Aseguradora Mundial, the first foreign company authorized to sell insurance in the Costa Rican market, expects to roll out is first policy, an automobile insurance product, by April 2010.
The New York Insurance Department (the “Department”) recently issued a draft Supplement No. 1 to Circular Letter No. 20 (2008) (“CL No. 20”) regarding insurance contract certainty for propertycasualty insurance policies and reinsurance contracts.
In a move expressly designed to stimulate competition and reduce prices for personal lines insurance, the Brazilian government recently removed the previously existing prohibition against life insurers selling home and personal casualty insurance.
QBE Insurance Group recently stated that the company expects its gross written premiums from Latin American operations to grow by 7.14 for the year 2009.
In Everest National Insurance Company, et al. v. Robert Sutton, 07-Civ.-722 (JAP) (D.N.J. Oct. 14, 2009), the court dismissed five of Defendants’ counterclaims and three affirmative defenses on Plaintiff’s motion to dismiss.
On April 26, 2004, the New Jersey Department of Banking and Insurance (“NJDBI”) issued Bulletin No. 04-05 advising property & casualty insurers that they may use credit scoring in determining an insured’s rate provided that consumer protection measures are established, including, but not limited to providing rate, underwriting and classification exceptions for consumers whose credit information has been directly influenced by extraordinary life events, such as a serious illness, temporary loss of employment, divorce or identity theft, to name a few.
As reported previously in this space, Costa Rica’s Instituto Nacional de Seguros’ international expansion plans were put on hold in May 2009 when the nation’s Comptroller General took the position that the INS was empowered only to partner with, not acquire or establish, foreign companies.
On August 14, 2009, Governor Paterson announced the appointment of James J. Wrynn to serve as Superintendent of the New York State Insurance Department (the “Department”).
Mapfre’s Latin American operation, Mapfre America, recently announced that its net profits increased 25.0 and its total premiums 20.3 when comparing the first half of 2009 to the first half of 2008.
According to a recent Accenture study, cross-border expansion into emerging markets is a major short-term priority for insurance companies based in both developed and developing nations.