EU Legislation Update: Environmental Liability Directive
Our September 2009 issue covers new European Union legislation: "EU Directive 2004/35/CE on environmental liability with regard to the prevention and remedying of environmental damage," commonly referred to as the "Environmental Liability Directive." The law requires that companies take action to avoid damaging the environment and to rectify any damage they cause.

Insurance Regulators Strengthen International Cooperation
Our August 2009 bulleting covers the International Association of Insurance Supervisors' (IAIS) move toward strengthening cooperation among insurance regulators and promoting financial stability with the implementation of the IAIS Multilateral Memorandum of Understanding.

Insurance Premium Related Tax Update
Our April 2009 International Bulletin covers tax related news that could affect insurance premiums payable under a contract of insurance.

New Product Liability Legislation in Thailand
Thailand's first product liability law is scheduled to go into effect on February 20, 2009. The legislation imposes significant third-party liability on the production and sale of unsafe products causing loss or damage, including death. Virtually all companies involved in the distribution chain, including manufacturers, sellers, and importers, are liable for injuries sustained through normal usage or storage of goods.

Belgian Law Requires Mandatory Terrorism Insurance Coverage
Effective May 1, 2008, a Belgian law will require insurance companies to provide mandatory insurance for certain lines of coverage against terrorism risks, including accident, health, and life insurance exposures.

New York State Insurance Department Signs Cooperation Agreements with Various Insurance Regulators
The New York State Insurance Department has recently signed cooperative agreements with insurance regulators in France, Germany, Taiwan, Bermuda, and the United Kingdom. The agreements, known as Memorandums of Understanding (MoU), establish a formal basis for consultation, cooperation, and coordination between the respective regulators.

Insurance Market in Costa Rica Set To Open
A new bill opening Costa Rica's nearly century-old insurance monopoly was recently signed into law. This bulletin provides an overview of the new law.

Legislative Update: Direct Offshore Foreign Insurers in Australia
The Australian federal government has released its final guidelines regarding the purchase of insurance products from unauthorized foreign insurers. The bulletin describes the guidelines and how the new regulations are expected to affect commercial buyers of insurance.

New Consumer Protection Bill in South Africa
A new "Consumer Protection Bill" in South Africa may have far reaching implications for businesses, potentially dramatically increasing their liabilities and need for appropriate insurance. This International Bulletin highlights the section of the bill that discusses product liability and the potential insurance implications.

Environmental Liability Regulations in Spain
A new environmental liability law was passed in Spain and is retroactively applicable from April 30, 2007. The bulletin provides an overview of the new legislation.

Workmen's Compensation Insurance in Singapore and the WICA Amendment
Effective April 1, 2008, Singapore's Workmens' Compensation Act (WCA) was replaced by the Work Injury Compensation Act (WICA). The amendment expands the scope of coverage to include more employees and enhances the efficiency of the compensation process.

Detariff Regulations in the Indian Insurance Market: An Update
This bulletin provides a brief overview of the detariff process, including new rules and regulations. The detariff process began on January 1, 2007, and has been implemented in phases.

New Regulations Published for Brazilian Reinsurance Market
The reinsurance market in Brazil is undergoing significant changes as it moves from a monopolistic to an open market. This report discusses the new published rules, which effectively end the monopoly and how these new regulations are expected to affect the Brazilian reinsurance market.

New Regulations in Australia May Impact Commercial Buyers
The federal government of Australia has proposed to amend the Insurance Act 1973. This briefing describes the new amendment and its potential impact on commercial buyers.

Property Insurance-Market Conditions in Latin America
This report provides a general description of the conditions in Latin America through the third quarter 2007.

New Regulation — European Union Environmental Liability Directive
The European Union has adopted a common regulation (EU Environmental Liability Directive 2004/35/CE) in addition to existing EU and national environmental regulations to respond to environmental risk concerns. This document provides a high level overview of the new regulation.

Corporate Manslaughter and Corporate Homicide Act 2007 (UK)
The Corporate Manslaughter and Corporate Homicide Act 2007 received Royal Assent July 26, 2007, and is expected to go into effect April 6, 2008. This bulletin provides a brief overview of the legislation, the health and safety implications, and the implications on insurance coverage.

Implementing Compulsory Fire and Explosion Insurance in Vietnam
The purchase of fire and explosion insurance was made compulsory for businesses operating in Vietnam. This report discusses the implications of the new legislation and regulations, which went into effect on August 1, 2007.

Goods and Services Tax Increase in Singapore
Singapore's Goods and Services Tax (GST) was increased to 7 percent, effective July 1, 2007. This document describes the rate increase and discusses how it may impact existing programs.

Update—Detariff in India (August 2007)
Property, auto, and workers compensation lines of insurance have been detariffed in India since January 1, 2007. The detariff process, per the IRDA—India's insurance governing body—is being completed in phases. This bulletin provides an overview of the process.

Financial Trends in Costa Rica
This document highlights emerging financial trends, such as the impact of economic growth and NAFTA on Costa Rica.

D&O Coverage Compulsory in Romania
Recent changes to corporate law in Romania now require companies to purchase directors and officers liability (D&O) insurance, creating a surge of demand for the product. This report discusses the impact of the change.

REACH — New EU Regulation for the Chemical Industry
The EU introduced REACH, a regulation designed to make the trading, handling, and use of chemicals safer. REACH will affect all manufacturers and users of chemicals, specifically suppliers, preparation suppliers, and downstream users. This document explains REACH and its potential impact.

The Brazilian Reinsurance Market — Open for Business
On Jan. 15, 2007, the Brazilian National Congress approved a law effectively terminating the IRB, the government-backed reinsurance monopoly and thus opening the reinsurance market. This bulletin describes the new law and how it is expected to affect the Brazilian market.

International Bulletin — Detariff in India
Insurance regulations in India have been uniform for years. Beginning in January 2007, property and auto insurance lines are scheduled for detariffing. The paper describes the process as well as what it means for businesses.

Brazil — Changes in Reinsurance Rules April 2006
This document explains the effect changes in the Brazilian reinsurance market will have.