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Locke Lord LLP | Guatemala, Nicaragua, Venezuela | 6 Aug 2010
Venezuela, Guatemala and Nicaragua approve new insurance laws
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.
Locke Lord LLP | European Union, United Kingdom | 30 Jul 2010
Legal expenses insurance must comply with insured's freedom to choose lawyer under EU directive
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.
Locke Lord LLP | China, Hong Kong | 29 Jul 2010
Hong Kong: yuan liberalisation boosts insurers
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.
Locke Lord LLP | USA | 29 Jul 2010
New York State Court denies motion to compel discovery of reinsurance and reserve information
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.
Locke Lord LLP | USA | 28 Jul 2010
New York Insurance Department to hold hearing on August 20, 2010 on whether to expand the Export List under Regulation 41
A public hearing on August 20, 2010 will explore the possibility of increasing insurance capacity in New York by easing access to unauthorized insurers.
Locke Lord LLP | USA | 28 Jul 2010
California insurers divest $400 million in Iran-related assets
California Insurance Commissioner Steve Poizner announced on July 1, 2010 that insurers in his state had sold about 20% of the assets the industry holds in the 50 companies that the California Department of Insurance ("CDI") has identified as doing business with Iran's nuclear, energy and defense sectors.
Locke Lord LLP | Iran | 28 Jul 2010
Iran's shipping industry suffers as foreign insurers withhold coverage
According to a recent article in the Washington Post, "Tehran's ability to ship vital goods has been significantly curtailed as some of the world's most powerful Western insurance companies cut off Iranian shippers out of fear that they could run afoul of U.S. laws, the insurers say."
Locke Lord LLP | Germany, USA | 28 Jul 2010
German government opposes US legislation limiting deductibility of reinsurance premiums
Proposed legislation that would limit a tax deduction for reinsurance premiums paid to a foreign affiliate of a US insurer has drawn the formal opposition of the German government.
Locke Lord LLP | Hong Kong | 28 Jul 2010
Government proposes to establish independent insurance authority
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".
Locke Lord LLP | USA | 27 Jul 2010
Federal Court Orders Party to Produce Copies of its Reinsurance Agreements Under Fed. R. Civ. P. 26
Plaintiff moved to compel production of defendant American Red Cross' reinsurance agreements.
