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1.
Regulatory agencies
Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.To read more
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2.
Formation and licensing
What are the requirements for formation and licensing of new insurance and reinsurance companies?To read more
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3.
Other licences, authorisations and qualifications
What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?To read more
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4.
Officers and directors
What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?To read more
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5.
Capital and surplus requirements
What are the capital and surplus requirements for insurance and reinsurance companies?To read more
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6.
Reserves
What are the requirements with respect to reserves maintained by insurance and reinsurance companies?To read more
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7.
Product regulation
What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?To read more
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8.
Regulatory examinations
What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?To read more
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9.
Investments
What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?To read more
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10.
Change of control
What are the regulatory requirements on a change of control of insurance and reinsurance companies? Are officers, directors and controlling persons of the acquirer subject to background investigations?To read more
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11.
Financing of an acquisition
What are the requirements and restrictions regarding financing of the acquisition of an insurance or reinsurance company?To read more
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12.
Minority interest
What are the regulatory requirements and restrictions on investors acquiring a minority interest in an insurance or reinsurance company?To read more
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13.
Foreign ownership
What are the regulatory requirements and restrictions concerning the investment in an insurance or reinsurance company by foreign citizens, companies or governments?To read more
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14.
Group supervision and capital requirements
What is the supervisory framework for groups of companies containing an insurer or reinsurer in a holding company system? What are the enterprise risk assessment and reporting requirements for an insurer or reinsurer and its holding company? What holding company or group capital requirements exist in addition to individual legal entity capital requirements for insurers and reinsurers?To read more
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15.
Reinsurance agreements
What are the regulatory requirements with respect to reinsurance agreements between insurance and reinsurance companies domiciled in your jurisdiction?To read more
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16.
Ceded reinsurance and retention of risk
What requirements and restrictions govern the amount of ceded reinsurance and retention of risk by insurers?To read more
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17.
Collateral
What are the collateral requirements for reinsurers in a reinsurance transaction?To read more
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18.
Credit for reinsurance
What are the regulatory requirements for cedents to obtain credit for reinsurance on their financial statements?To read more
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19.
Insolvent and financially troubled companies
What laws govern insolvent or financially troubled insurance and reinsurance companies?To read more
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20.
Claim priority in insolvency
What is the priority of claims (insurance and otherwise) against an insurance or reinsurance company in an insolvency proceeding?To read more
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21.
Intermediaries
What are the licensing requirements for intermediaries representing insurance and reinsurance companies?To read more
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22.
Third-party actions
Can a third party bring a direct action against an insurer for coverage?To read more
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23.
Late notice of claim
Can an insurer deny coverage based on late notice of claim without demonstrating prejudice?To read more
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24.
Wrongful denial of claim
Is an insurer subject to extra-contractual exposure for wrongful denial of a claim?To read more
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25.
Defence of claim
What triggers a liability insurer’s duty to defend a claim?To read more
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26.
Indemnity policies
For indemnity policies, what triggers the insurer’s payment obligations?To read more
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27.
Incontestability
Is there a period beyond which a life insurer cannot contest coverage based on misrepresentation in the application?To read more
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28.
Punitive damages
Are punitive damages insurable?To read more
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29.
Excess insurer obligations
What is the obligation of an excess insurer to ‘drop down and defend’, and pay a claim, if the primary insurer is insolvent or its coverage is otherwise unavailable without full exhaustion of primary limits?To read more
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30.
Self-insurance default
What is an insurer’s obligation if the policy provides that the insured has a self-insured retention or deductible and is insolvent and unable to pay it?To read more
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31.
Claim priority
What is the order of priority for payment when there are multiple claims under the same policy?To read more
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32.
Allocation of payment
How are payments allocated among multiple policies triggered by the same claim?To read more
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33.
Disgorgement or restitution
Are disgorgement or restitution claims insurable losses?To read more
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34.
Definition of occurrence
How do courts determine whether a single event resulting in multiple injuries or claims constitutes more than one occurrence under an insurance policy?To read more
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35.
Rescission based on misstatements
Under what circumstances can misstatements in the application be the basis for rescission?To read more
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36.
Reinsurance disputes
Are formal reinsurance disputes common, or do insurers and reinsurers tend to prefer business solutions for their disputes without formal proceedings?To read more
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37.
Common dispute issues
What are the most common issues that arise in reinsurance disputes?To read more
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38.
Arbitration awards
Do reinsurance arbitration awards typically include the reasoning for the decision?To read more
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39.
Power of arbitrators
What powers do reinsurance arbitrators have over non-parties to the arbitration agreement?To read more
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40.
Appeal of arbitration awards
Can parties to reinsurance arbitrations seek to vacate, modify or confirm arbitration awards through the judicial system? What level of deference does the judiciary give to arbitral awards?To read more
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41.
Obligation to follow cedent
Does a reinsurer have an obligation to follow its cedent’s underwriting fortunes and claims payments or settlements in the absence of an express contractual provision? Where such an obligation exists, what is the scope of the obligation, and what defences are available to a reinsurer?To read more
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42.
Good faith
Is a duty of utmost good faith implied in reinsurance agreements? If so, please describe that duty in comparison to the duty of good faith applicable to other commercial agreements.To read more
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43.
Facultative reinsurance and treaty reinsurance
Is there a different set of laws for facultative reinsurance and treaty reinsurance?To read more
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44.
Third-party action
Can a policyholder or non-signatory to a reinsurance agreement bring a direct action against a reinsurer for coverage?To read more
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45.
Insolvent insurer
What is the obligation of a reinsurer to pay a policyholder’s claim where the insurer is insolvent and cannot pay?To read more
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46.
Notice and information
What type of notice and information must a cedent typically provide its reinsurer with respect to an underlying claim? If the cedent fails to provide timely or sufficient notice, what remedies are available to a reinsurer and how does the language of a reinsurance contract affect the availability of such remedies?To read more
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47.
Allocation of underlying claim payments or settlements
Where an underlying loss or claim provides for payment under multiple underlying reinsured policies, how does the reinsured allocate its claims or settlement payments among those policies? Do the reinsured’s allocations to the underlying policies have to be mirrored in its allocations to the applicable reinsurance agreements?To read more
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48.
Review
What type of review does the governing law afford reinsurers with respect to a cedent’s claims handling, and settlement and allocation decisions?To read more
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49.
Reimbursement of commutation payments
What type of obligation does a reinsurer have to reimburse a cedent for commutation payments made to the cedent’s policyholders? Must a reinsurer indemnify its cedent for ‘incurred but not reported’ claims?To read more
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50.
Extracontractual obligations (ECOs)
What is the obligation of a reinsurer to reimburse a cedent for ECOs?To read more
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