On 8 April 2014, the Financial Services Authority (OJK) issued Regulation No. 2/POJK05/2014 of 2014 on Good Corporate Governance for Insurance Companies (Regulation 2). Loss and life insurance companies, as well as reinsurance companies must have at least 3 directors and 3 commissioners. Meanwhile, insurance and reinsurance brokerage firms are required to have 2 directors and 2 commissioners if their annual income exceeds IDR 10 billion ...
On 10 November 2008, BAPEPAM-LK issued Regulation X.E.1 concerning the obligation of securities companies to submit periodic reports. This Regulation X.E.1 replaces a regulation issued in 2006 and is basically intended to improve the provisions of the previous regulation, especially on the procedures for submission ...
Decree of the Minister of Finance No. 424/KMK.06/2003 (as amended) which contains the guidelines on the financial condition of insurance and reassurance companies has been further amended by Regulation of the Ministry of Finance No. 158/PMK.010/2008 ...
In May 2008 the government of the Republic of Indonesia issued Government Regulation No. 39 of 2008 regarding the Second Amendment to Government Regulation No. 73 of 1992 regarding Insurance-Related Business Activities (Usaha Perasuransian) in order to anticipate the developing national insurance-related industries, including, among other things, insurance companies (perusahaan asuransi) ...
Earlier this year, Marcelin Fortier (hereinafter the “applicant”) sued his insurer in a case. The Superior Court rendered a decision1 whereby it reiterates the principles applicable to the notion of increased risk in insurance. The case also insisted on the importance of the questions asked by insurers at the time an insurance contract is purchased. On 8 January 2015, the applicant’s home was seriously damaged by fire ...
An Illinois intermediate appellate court found that the insured’s failure to comply with the notice conditions in contract for general liability insurance barred coverage. Board of Education of Township High School District No. 211, Cook County, Illinois v. TIG Insurance Company, No. 1-05-1732 (Ill. App. 3d Div. December 26, 2007). The Board of Education of Township High School District No ...
An Illinois federal district court held, in Massachusetts Bay Ins. Co. v. Faber Bros., Inc., No. 04 C 5160, 2007 WL 1029366 (N.D. Ill. March 30, 2007), that a distributor of firearms is not covered under general liability insurance contracts for claims alleging that its sales of firearms created a public nuisance that led to bodily injuries. Factual BackgroundThe insured, Faber Bros., Inc., is a distributor and wholesaler of firearms ...
The April issue of the International Financial Law Review(IFLR) includes an international briefing article by SyCipLaw partner HiyasminH. Lapitan entitled “Philippines: Acquiring Insurance Brokers”. The article discusses the new requirement by the Philippine Insurance Commission(IC) for advance approval to acquire a stake in a Philippine corporation that is licensed as an insurance broker or reinsurance broker ...
Hurricane Irene’s path along the Eastern Seaboard has affected millions of people and exposed businesses to property loss, business interruption, and supply network disruption. Those affected by Irene should immediately think about insurance coverage for their loss. Commercial Property Insurance In the event of a loss, a company should take steps to preserve coverage ...
By: Richard C. Giller, Esq. Late Thursday, September 29, Hurricane Helene made landfall in Florida as a Category 4 storm. Before that, Helene’s winds created a dangerous storm surge that began wreaking havoc all along Florida’s gulf coast, particularly the Big Bend region, which experienced surges up to 15 feet ...
In the days following Hurricane Harvey, tremendous attention has been appropriately placed on individual safety and rescue for the millions affected by the storm’s devastating winds and catastrophic flooding. Now the immediate emphasis for many corporate policyholders has turned to the practical challenge of repairing damaged property and restoring business operations suspended by the storm ...
As Hurricane Harvey continues to sweep the Texas coastline and destroy property in its path, insureds should take action before September 1st to protect their statutory rights and avoid the changes made under House Bill 1774, also referred to as the “Hail Bill,” which take effect September 1, 2017. The Hail Bill adds “Chapter 542A - Certain Consumer Actions Related to Claims for Property Damage” to the Texas Insurance Code ...
Happy New Year! Not surprisingly, the Hunton Insurance Recovery Blog’s top ten most read posts of 2020 are dominated by COVID-19 business interruption insurance issues, as these disputes monopolized media headlines throughout the year. While 2021 shows promise for gaining control over the disease, the resulting insurance disputes are certain to remain center stage and our team will continue to report on material developments involving COVID-19 and other insurance coverage issues ...
This Client Alert is a monthly update on insurance recovery developments as posted on the Hunton Insurance Recovery Blog. If you would like to receive email alerts when new posts are published, please visit our blog and enter your email address in the subscribe field ...
The top three most read articles for the month were: Policyholders Pump Out Another COVID-19 Litigation VictoryA Pennsylvania trial court denied an insurer’s early attempt to lunge out of coverage for COVID-19 business interruption losses suffered by a fitness center, stating it would be premature for the court to resolve factual determinations the insurer raised in its demurrer. Ridley Park Fitness, LLC v. Philadelphia Indemnity Insurance Co., No ...
In a recent article published in Risk & Insurance, WSG Member Andrea DeField, Partner at Hunton Andrews Kurth, provides insight on cyber captive options for businesses to manage growing cyber threats and exposure, as cyber coverage terms are tightening and policy rates continue to increase. Cyber Captives 101: Is Self-Insuring the Right Risk Mitigation Choice for Your Business? Cyber coverage is tightening ...
The deadline for meeting the previously issued nursing home compliance mandate is approaching. The Centers for Medicare & Medicaid Services (CMS) issued the mandate in 2016 and gave facilities three years to become compliant. On November 28, 2019, skilled nursing facilities (SNF) and nursing homes will be required to adopt and implement a compliance program as a condition for participation in Medicare and Medicaid ...
In Haberdashers’ Aske’s Federation Trust Ltd v Lakehouse Contracts Ltd [2018] EWHC 558 (TCC), England’s Technology and Construction Court had to decide on the extent of coverage (or inclusion) of a project insurance policy for a construction project and how that coverage was affected by a sub-contractor having its own insurance cover ...
Although Hurricane Lane’s substantial weakening from a Category 5 storm as it approached land likely spared Hawaii a disaster, the storm still caused much harm. Areas of the Big Island got inundated with well over three feet of rain, causing landslides and major road closures, and high winds stoked brush fires on Maui, burning 2,300 acres of land, damaging multiple homes, and forcing hundreds of evacuations ...
An increasing number of captives have been looking at writing business interruption coverage for their owners. They should tread carefully, as doing so without following the correct procedures could have adverse tax implications. The outbreak of COVID-19 has caught many businesses off guard and in need of cash. Some hope their business interruption insurance policies will provide coverage for a loss of income suffered from a slowdown or suspension of operations ...
IN FEBRUARY AND MARCH 2010, THE SUPERIOR COURT RENDERED TWO INTERESTING DECISIONS IN CASES INVOLVING FIRES. WE WILL REVIEW THESE DECISIONS , WHICH HAVE A NUMBER OF FEATURES IN COMMON, INCLUDING THE CONSIDERABLE SUMS OF MONEY AT STAKE, THE LENGTHY TIME PERIOD BETWEEN THE LOSS AND THE TRIAL, AND THE NUMBER OF PERSONS INVOLVED IN THE CONDUCT OF EACH CASE.THE GOODFELLOW CASE: “THE DORMANT FIRE ”On August 22, 1998, a major fire broke out in Goodfellow Inc ...
Amidst continuing COVID-19 concerns, regulators issued certain waivers of HIPAA requirements and penalties as well as additional guidance applicable during this public health emergency. HIPAA Enforcement Discretion for Telehealth ...
