Category: (re) Insurance articles Latin America
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New reinsurance laws in Puerto Rico open the jurisdiction to the international (re)insurance market
Historically, jurisdictional insurance laws in the United States governing credit for reinsurance have required non-US reinsurers to post 100% collateral in the US for risks reinsured from US ceding insurers. Many international reinsurers complained about these collateral requirements which were deemed barriers for international trade and business. In response, the United States Congress issued, on…
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Spotlight on LatAm: construction sector embraces opportunities for technology, innovation and surety post-pandemic
It will come as no surprise that the global construction industry was substantially impacted by the COVID-19 pandemic. Site closures by government mandate in some jurisdictions, transportation issues, border closures, supply chain issues, inability to move materials and labourers, a generalized shut down and stoppage resulting in delays and disruption, you name it. That, coupled…
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Regulatory Update Latam: “New Practices, New Laws-the year of Globalization”
2021 was a very busy year in terms of regulatory updates within many of the Latin American insurance legal systems as reported in our previous article published last November. As technology advances and communication is ever more rapid, many countries in Latin America are trending towards the globalization of their (re)insurance markets by way of promoting clearer legal…