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Brazil’s insurance regulator, the Superintendency of Private Insurance (SUSEP), recently issued a circular imposing stricter vetting requirements upon Brazilian companies before they may purchase insurance from foreign insurers. …
Read More Brazil: SUSEP Issues Circular No. 126 Strengthening Vetting Requirements Before Purchase of Foreign Insurance

The Treasury Department recently proposed a rule that would implement the statutory requirements in Section 103(e) of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) that caps the annual liability of the Terrorism Risk Insurance Program (the “Program”) for insured losses at $100 billion. 

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Read More Treasury Department Proposes Rule Implementing Cap on Terrorism Risk Insurance Program

The XXII Congreso de Aseguradoras de Centroamerica y El Caribe took place this week in Managua, Nicaragua, with participation by nearly 300 representatives from insurers, reinsurers, regulators and industry associations.  The event was hosted by the Asociacion Nicaraguense de Aseguradoras Privadas (ANAPRI), an autonomous association representing the individual insurance companies of Nicaragua. …
Read More 22nd Congress of Central American and Caribbean Insurers Comes to Close in Nicaragua

Last month, Representative Richard Neal (D- Mass.) introduced H.R. 6969 in response to concerns voiced by the Coalition for Domestic Insurance Industry (the “Coalition”) alleging that favorable tax treatment for foreign insurance groups is making it increasingly difficult for U.S. insurers to compete.  H.R. 6969 attempts to reduce the purported competitive advantage by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded to affiliated insurance companies not subject to U.S. taxation. …
Read More Representative Neal Introduces Reinsurance Tax Legislation

In July 2007 the Law Commission published a Consultation Paper that made provisional proposals and asked questions in relation to both business and consumer insurance on the specific issues of misrepresentation, non-disclosure and breach of warranty.  The Law Commission has now published a summary of the responses it received to the Consultation Paper in so far as they relate to the reform of business insurance law. …
Read More UK: Law Commission Publishes Summary of Responses Regarding Reform of Business Insurance Law

Yesterday, the Edwards Angell Palmer & Dodge team of Nick Pearson, Mark Everiss and Nick Stern continued to attend the 2008 AIRROC/Cavell Commutations Event. During the course of the day they held a series of meetings and took part in the later conference activities. …
Read More 2008 AIRROC/Cavell Commutations Event

The Reinsurance Directive was adopted in 2005 and was to be implemented by member states no later than 10 December 2007 (with some provisions coming into force by 10 December 2008). Although a number of member states missed the 2007 deadline, most have now completed their implementation or are expected to do so by December 2008. …
Read More UK: EAPD Publishes Updated Guidance Note on Implementation of the Reinsurance Directive

On 16 October 2008, the Department for Business, Enterprise and Regulatory Reform (BERR) published a consultation document seeking comments in respect of the European Commission’s proposal for the creation of European Private Companies, which was published in June 2008. …
Read More UK/EU: Consultation on EU Proposal to Enable the Creation of European Private Companies

Mark Everiss, Selinda Melnik, Nick Pearson, Mary Pat Cormier and Nick Stern of Edwards Angell Palmer & Dodge attended the second day of the AIRROC/Cavell Commutation & Networking Event 2008. Selinda Melnik and Mary Pat Cormier hosted a very  well attended Women’s Networking Lunch. 

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Read More AIRROC/Cavell Commutation & Networking Event 2008