Tag Archives: insurance

Second Wave of United States Sanctions Against Iran Re-Imposed

Following President Trump’s decision on May 8, 2018 to withdraw the United States from the Joint Comprehensive Plan of Action (“JCPOA”), the US government announced that it would re-impose pre-JCPOA nuclear-related Iran sanctions (both primary and secondary) that were lifted … Continue reading

Leave a Comment

Filed under Announcements, Bribery and Corruption, Corporate Crime, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, US

SANCTIONS CLAUSES IN A CHANGING SANCTIONS REGIME

How far can a sanctions clause protect a party from having to perform their contractual obligations – and in the case of Iran-related sanctions concerns, how does this interact with the Blocking Regulation? In Mamancochet Mining Limited v Aegis Managing Agency … Continue reading

Leave a Comment

Filed under Announcements, Corporate Crime, Iran, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, US

CHINA’S NEW LIBERALISATION POLICIES FOR THE FINANCIAL SECTOR

China is advancing its policies to open up its markets and attract more foreign investment. This year, the financial sector is one of the focus areas for liberalisation. On 11 April 2018, Yi Gang, the governor of People’s Bank of … Continue reading

Leave a Comment

Filed under Asia, China, Regulatory Reform, Sector Updates by Herbert Smith Freehills

New Insurance Authority in Hong Kong commences regulation of insurers with enhanced powers

With effect from 26 June 2017, the independent Insurance Authority (IA) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (OCI) in regulating insurers. The IA will be a much more powerful regulator than its predecessor, … Continue reading

Leave a Comment

Filed under Hong Kong, Insurance, Regulatory Reform

Financial firms: protecting customer personal data

A recent case provides a rare example of the criminal prosecution of an individual (in this case the former employee of an insurer) for breach of the Data Protection Act 1988 (DPA).  David Barlow Lewis was a former employee of … Continue reading

Leave a Comment

Filed under Europe, European Regulation, FSA, FSA Rules, Insurance, Sector Updates by Herbert Smith Freehills, UK, UK Legislation, UK Regulations, Uncategorized

Mitigating cyber security exposures: risk transfer through cyber insurance

Now may be the time to review your cyber risk mitigation strategy and give serious consideration to whether the financial cost of cyber attacks could be transferred to insurers at a fair price. Cyber security is amongst the leading risks … Continue reading

Leave a Comment

Filed under Americas, Asia, Australia, Europe, JURISDICTIONS, UK

Authorising third country insurance firms: has the Commission got it wrong?

Geoff Maddock, partner Email | Profile tel: +44 20 7466 2067 mobile: +44 7785 255016 By Geoff Maddock, corporate insurance partner Commission view on authorisation In July 2015 a Commission official expressed a controversial view on when third country insurance … Continue reading

Leave a Comment

Filed under Europe, Insurance, UK, UK Legislation, UK Regulations, Uncategorized

FCA expresses concern over use of delegated authorities in general insurance

A recent FCA report on the use of delegated authorities in general insurance serves as a warning to insurers, in particular, to look carefully at whether current arrangements are “fit for purpose”.  Where they are not, changes must be made.  The FCA … Continue reading

Leave a Comment

Filed under UK

UK: Insurance Act receives Royal Assent

The Insurance Act has today received royal assent, paving the way for the most significant change to English insurance contract law in over 100 years.  The Act will come into force in August 2016 following an 18-month lead in period. 

Leave a Comment

Filed under Insurance, UK, UK Legislation

Insurance Regulation in 2015

So many developments are in the pipeline that we expect 2015 to be a landmark year for the insurance sector.  In this briefing, we consider how regulation may develop over the year.  We start by considering the prudential side and … Continue reading

Leave a Comment

Filed under EU, Insurance, UK