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On the same day that it released a report indicating that insurance premiums should experience double-digit growth through 2010, Brazilian insurance regulator SUSEP announced the suspension of 10 of the nation’s 30 reinsurance brokers. …
Read More Brazil Regulatory Update: SUSEP Expects Double-Digit Premium Growth Through 2010, Suspends 10 Reinsurance Brokers

Comos previamente discutido aquí, el Presidente de Costa Rica, Dr. Oscar Arias Sánchez, firmó este año una ley terminando el monopolio del gobierno de más de 80 años sobre la industria aseguradora del país.  Hasta hoy, ninguna empresa privada ha solicitado autorización para entrar al mercado, pero las autoridades de Costa Rica han comenzado de investigar acusaciones de ventas del seguro extranjero (click aquí) y algunas compañías han indicado públicamente su interés en el mercado, incluyendo Grupo Mundial de Panamá, que ha indicado que se está preparando para entrar al mercado de Costa Rica en 2009. …
Read More Nueva Ley y Regulaciones de Seguro de Costa Rica

As we previously discussed here, Costa Rican president Oscar Arias Sanchez this year signed into law a bill ending the more than 80-year government monopoly over the country’s insurance industry.  Although no private companies have yet applied for licensing, the Costa Rican authorities have begun cracking down on sales of foreign insurance (please click here) and several companies have publicly indicated an interest in the market, including Grupo Mundial of Panama, which has indicated that it is preparing to enter the Costa Rican market in 2009. …
Read More New Costa Rican Insurance Law and Regulations

We have reported previously on the progress of the Lloyd’s Legislative Reform Order (LRO) through Parliament (our most recent post can be found by clicking here). The LRO has now been approved by both Houses of Parliament and is expected to come into force on Wednesday 19 November 2008. 

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Read More Parliament Approves Lloyd’s Reform Order; Lloyd’s Consults on Changes to its Rules

At the Future of General Insurance conference on 5 November 2008, Sarah Wilson, the FSA’s insurance sector leader, warned that the insurance industry might find itself under pressure if it fails to reform its practices regarding contract fairness and customer relations. She added that the FSA will be taking a keen look at the sector, particularly in light of the added risks it faces in the current economic climate. …
Read More UK: FSA’s Message to the Industry at the Future of General Insurance Conference

On October 21, 2008, Argentina’s president, Cristina Fernandez de Kirchner, announced a plan to nationalize the country’s 30 billion dollars in private pension funds, ostensibly in a effort to protect retirees’ savings during the current global economic turmoil.  The announcement, however, rather than stabilizing Argentina’s economy, has thus far resulted in greater uncertainty and tremendous economic and social turmoil. 

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Read More Argentina: Ramifications of the Nationalization of Private Pension Funds

La Nacion of Costa Rica reports that the new Superintendencia General de Seguros (Sugese) is investigating 15 persons concerning allegations of illegal sales of foreign insurance policies.  Complaints were filed with Sugese against the 15 persons by the Instituto Nacional de Seguros (INS), which until recently held a government-imposed monopoly on insurance sales and remains the only entity currently authorized to sell insurance in Costa Rica. 

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Read More New Costa Rican Insurance Superintendency Investigating “Illegal” Sale of Foreign Insurance

As previously discussed here, here, here, and here, in enacting the Emergency Economic Stabilization Act (“EESA”), Congress authorized the United States Treasury to establish the Troubled Asset Relief Program (“TARP”).  As part of the Treasury’s effort to inject capital into the credit markets, the Treasury initiated the Capital Purchase Program (“CPP”) as part of the TARP. …
Read More Insurance Company Participation in the Troubled Asset Relief Program

The 18th annual Convencion Internacional de Seguros recently took place in Colombia, with the potential ramifications of the international credit crisis taking center stage together with the pre-planned agenda regarding catastrophic and political, social and financial risks. 

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Read More 18th International Insurance Convention in Colombia Focuses on Global Credit Crisis