The third edition of the Insurance and Reinsurance multi-jurisdictional guide brings together a wide range of information on topical cross-border issues and detailed country-specific Q&A guides, and identifies recommended insurance and reinsurance lawyers and law firms around the world.
The regulation of insurance and reinsurance companies in the UK is due for radical reform. The old regulatory responsibilities of the FSA will be split between two organisations, the PRA, which will take a prudential supervisory approach, and the FCA, which will take an interventionist approach. The new regulatory regime is due to come into force in early 2013. The new UK regulatory landscape: what does it mean for the insurance sector? chapter provides a detailed overview of the reforms, including the new emphasis on wholesale markets, and the behavioural and cultural change that the reforms will require.
Until 2011 the great majority of reinsurers active in the Argentina reinsurance market were foreign reinsurers, acting either by registering with the SSN as a foreign reinsurer, or by using a registered broker. The new Reinsurance Regulatory Framework was introduced in February 2011 in Argentina, with the aim of creating a local reinsurance market. The new reinsurance regulatory framework in Argentina chapter considers the new reforms in detail. It remains to be seen how the market will react to the changes introduced by the new regulatory framework.
The country-specific Q&A chapters provide practical information on insurance and reinsurance law in 21 key jurisdictions worldwide. They detail the main market trends and regulatory framework, including information on the definitions for a contract of insurance and a contract of reinsurance, and the regulation of insurers and reinsurers. They also cover other issues such as content requirements for policies and implied terms, insurance and reinsurance claims, insolvency, taxation, dispute resolution and reform. In addition, a feature table, Limitation periods for making an insurance/reinsurance claim compares time limits for making insurance and reinsurance claims across the jurisdictions covered. The contents of this table have been derived from Question 25 of the Country Q&As.
The PLC Which lawyer? section of the guide identifies the recommended private practice lawyers and law firms in contentious and non-contentious insurance and reinsurance law across 33 jurisdictions. This should be read alongside the Lawyer profiles section, which contains more detailed biographies of some individuals.
The guide also includes the Insurance and Reinsurance Super League 2012, which identifies the firms that have most successfully displayed their global advisory capabilities over the past year.
The Insurance and Reinsurance multi-jurisdictional guide is available online as part of PLC Cross-border. This is a unique online service that provides know-how and market intelligence for in-house counsel, as well as private practitioners operating across borders. The service includes practical guidance notes, standard form documents and checklists, as well as Practical Law Global, the new online magazine aiming to simplify global law through clear, practical and easy-to-read cross-border legal analysis. Visit www.practicallaw.com/aboutcrossborder for more information.
Other guides in the series include: Arbitration, Capital Markets, Competition and Cartel Leniency, Construction and Projects, Corporate Governance and Directors' Duties, Corporate Real Estate, Data Protection, Dispute Resolution, Doing Business in…, Employee Share Plans, Environment, Insurance and Reinsurance, Investment Funds, IP in Business Transactions, Labour and Employee Benefits, Media, Mergers and Acquisitions, Outsourcing, Private Client, Private Equity, Restructuring and Insolvency, Secured Lending, Structured Finance and Securitisation, Tax on Transactions, and Venture Capital.
The Handbook has been co-published with the contributors. We would like to thank all the firms involved for the excellence of their contributions and their attention to deadlines.