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2021 represented another robust year for insurance industry M&A activity, taking in stride the ongoing COVID-19 pandemic, and occurring within the context of a global mergers and...

In Revenue Ruling 2009-26 (the “Ruling”), issued on September 1, 2010, the IRS provided guidance on whether a reinsurance contract between a corporation (a “Reinsurer”) and an insurance company is treated as “reinsuring risks” underwritten by insurance companies for purposes of determining whether the Reinsurer is an insurance company under Section 831(c) of the Internal Revenue Code of 1986, as amended (the “Code”).

As the G-20 grapple with how to change the global legal framework for financial services to ensure that there are no future financial crises, some countries have moved to quickly modernize their laws to accommodate the insurance needs of consumers and the business opportunities afforded thereby.

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On March 22, 2023, a joint meeting of the Financial Stability (E) Task Force and the Macroprudential (E) Working Group (together the "Joint Group") took place at the Spring 2023 US...

On December 8, 2011, the U.S. Government Accountability Office ("GAO") issued a report to Congress entitled "Clarifications Could Facilitate States’ Implementation of the Liability Risk Retention Act" ("GAO Report").

A captive insurance and self-procurement tax law is awaiting the governor's signature in Illinois. This new business-friendly law may provide a substantially improved environment

According to a New York appellate court, insurers may still disclaim coverage years after underlying litigation commenced, if the insurer’s delay in doing so did not prejudice the insured.

In the latest round of steps taken between the US and Mainland China, last Friday (7 August 2020) the US Department of the Treasury's economic sanctions unit, the Office of Foreign Assets Control, listed eleven individuals ...

On January 13, 2017, the US Treasury reported to Congress that Treasury and the US Trade Representative (USTR) had successfully concluded negotiations...

The US National Association of Insurance Commissioners (NAIC) held its Fall National Meeting in Denver, Colorado on November 16-19, 2024. This Legal Update reports some highlights of the meetings of

Insurers and reinsurers navigating the increasingly complex rules on reciprocity for collateral requirements should consider recent guidance from the leading U.S. standard-setting body.

A long-running dispute between Pennsylvania National Mutual Casualty Insurance Company and one of its reinsurers, Everest Reinsurance Company...

Senators Jack Reed (D), Charles Schumer (D), Christopher Murphy (D), Mark Kirk (R), Dean Heller (R) and Mike Johanns (R) introduced a bill to extend TRIA.

In Axis Reins. Co. v. Northrop Grumman Corp., 975 F.3d 840 (Sept. 14, 2020), the U.S. Court of Appeals for the Ninth Circuit reversed a judgment in favor of Axis Reinsurance ...

Model Regulation #275 The Annuity Suitability (A) Working Group of the NAIC Life Insurance and Annuities (A) Committee held an open meeting on Saturday, March 24, 2018 ...

Congress has approved an extension to the Terrorism Risk Insurance Act of 2002, which was set to terminate on December 31, 2005.