Latin America Quarterly Update April 2017

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Latin America Quarterly Update April 2017

Published 11 April 2017

Deregulation of the Brazilian Re-insurance Market - 10 years on

While Brazil is now the world's ninth largest economy, with an estimated value of around a trillion dollars, the deregulation of its financial services industry still remains a work in progress.

 

New financial market regulator to be launched in Chile

Legislation was published in Chile on 23 February 2017, creating the new Financial Market Commission (or CMF by its initials in Spanish) which will formally enter into force some 18 months later. The new body will replace the existing Chilean Securities and Insurance Commission (Superintendencia de Valores y Seguros).

Colombia's Supreme Court hands down time bar judgment on BI insurance 

By Article 1081 of the Colombian Commercial Code, proceedings on an insurance policy claim must generally be brought within two years of the date upon which the insured had knowledge of the facts giving rise to the claim, or else the date upon which he ought to have had such knowledge.

New Corporate Governance, Risk Management and Internal Control Rules for Costa Rica

In the aftermath of the 2009 worldwide financial crisis, international regulators came to the conclusion that lack of sound corporate governance practices was one of the root causes of financial institutions getting themselves into deep trouble.

 

Mexico – Supreme Court fails (for a second time) to clarify the extent of insureds' burden of proof when claiming under insurance policies 

In November 2016 the 1st Chamber of Mexico's Supreme Court upheld judgments handed down by lower tribunals in relation to an insurance coverage suit filed in 2010 by, amongst others, El Puerto de Liverpool, S.A. B. de C.V. ("Liverpool"), the operator of a chain of Mexican department stores.

Claims Control/Co-operation Clauses in Peru

In Peru, as in other jurisdictions, "claims control clauses" or "claims co-operation clauses" are a common feature of facultative reinsurance contracts.

Authors

Anthony Menzies

Anthony Menzies

London - Walbrook

+44 (0)20 7894 6948

Sascha Stullenberg

Sascha Stullenberg

Miami

+1 (305) 341 2266

Key Contacts

Anthony Menzies

Anthony Menzies

London - Walbrook

+44 (0)20 7894 6948

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