After extensive discussions and multiple changes to the draft bill since 2016, the Indonesian House of Representatives passed the draft bill on Personal Data Protection on 20 September 2022 (“Personal Data Protection Law”). The Personal Data Protection Law will be the basis of the regulations on personal data protection and this advisory highlights the key provisions ...
We all know how important advertising is in the business world. Traders use advertisements as marketing tools to inform customers and consumers about their products. With the rise of technology and social media, advertising is now taking diverse forms. Companies are increasingly turning to a more powerful tool, the ‘influencer’, to advertise their products. This phenomenon is also evident locally ...
The ASA has taken further steps in their battle against influencers that fail to disclose when they are advertising to consumers on their social media channels. The ASA has taken further steps in their battle against influencers that fail to disclose when they are advertising to consumers on their social media channels ...
In the wake of the COVID-19 outbreak, the business community is faced with unprecedented threats to their cyber-infrastructure and data. Sensitive data, in particular, will be vulnerable to security breaches as a result of reduced human power under emergency legislation. Moreover, criminal hackers will be looking to capitalize on such vulnerabilities at a time like this ...
Summary ‡ Information security “breaches” take many forms and occur in a wide variety of settings. However, contrary to recent press reports, they do not appear to be increasing. ‡ Research indicates that only a small percentage of breaches result in any harmful use of data. ‡ Account fraud and true identity fraud — the two identity-based frauds most feared by consumers and policy makers — are actually declining ...
INTRODUCTION Since its advent in 2008, cryptocurrency has been widely accepted internationally, as a viable means of investment. This is notwithstanding its volatility, as the world appears to be highly interested in the sale and purchase of digital assets. For example, bitcoin currently has about 14million in circulation.[1]Save for its volatile nature, and the period where its price drops, investors in the cryptocurrency space are often guaranteed of juicy returns ...
In December 2020, the National Institute of Industrial Property (INPI) published on its portal the Examination Guidelines for Inventions Implemented by Computer Program ...
Insolvency Law Update-Proceedings Against Guarantors CONTRIBUTION BY: Samiron Borkataky, Partner, Kochhar & Co. EMAIL: samiron.borkataky@kochhar ...
The government has released a discussion paper outlining proposals for the reform of Australia's insolvent trading laws designed to ensure that the insolvency laws complement and assist the conduct of workouts. The paper seeks submissions on issues that arise for directors from operation of the insolvent trading laws, particularly in the context of attempts at business rescue outside formal insolvency administrations ...
Regulatory Sandbox Framework for Insurtech and Other Regulated Entities Only a small sliver of the Philippine population, less than 2%, avails itself of insurance. This is one of the lowest rates in Asia. Access to mobile phones, however, is ubiquitous and, as such, insurance providers are developing mobile applications to serve, and attract, customers better ...
The Insurance Authority has recently gazetted the Insurance (Group Capital) Rules. They will come into effect on 29th March, the same day as the Insurance (Amendment) (No. 2) Ordinance which makes provision for the Insurance Authority to supervise on a consolidated basis designated insurance holding companies and members of their supervised group (see our Client Alert dated 27th May, 2020 regarding designated insurance holding companies) ...
The Insurance Authority has now gazetted the Insurance (Special Purpose Business) Rules. They will come into effect on 29th March, 2021, the same day as the Insurance (Amendment) Ordinance which makes provision for special purpose insurers (see our Client Alert dated 27 May 2020 regarding special purpose insurers). The Rules restrict the sale of insurance linked securities. Insurance linked securities are securities issued through insurance securitisation i.e ...
The recent decision of the Court of Quebec, Small Claims Division, in the case of Spénard v. Promutuel Bois-Francs, société mutuelle d’assurance générale,1 revisited the issue of the right of an insurer to seek the nullity of an insurance policy based on an insured’s failure to disclose a prior conviction under the Young Offenders Act. The Plaintiff claimed $5,100 from his insurer for property stolen from his home between January 24 and January 27, 2003 ...
Early last week, the UAE experienced its most severe rainfall in the past 75 years. A large number of homes and business premises across the UAE suffered damage from the effects of the rain or floods, including the many motor vehicles that were stalled or otherwise impaired ...
The Insurance Commission (“IC”) of the Philippines has issued a circular letter dated June 14, 2020 on the adoption of a regulatory sandbox framework for the experimentation and testing of insurance technology innovations (IC Circular Letter No. 2020-73 (“ICL 2020-73”): “Guidelines on the Adoption of a Regulatory Sandbox Framework for Insurance Technology (InsurTech) Innovations).” The full text of Circular Letter No ...
In insurance law, as well as in other areas of contract law, the precise definition and scope of the terminology used in a contract are very important since they have a direct effect on the obligations of the parties and, in the case under review, the scope of the insurance coverage. On February 11, 2016, the Nova Scotia Court of Appeal1 issued two judgments while it analyzed the scope to be given to some expressions inherent to insurance contracts ...
In insurance law, as well as in other areas of contract law, the precise definition and scope of the terminology used in a contract are very important since they have a direct effect on the obligations of the parties and, in the case under review, the scope of the insurance coverage. On February 11, 2016, the Nova Scotia Court of Appeal1 issued two judgments while it analyzed the scope to be given to some expressions inherent to insurance contracts ...
On Tuesday, February 19, 2013, information security firm Mandiant issued a report documenting computer security breaches at hundreds of organizations, allegedly resulting from a cyber-espionage campaign undertaken by elements of the Chinese government. The Mandiant report is only the latest in a series of much-publicized incidents of “hacking” performed by what is believed to be a variety of public and private actors ...
Late on Friday, November 19, 2010, the Wall Street Journal reported that federal prosecutors, the FBI and the SEC are in the final stages of an unprecedented three-year investigation into insider trading by consultants, investment bankers, hedge fund and mutual fund traders, and analysts.1 The SEC has already subpoenaed more than thirty hedge funds and investors, and some civil or criminal charges may be brought before the end of the year ...
In Louisiana Generating LLC v. Illinois Union Ins. Co., No. 12-30651 (5th Cir. May 15, 2013), the United States Court of Appeals for the Fifth Circuit held that a lawsuit brought by the Environmental Protection Agency ("EPA") alleging violations of the Clean Air Act ("CAA") obligated an insurer to defend its insured ...
The US Court of Appeals for the Second Circuit recently held that excess insurance policies are triggered when the payment of losses exceed the attachment point rather than when the policyholder’s loss obligations exceed the attachment point. Ali v. Fed. Ins. Co., No. 11-5000-cv, 2013 WL 2396046 (2d Cir. June 4, 2013). The decision is another reminder that outcomes in insurance disputes may depend on subtle differences in the wording of insurance policies ...
Prolonged and torrential rains have caused widespread flooding in Texas, Oklahoma and surrounding areas. It is important that policyholders remain mindful of the substantial benefits that may be available to them for resulting economic and physical losses under ordinary business insurance policies ...
