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The 2008 AIRROC/Cavell Commutation & Networking Event in New Jersey USA, which began yesterday and lasts until Wednesday, is being attended by Nick Pearson, Mary Pat Cormier, Selinda Melnik and Nick Stern of Edwards Angell Palmer & Dodge. 

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Read More AIRROC/Cavell Commutation & Networking Event 2008

Last week, the Australian Government passed legislation in response to the global financial crisis.  Of particular interest to insurers is the Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Bill 2008 (the “FCS Bill”), which is designed to assist policyholders should a general insurer become insolvent.  A general insurer is an insurer licensed to transact insurance business in Australia and includes foreign insurers. 

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Read More Australia Passes Financial Stability Package

On 24 September 2008, the High Court of Hong Kong sanctioned the transfer of the long-term business of Transamerica Occidental Life Insurance Company (“TOLIC”) carried on from Hong Kong to Transamerica Life Insurance Company (“TLIC”) which had established a Hong Kong branch for the purpose. …
Read More Hong Kong: Court Sanctions Transfer of Business of Transamerica Occidental Life Insurance Company

The Chilean government recently announced that it will raise the capital gains tax rate applicable to foreign insurers, foundations and sovereign funds that operate in the country.  In a joint release, the Ministerios de Hacienda y Economia announced that the regulation will be sent to the Controlaria General this week. …
Read More Chile To Raise Capital Gains Tax Applicable To Foreign Insurers, Foundations and Sovereign Funds

The Ecuadorian government recently announced that, in light of the ongoing global financial crisis, it will step up its supervision of financial institutions in the country.  Ecuador’s Superintendent of Banks and Insurance, Gloria Sabando commented that, although the crisis is not expected to have an immediate impact upon Ecuador, it signals the need to take measures to avoid a future crisis in the country. 

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Read More Ecuador Will Reinforce Supervision Of Financial Companies In Light Of Global Crisis

Moore Stephens Insurance Industry Group has conducted a survey of UK insurers and intermediaries and has reported, somewhat alarmingly, that 40% of insurers have not incorporated Treating Customers Fairly (TCF) into their business strategy and only 50% of respondents are “extremely confident” that they will meet the FSA’s December 2008 deadline for compliance. …
Read More UK: Are Firms Ready to Treat Customers Fairly?

As the current worldwide economic turmoil has taken its toll on insurance markets, a number of Latin American regulators and commentators have expressed the opinion that the peculiarities of the Latin American insurance markets may make them particularly resilient in the face of a potential global downturn.  According to these sources, despite the current crisis, Latin American insurance markets remain stable and likely to continue to grow. 

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Read More How Will The Credit Crisis Affect Latin American Insurance Markets?