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Locke Lord LLP | Mexico, Costa Rica, Ecuador | 2 Mar 2010

Latin American insurance and reinsurance update: Costa Rica, Mexico, Ecuador

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.


Locke Lord LLP | USA | 14 Jan 2010

Circular letter regarding contract certainty issued for comment by the New York Insurance Department

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.


Locke Lord LLP | Brazil | 12 Nov 2009

Regulatory change removes prohibition against life insurers selling home and personal casualty insurance

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.


Locke Lord LLP | Global | 11 Nov 2009

QBE expects 7.14 premium growth for Latin American operations in 2009; ACE’s Latin American life insurance premiums up 85

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.


Locke Lord LLP | USA | 3 Nov 2009

United States district court grants insurer’s motion to dismiss in case involving guaranties of reinsurance for default protection insurance

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.


Locke Lord LLP | USA | 5 Oct 2009

P&C insurers to submit copies of consumer notices in connection with credit scoring to New Jersey Department of Banking and Insurance

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.


Locke Lord LLP | Peru, Brazil, Costa Rica, etc. | 3 Sep 2009

Costa Rican INS revives international expansion plans; double-digit market growth in Ecuador and Peru; IRB earnings decline 55.7 in Brazil

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.


Locke Lord LLP | USA | 18 Aug 2009

Governor Paterson announces appointment of New York Superintendent of Insurance

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”).


Locke Lord LLP | Argentina, Mexico, Puerto Rico, etc. | 27 Jul 2009

Premium growth results and forecasts

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.


Locke Lord LLP | Panama, Peru, Venezuela, etc. | 24 Jul 2009

Expansion into emerging markets a priority for insurance companies despite economic crisis; Grupo Mundial lays out plans for Costa Rica; Chilean insurer expands into Peru; premium growth in Guatemala and Venezuela

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.

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