LexisNexis

EIOPA considers the application of the EU Insurance Distribution Directive

The EU has produced two recent publications on the Insurance Distribution Directive concerning distribution of insurance products, on the application of the IDD and other on sanctions. This article highlights recent developments in the operation and regulation of insurance intermediaries within the European Union.

Released on Aug 9, 2022

Ireland awaits the new EU Insurance Recovery and Resolution Directive

A new recovery and resolution framework for EU failing insurers and reinsurers is making progress, and is scheduled to be implemented by EU Member States by the end of 2024. The new framework (IIRD) includes regulatory tools to deal with distressed insurers such as solvent run-off, sale of the business, bridge undertaking, asset and liability separation and ‘bail-in’ (write-down and conversion).

Released on Aug 9, 2022

SUSEP Resolution 407/2021: freedom for parties to negotiate contract terms for large-risk insurance in Brazil

The highly anticipated SUSEP Resolution 407/2021 allows parties to negotiate contract terms freely for large-risk insurance in Brazil, instead of being bound to use the template wording created by the regulator.

Released on Jul 27, 2022

Transfers of significant holdings in a Spanish insurance brokerage: the new regime

The Royal Decree-Law 3/2020 of 4 February 2020 has transposed insurance distribution (IDD) in Spain, establishing a control regime for acquisitions of significant holdings in insurance brokers. The new regime is similar to the now repealed Law 26/2006 of 17 July 2006. This article outlines the new law’s main features and penalties.

Released on Jul 27, 2022

EU concerns about cybersecurity in the financial sector

The EU’s European Council and the European Parliament have reached a provisional agreement on a new cybersecurity regulation with implications for the insurance sector. As a result of the proposed regulation, the Swedish Financial Supervisory Authority proposes to extend its supervision in this area.

Released on Jul 27, 2022

Insurance division yields market multiplication

The purpose of this article is to acquaint insurance practitioners with the mechanics of division through an overview of the Illinois transaction.

Released on Jul 27, 2022

US insurance regulators ask: What is a ‘bond’?

US insurance regulators are engaged in a far-reaching project to define what a ‘bond’ is for purposes of regulating insurance company investments.

Released on Jul 27, 2022

Climate change: COP26 and the impact on insurers in Zimbabwe

The study of climate change’s far-reaching consequences on all types of insurance – and on insurance law – is important. Insurers are dealing with this uncertain environment in a spectrum that runs from direct engagement to, perhaps, complete avoidance.

Released on Jul 27, 2022

US tort system: insurance bad faith and extra-contractual damages can level the playing field with your insurance company

International companies should be aware of the bases in US law for holding insurance companies liable for bad faith and related above-policy-limits liabilities in the wake of unfounded claims denials or payment delays. The opportunity to press such claims under the right circumstances provides policyholders with crucial leverage when claims are wrongfully denied.

Released on Jul 27, 2022

Outsourcing in the insurance distribution arena: some thoughts from the Spanish perspective

The Insurance Distribution Directive contains no provisions about outsourcing by insurance distributors. This article describes how outsourcing is governed in Spain and some issues observed so far. It comes to the conclusion that European Union regulatory harmonisation is needed in this area.

Released on Jul 27, 2022

Group capital calculation legislation in New York

New York State is considering legislation that would implement the Covered Agreements on insurance regulation between the US and the EU and the UK, respectively (the Covered Agreements). However, the legislation does not contain the reciprocity language required by the Covered Agreements, apparently leaving this for regulation in the discretion of the New York Superintendent of Financial Services (the state’s insurance regulator). This may leave the legislation vulnerable to federal pre-emption.

Released on Jul 27, 2022

The impact of Covid-19 on the global insurance industry

Released on Jul 15, 2022

The impact of Covid-19 on the global insurance industry – United States

Released on Jul 13, 2022

The impact of Covid-19 on the global insurance industry – United Kingdom

Released on Jul 13, 2022

The impact of Covid-19 on the global insurance industry – Switzerland

Released on Jul 13, 2022

The impact of Covid-19 on the global insurance industry – Sweden

Released on Jul 13, 2022

The impact of Covid-19 on the global insurance industry – Spain

Released on Jul 13, 2022

The impact of Covid-19 on the global insurance industry – South Africa

Released on Jul 13, 2022

The impact of Covid-19 on the global insurance industry – Singapore

Released on Jul 13, 2022

The impact of Covid-19 on the global insurance industry – Poland

Released on Jul 12, 2022

The impact of Covid-19 on the global insurance industry – The Netherlands

Released on Jul 12, 2022

The impact of Covid-19 on the global insurance industry – Italy

Released on Jul 12, 2022

The impact of Covid-19 on the global insurance industry – Ireland

Released on Jul 12, 2022

The impact of Covid-19 on the global insurance industry – Australia

Released on Jul 11, 2022

The impact of Covid-19 on the global insurance industry – India

Released on Jul 11, 2022

The impact of Covid-19 on the global insurance industry – Germany

Released on Jul 11, 2022

The impact of Covid-19 on the global insurance industry – Argentina

Released on Jul 11, 2022

The impact of Covid-19 on the global insurance industry – Canada

Released on Jul 11, 2022

The impact of Covid-19 on the global insurance industry – France

Released on Jul 11, 2022

Special report on local developments in insurance law addressing claims arising from Covid-19

Released on Jul 11, 2022