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Venezuela, Guatemala and Nicaragua approve new insurance laws

Nicaragua, Venezuela, Guatemala - August 6 2010 The legislatures of Venezuela, Guatemala and Nicaragua have each recently approved new laws governing the activities of insurers, reinsurers and (re)insurance intermediaries concerning risks located within the respective countries....

Legal expenses insurance must comply with insured's freedom to choose lawyer under EU directive

United Kingdom, European Union - July 30 2010 On 19 July 2010, the FSA sent a letter to UK insurance firms reminding them of the requirement that terms in legal expenses insurance must not detract from, or qualify in any way, an insured's freedom to choose a lawyer....

Victoria Anderson, Jeanne Kohler.

New York State Court denies motion to compel discovery of reinsurance and reserve information

USA - July 29 2010 In Mt. McKinley Ins. Co. v. Corning Inc., 2010 NY Slip Op 20235 (N.Y. Sup. Ct. June 14, 2010), an insured (“Corning”) moved to compel discovery of reinsurance and reserve information from its insurers, arguing that this information was relevant, material and necessary to its coverage claim....

Victoria Anderson, Jeanne Kohler.

Hong Kong: yuan liberalisation boosts insurers

China, Hong Kong - July 29 2010 On 20 July 2010, the Hong Kong Special Administrative Region and Beijing signed an historic agreement allowing Hong Kong to become the first yuan clearing centre outside mainland China....

Victoria Anderson, Jeanne Kohler.

Government proposes to establish independent insurance authority

Hong Kong - July 28 2010 On 12 July 2010 the Secretary for Financial Services and the Treasury, Professor K C Chan, released a consultation paper entitled "Proposed Establishment of an Independent Insurance Authority"....

Victoria Anderson, Jeanne Kohler.