquake also caused landslides that blocked a number of roads, displaced approximately 1,200 residents and damaged several hotels and major businesses. …
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FSA Fines Aon £5.25m
By Troutman Pepper Locke on
The Financial Services Authority (FSA) has fined Aon Limited (Aon) £5.25m following suspicious payments of around $7m to overseas third parties between 2005 and 2007.