Insurance | Judiciary.org

Supreme Court

Justices seem to favor IRS in dispute over shareholder’s life insurance policy

The justices were considerably more subdued in the argument in Connelly v. Internal Revenue Service than they were on Tuesday, when they confronted the FDA’s treatment of the abortion drug mifepristone. This is a case about the tax treatment of life insurance policies that closely held corporations use to manage the death of a shareholder. Assume, as is common, a small corporation owned by members of the same family. When one dies, if the surviving shareholders want to keep … Read the rest

Supreme Court

Justices appear sympathetic to insurance company in asbestos bankruptcy

Tuesday’s argument in Truck Insurance Exchange v. Kaiser Gypsum Co. considered a technical question under the Bankruptcy Code, how to decide when an entity is a “party in interest” under the statute, which gives it a right to “be heard on any issue” in a Chapter 11 proceeding. The debtor, a failed asbestos company, claims that it will perform its insurance contracts in full: It will pay all the deductibles it owes, 100 cents on the dollar. Accordingly, it … Read the rest

Supreme Court

Justices to consider choice-of-law clauses in maritime insurance contracts

Tuesday’s argument in Great Lakes Insurance v. Raiders Retreat Realty offers a breather between the divisive disputes about the CFPB and voting rights topping the headlines at the advent of the October Term 2023. Perhaps some of the justices will even enjoy a return to their law-school days, as they consider whether state or federal law should govern the enforceability of maritime choice-of-law clauses.

For the readers who decided to continue past my opening paragraph, Great Lakes Insurance falls … Read the rest

Civil Law

Distinguish the Insurance Agent and the Insurance Broker under PRC Law

In dealing with PRC related insurance disputes, one question is often raised by Chinese court or arbitration institute: what is the insurance agent or the insurance broker? The relationship between the insurance agent, broker, insurer, policyholder, insured and beneficiary always confused the judge and arbitrator. This article will elaborate the concept, function, difference of these two parties in the framework of PRC insurance law.

Definition and Characteristics of the Insurance Agent and the Insurance Broker under the PRC Law

i.… Read the rest

Civil Law

2023 Insurance Law Practice Overview of China

Ⅰ.INTRODUCTION

Over the past decade, China’s insurance industry has grown rapidly and held the second-largest premium market share worldwide for many years, contributing steadily to the global insurance market. In 2022, despite the repeated impact of the pandemic and the turbulent capital markets, China’s insurance industry has been put to the test and has seen new developments with the introduction of various favorable policies, such as the start of pension insurance and green insurance and the continued “popularity” of D&O … Read the rest

Civil Law

Overview: TPA’s Boundary of Insurance Activities in China

I. Introduction

When referring to insurance, the first term that comes up with one’s mind is likely to be insurers, which are mostly known to operate insurance businesses. Nowadays, with the growth of the insurance industry, other entities also emerge such as insurance agents, brokers, and loss adjustors. These entities play different roles to prosper the industry in many ways, for example, to provide more value-added services to their clients and to ensure the smooth process of insurance. Among them, … Read the rest

Civil Law

Brazilian insurance regulator publishes guidelines on sustainability requirements for the insurance sector

On 29 June 2022, the Brazilian Superintendence of Private Insurance (“SUSEP”) published Regulation No. 666/2022, setting forth sustainability requirements applicable to the Brazilian insurance sector. Its goal is to establish guidelines for management of risks that are directly related to ESG policies of insurance and capitalization companies, local reinsurers and pension funds.

Pursuant to the new requirements, regulated entities must ensure that sustainability risks are properly managed, particularly by preparing a triennial materiality assessment identifying, assessing and classifying … Read the rest

Civil Law

D&O Insurance: Delaware Court Applied “Meaningful Linkage” Interrelated Claims Test

In a November 30, 2021 opinion (here), a Delaware Superior Court judge, applying Delaware law, held that the later investigations of the insured policyholder by two regulatory agencies were unrelated to an earlier investigation of the company by one of the agencies. In making this “relatedness” determination, the court declined to apply the “fundamentally identical” standard that some Delaware courts have applied to relatedness issues, but instead applied a “meaningful linkage” test. Because relatedness disputes are so frequent, and because … Read the rest