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Category: International


Signed, Sealed and (Almost) Delivered: EU Council Authorizes Signing of U.S. – EU Bilateral Insurance AgreementAug 02, 2017

On July 14, 2017, the Trump administration released a statement indicating that the United States intends to sign the U.S. – EU bilateral insurance agreement.  The announcement came several weeks after the Council of the European Union adopted a decision authorizing the signing of this agreement.  The agreement attempts to “level the playing field for U.S. insurers and reinsurers operating in the EU.”[1]  This U.S. – EU bilateral agreement is a…

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As Uncertainty Looms Post-Brexit, London Market Group Publishes Recommendations to UK GovernmentMay 12, 2017

On March 29, 2017, Prime Minister Theresa May triggered Article 50 of the Treaty of Lisbon, which gives any member of the EU the right to leave.  The UK has the next two years to negotiate an exit deal, which means that, barring any extensions, the UK will officially leave the EU by April of 2019. In light of the upcoming negotiations, The London Market Group, which represents the insurance…

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Ontario Courts Weigh in on International Arbitration IssuesMar 27, 2017

Two Canadian cases have recently touched upon the concept of international arbitration provisions and enforcement of international arbitral awards. In the first, a Canadian law endorsement superseded an arbitration provision in the original text of the insurance policy, allowing actions against the insurers under that policy to take place in the courts, instead of through arbitration. In the second, the court upheld an international arbitration award despite the existence of…

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SDV Visits Slovakia, Expanding International ReachNov 09, 2016

SDV has been serving policyholders and insurance brokers in the United States for over 20 years. As part of its continuing growth, SDV has been expanding its insurance coverage expertise to include more multinational clients. The firm feels it can bring a unique perspective to growing insurance markets, such as Central and Eastern Europe. Last month, Stella Szantova Giordano attended the SIBAF Forum – an annual conference of insurance brokers in…

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Supreme Court of Canada Broadly Interprets Exception to Faulty Workmanship ExclusionNov 07, 2016

In a recent policyholder-friendly decision, the Supreme Court of Canada found coverage under an exception to the faulty workmanship exclusion in an all-risk policy. The decision provided the insureds with millions to cover the cost of replacing the faulty work. In Ledcor Construction v. Northbridge Indemnity Insurance Co., a subcontractor was hired to complete exterior cleaning of a high-rise building’s windows toward the end of construction. The subcontractor used improper…

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Oil and Gas Activities in Mexico Face New Insurance RequirementsSep 08, 2016

Mexico recently issued a new set of minimum insurance requirements for companies engaging in certain oil and natural gas activities including exploration, production, processing, and refining. At a minimum, these companies must procure coverage for civil liability, environmental liability, and well control, where applicable. The guidelines set forth mandatory minimum insured amounts dependent upon the activity, in addition to requiring that the insurance must be issued by insurers qualified in…

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US-EU Privacy Shield Program Open for Sign-UpsAug 02, 2016

For several months we have been closely following the negotiations leading up to the adoption of the US-EU Privacy Shield. This framework, which replaces the US-EU Safe Harbor program, was formally adopted by an overwhelming majority of EU member states on June 12. Starting August 1, U.S. companies that handle or transmit data of EU subjects can register on www.privacyshield.gov to signify that they participate in the Privacy Shield. Since compliance…

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To Brexit or Not to Brexit… What’s In Store for the European Insurance Market?May 25, 2016

On June 23, 2016, the UK will vote on whether to leave the EU. With the highly anticipated EU Referendum only one month away, there’s been a lot of buzz about the effect that a “Brexit” will have on Europe’s insurance industry – the world’s largest insurance market. Currently, London Market insurers enjoy the benefits of access to the European Single Market, recently confirmed by Solvency II (read more about…

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US-EU Data Protection is Ramping UpFeb 18, 2016

If you are a risk manager of a multi-national company, and you haven’t heard of Article 29 Working Party (WP29), it’s time you become acquainted. It is an independent European advisory body on data protection and privacy. One of its core functions is to provide an opinion on the level of data protection in the EU and other countries. In this capacity, it will advise on the terms and ultimate…

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EU Adopts General Data Protection Regulation; Now May Be the Time to Look for EU Cyber CoverageJan 05, 2016

On October 22, we posted about the anticipated EU General Data Protection Regulation. As expected, the EU adopted the Regulation as part of its data protection reform package on December 15. US businesses have been concerned about protecting the data of EU subjects transmitted to the US because in October, the European Court of Justice declared the US Safe Harbor regime invalid. EU and US negotiators have been frantically working…

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New Year, New EU Insurer RegulationsNov 05, 2015

On January 1, 2016, the much-anticipated regulatory regime termed Solvency II is slated to be implemented in the European Union. Solvency II is a directive aimed at codifying and harmonizing EU insurance regulations that are formally approved by the European Parliament and the European Council. At the simplest level, it is a set of standards designed to ensure that European insurance companies maintain sufficient capital to cover their insurance claims….

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New European Personal Data Protection Rules Are Coming Soon – Should You Be Concerned?Oct 22, 2015

In the Unites States, a week rarely goes by without a new cyber security breach. Slowly but surely, the European Union is catching up in raising awareness of cyber security and demanding that companies protect the personal data of EU individuals who fall under the definition of “data subjects.” The final version of the new General Data Protection Regulation is expected to be released by late 2015 or early 2016….

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