Mondaq Offshore: Insurance
The ruling of the English Court of Appeal in The Princess of the Stars that a "follow the settlements" clause in a reinsurance policy does not negate or impinge on the general rule that a stay of English court proceedings, should be granted only in rare and compelling circumstances.
As November 2012 drew to a close, catastrophe modelling firms were releasing their latest insured loss estimates from Hurricane Sandy.
In AstraZeneca Insurance Company Limited v XL Insurance Ltd & Anor, XL Insurance and Ace Bermuda obtained judgment against AstraZeneca Insurance Company, AstraZeneca Group’s captive insurer.
The Bermuda Monetary Authority (the "Authority") recently published an update to the industry on the developments of Bermuda's insurance framework and includes the following topics of interest
BERMUDA’S ROLE as a pre-eminent jurisdiction for reinsurance has long been established, and Bermuda is now considered to be one of the three largest jurisdictions for insurance and reinsurance, and, more significantly, the reinsurance capital of the world. the size and role of the Bermuda insurance and reinsurance market is epitomised by the value of its aggregate capital and surplus (US$185 billion in 2011) and total assets (US$524 billion in 2011), no small feat for a remote island in the midd
Two US courts refuse to find jurisdiction over Bermuda (re)insurers found not to be acting as an alter ego or agent of their related entity.
The Cayman Islands Legislative Assembly recently passed an amendment to the Insurance Law permitting certain insurers formed as segregated portfolio companies to register portfolio insurance companies.
Latest developments show that organisations from around the world continue to view Guernsey as an attractive jurisdiction for domiciling their risk management vehicles, explains Guernsey Finance's Fiona Le Poidevin.
Employer’s liability claims, particularly those concerning mesothelioma caused as a result of exposure to asbestos.
In a recent decision handed down by the High Court, Yau Tsz Hin v. Broadway Theatre Company Limited, HCPI 674 of 2010, the cinema successfully defended a 'slip and fall' claim lodged by its patron.
The Government has recently completed a three-month public consultation on the legislative proposals for the establishment of the Independent Insurance Authority.
This recent decision highlighted the High Court's role in the transfer of a Hong Kong long term insurance business.
Last month, the Privacy Commissioner for Personal Data (PCPD) issued a Guidance Note on the Proper Handling of Customers’ Personal Data for the Insurance Industry ("Guidance Note").
An insurer should follow the HKIA guidelines to the extent necessary considering the materiality of the outsourcing.
A number of discussions related to the most recent updates in the insurance sector.
The last two years have seen an increasing number of insurance portfolio transfers in the domestic and cross-border sectors of the Irish insurance industry with the drivers for this activity principally being domestic or international M&A activity, group re-organisations and a number of closures
A discussion on the importance of the ORSA process.
Material growth is expected in the field of international insurance business.
The IAIS published a consultation on 17 October 2012 on policy proposals for G-SIIs.
An important deadline has just passed by which dual national Egyptians and foreign owned businesses must have disposed of their investments in the Sinai Peninsula, or face compulsory acquisition by the state.
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A discussion on the ways of handling disputes in the UAE.
Described as the ‘Little Wall Street of the World’, Bermuda is one of the largest jurisdictions for insurance and reinsurance.
In a recent decision handed down by the High Court, Yau Tsz Hin v. Broadway Theatre Company Limited, HCPI 674 of 2010, the cinema successfully defended a 'slip and fall' claim lodged by its patron.
A discussion on the importance of the ORSA process.
New market entrants, the return of traditional market players, and changing regulations once again have the world's insurance providers' eyes set on Bermuda.
The Personal Data (Privacy) (Amendment) Ordinance 2012 sets out a number of changes to the Personal Data (Privacy) Ordinance
A discussion on the Court of Justice of the European Union ruling, that article 50 of Directive 2002/83/EC concerning life assurance is to be interpreted as meaning that a Member State's right to subject to an indirect insurance tax on life insurance premiums paid by the individual policyholder residing in this Member State overrides the Member State's taxing rights where the contract was concluded.
A number of discussions related to the most recent updates in the insurance sector.
As your business reflects on both the changing shape of the Solvency II timetable and the eventual move to a new IFRS standard for insurance contracts, how can a durable platform for regulatory and financial reporting in the future?
The introduction of compulsory health insurance and how it is likely to be rolled out across the UAE remains a very important issue for the country as a whole.
