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On October 16, 2008, the Superintendent of the New York State Insurance Department (the “Department”), Eric R. Dinallo, issued Circular Letter No. 20 (2008) (the “Circular Letter”) setting forth “contract certainty” expectations for property/casualty policies and reinsurance contracts. 

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Read More New York Insurance Department Sets Expectations of Contract Certainty for Insurance Policies and Reinsurance Contracts

Last week, the head of the New York State Insurance Department (“NYSID”), Superintendent Eric Dinallo, announced the signing of a memorandum of understanding (“MoU”) with Hector Sants, Chief Executive Officer of the Financial Services Authority (“FSA”) in the UK.  The MoU provides for a formal exchange of information relevant to each organization’s supervisory, regulatory and examination responsibilities. …
Read More The New York State Insurance Department Enters Cooperation Agreement with the Insurance Regulator in the United Kingdom

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