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Venezuela, Guatemala and Nicaragua approve new insurance laws

Guatemala, Nicaragua, Venezuela - 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

European Union, United Kingdom - 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

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

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

New York Insurance Department to hold hearing on August 20, 2010 on whether to expand the Export List under Regulation 41

USA - July 28 2010 A public hearing on August 20, 2010 will explore the possibility of increasing insurance capacity in New York by easing access to unauthorized insurers.

Victoria Anderson, Jeanne Kohler