Foreign Insurers

Global Practice Guide

Foreign Insurers

A Global Practice Guide prepared by the Lex Mundi Insurance Reinsurance Practice Group

This guide is part of the Lex Mundi Global Practice Guide Series which features substantive overviews of laws, practice areas, and legal and business issues in jurisdictions around the globe. View the complete series at: www.lexmundi.com/GlobalPracticeGuides.

Lex Mundi is the world’s leading network of independent law firms with in-depth experience in 100+ countries. Through close collaboration, our member firms are able to offer their clients preferred access to more than 21,000 lawyers worldwide – a global resource of unmatched breadth and depth.

Lex Mundi – the law firms that know your markets.

www.lexmundi.com

About This Guide

This guide presents overviews on the general regulation of insurers and re-insurers and requirements for foreign insurers and/or re-insurers to operate in different jurisdictions around the world. It is hoped that this survey will serve as an initial resource to insurers and re-insurers in respect to the applicable legislation and regulations in different jurisdictions and, additionally, as a guide for Lex Mundi members.

This publication is not intended to represent a comprehensive guide nor a legal advise on the matters covered, but rather provide a general overview on the subject. They may only be used as an indication and advice should always be sought from the appropriate Lex Mundi member law firm.

Please note that each response was provided on a different date, and therefore the answers to the survey refer to laws and regulations in force on that specific date.

Table of Contents

Argentina ...... 3 Australia ...... 5 Bahamas ...... 10 Barbados ...... 12 Bolivia ...... 14 Brazil ...... 16 Bulgaria...... 18 Canada, Manitoba ...... 20 Channel Islands ...... 23 Chile ...... 25 Colombia ...... 27 Curacao...... 30 Cyprus ...... 32 Dominican Republic ...... 35 Estonia ...... 37 Iceland ...... 40 India ...... 44 Isle of Man ...... 48 Liechtenstein ...... 51 Netherlands ...... 54 Peru ...... 57 Poland ...... 60 Romania ...... 65 Slovak Republic ...... 68 South Africa ...... 71 Sri Lanka...... 73 Taiwan ...... 75 Turkey ...... 78 USA, Montana ...... 81 USA, Nevada ...... 84 www.lexmundi.com Page 1 © 2009 Lex Mundi USA, North Carolina ...... 86 USA, Pennsylvania ...... 89 USA, Puerto Rico ...... 92 USA, West Virginia...... 94

Foreign Insurers

Argentina Prepared by Lex Mundi member firm Marval, O'Farrell & Mairal

1. What is the definition of insurer and reinsurer in your jurisdiction?

There is no such statutory definition. An insurer may be defined as a business or legal entity of the types authorized by law licensed to underwrite insurance operations in Argentina, while a reinsurer is licensed to underwrite reinsurance operations.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

In order for a foreign insurer or reinsurer to do business in Argentina, it needs to set up a branch or agency, with local capital, and obtain a license from the Argentine Superintendence of Insurance (or “SSN” after its acronym in Spanish). Foreign reinsurers with no capital in Argentina can reinsure from their home offices when due to the importance and type of risk to be ceded there is no local reinsurance capacity and subject to the approval of the SSN (which will be granted on a case-by-case basis), or when an individual risk exceeds US$ 50 million in which case the excess may be reinsured abroad without the need to obtain the SSN's prior approval. These foreign reinsurers must be registered with the SSN and with the Public Registry of Commerce.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The main legislation governing insurers and reinsurers are the Insurance Contract Law 17,418, the Insurance Companies Law 20,091, the General Rules for the Regulation of the Insurance Business promulgated by resolution 21,523 of the SSN, as amended, and the Reinsurance Framework promulgated by resolution 35,615/11 of the SSN, as amended. Also worth of mention is the Insurance Brokers Law 22,400.

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. However, unlicensed reinsurers may provide capacity to Argentine insurers in certain specific cases (see 2 above).

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

Yes, www.ssn.gob.ar.

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No.

Contact Information

Pablo S. Cereijido Marval, O'Farrell & Mairal [email protected] Av. Leandro N. Alem 928, 7th floor C1001AAQ Buenos Aires, Argentina Leandro M. Castelli [email protected] Tel 54.11.4310.0100 Fax 54.11.4310.0200 www.marval.com.ar

Foreign Insurers

Australia Prepared by Lex Mundi member firm Clayton Utz

1. What is the definition of insurer and reinsurer in your jurisdiction?

a) Insurer is defined as a person who carries on insurance business;1 an 'insurance business' is "the business of undertaking liability, by way of insurance, in respect of any loss or damage, contingent on the happening of a specified event and includes any business incidental to insurance business as so defined".2

b) There is no standard or statutory definition of 'reinsurer', and the difficulties of defining this term have been judicially discussed.3 A reinsurance contract has been defined as a contract where "for consideration one agrees to indemnify another wholly or partially against loss or liability by reason of a risk that the latter has assumed under a separate and distinct contract as the insurer of a third person … it is a mechanism by which one insurer insures the risk of another insurer".4

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?5

a) Provided that the requirements outlined below6 are fulfilled, foreign insurers and reinsurers can underwrite insurance or provide capacity to underwrite insurance in Australia. Foreign insurers who actively market their policies in Australia must also appoint an agent who is an individual resident in Australia.7

b) Only 'eligible foreign life insurance' companies can provide life insurance in Australia. A foreign life insurance company is considered "eligible" if it: a) is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and b) is authorized in a foreign country, or part of a foreign country, to carry on life insurance business; and c) has established, or proposes to establish, an Australian branch; and d) is not an existing life company that is registered under the Life Insurance Act; and e) satisfies any conditions in the Life Insurance regulations which relate to the body corporate.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

a) The insurance industry in Australia is heavily regulated. The Insurance Act 1973 (Cth) regulates the conduct of general insurance and reinsurance businesses through a system of authorization. Under the Insurance Act, a body corporate may apply in writing for authorization to carry on

1 Insurance Act 1973 (Cth), section 11. This definition is reflected in definitions in other Australian legislation, for example the Medical Indemnity Act 2002 (Cth), section 4. Note: the definition of 'person' includes a body politic or corporate as well as an individual (Acts Interpretation Act 1901 (Cth), section 22). 2 Insurance Act 1973 (Cth), section 3; F. G. Hawke, 'Australia', Insurance Law Rel 4 (May 1996), p. 78. 3 Commercial Union Assurance Co Plc v NRG Victory Reinsurance Ltd (1998) 2 Lloyd’s Rep 600 at p. 607. 4 CCH, Australian & New Zealand Insurance Commentary at [30.130]. 5 Please note: This answer is limited to insurers and reinsurers underwriting or providing capacity to underwrite insurance in Australia; it does not consider reinsurers underwriting or providing capacity to underwrite reinsurance. 6 See answers to questions 4, 6 & 7. 7 Insurance Act 1973 (Cth), section 118. Arrangements with the agent in Australia should be formalised by way of contract and other documentation that sets out the agent's responsibilities for the insurer's operations in Australia. www.lexmundi.com Page 5 © 2009 Lex Mundi insurance business in Australia. The Insurance Contracts Act 1984 (Cth) regulates contracts of insurance and proposed contracts of insurance.8

b) The Australian Prudential Regulatory Authority ("APRA") was established in July 1998 to maintain a prudential regulatory regime.9 APRA is responsible for promoting the safety and soundness of life and general insurance companies. General insurers authorized to conduct business in Australia must comply with the Insurance Act 1973 (Cth) and are subject to prudential supervision by the Australian Prudential Regulatory Authority. The Australian Prudential Regulatory Authority also regulates the administration of the Life Insurance Act 1995 (Cth). The regulatory regime requires that Australian licensed general insurers hold capital reserves sufficient to meet their actual and expected claims costs.10

c) The Australian Securities and Investments Commission ("ASIC") has power to administer the Insurance Contracts Act 1984 (Cth). ASIC also exercises consumer protection related functions under the Life Insurance Act 1995 (Cth) and Insurance Act 1973 (Cth). ASIC has power to do all things that are necessary or convenient to be done in connection with the administration of insurance.11 ASIC enforces company and financial services laws to protect consumers, investors and creditors.12

d) The Financial Services Reform Act 2001 (Cth) introduced uniform licensing, disclosure and conduct requirements for the insurance industry and intermediaries. This legislation, which now forms part of the Corporations Act 2001 (Cth), mandates that every person who carries on a financial service business, including the business of insurance, must hold an Australian financial services license or be an Authorized Representative of an Australian financial services licensee. The Financial Services Reform Act 2001 (Cth), including the current transition to full implementation of its provisions, is regulated by the ASIC. There was a two-year transition period, commencing 11 March 2002 and ending on 11 March 2004, for insurers to achieve full compliance with the Financial Services Reform provisions of the Corporations Act 2001 (Cth).13

e) There are also Codes of Practice for the Life Insurance Industry and the General Insurance Industry. Insurers offering life insurance products to consumers do so in accordance with the Life Insurance Industry Code, which is recognized in the Life Insurance Act and Regulations. The General Insurance Code of Practice applies to general insurers who write certain domestic and personal classes of insurance.14

f) The Financial Ombudsman Service Limited, administers the General Insurance Code. Both Codes are nominally self-regulatory, but have practical legal force due to legislative requirements that insurers subscribe to "approved" schemes of industry self-governance of which these are, at present, the only two available.15

g) Other regulators are influential in the insurance industry. These include:

i. The Australian Competition and Consumer Commission (formerly the Trade Practices Commission) under the Trade Practices Act 1974 (Cth); ii. The Commonwealth Department of Consumer Affairs; iii. The Privacy Commissioner; and

8 F.G. Hawke, International Insurance Law & Regulation (Oceana Publications Inc, NY & OUP) Release 2010-1, Australia, Clayton Utz, p. 2. 9 See APRA website, http://www.apra.gov.au. 10 Hawke, op cit, p. 2. 11 Insurance Contracts Act 1984 (Cth), section 11B. 12 Hawke, op cit, p. 2. 13 Hawke, op cit, p. 2. 14 Hawke, op cit, p. 2. 15 Hawke, op cit, p. 2. www.lexmundi.com Page 6 © 2009 Lex Mundi iv. Less directly, the Commonwealth Government Department of the Treasury.16

h) The Treasurer is the Commonwealth Government Minister who has responsibility under the Insurance Acquisitions and Take-Overs Act 1991 (Cth), which governs changes of ownership of authorized general insurers or registered life insurers. The Commonwealth Government Department of Health and Social Services is responsible for the administration of the National Health Act 1953 (Cth), regulating the health insurance business. There is a substantial regulatory distinction in Australia between health insurance, on the one hand, and life and general insurance, on the other.17

i) The Australian Accounting Standards Board develops the accounting standards for financial reporting, and there are a number of standards specific to the insurance industry. There are a range of associations representing participants in the insurance market and their customers. The market is regulated not only by statutes but also by a plethora of delegated legislation, guidelines and codes. Taking all matters into consideration, the Australian insurance market is one of the most tightly regulated in the world. While this constitutes a not insubstantial barrier to entry, it also confers significant benefits in terms of financial stability and consumer protection.18

j) In addition to the Insurance Act 1973 (Cth), the conduct of life insurance business is regulated through a system of registration under Life Insurance Act 1995 (Cth).

k) Contracts of reinsurance are governed mainly by the common law principles of insurance law. In Australia, they are specifically excluded from the provisions of the Insurance Contract Acts 1984 (Cth)19 and the Financial Services Reform Act 2001 (Cth).20 Reinsurance contracts are however covered by the Insurance Act 1973 (Cth)21 and therefore reinsurers are required to obtain authorization from APRA (as discussed above).

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction? 22

a) In addition to the regulation discussed above, there are additional requirements for foreign insurers in Australia. For example, foreign insurer applicants must demonstrate that the arrangements for reporting to foreign insurer parents or head offices are adequate.23 Foreign insurer applicants must also satisfy APRA that they are subject to adequate prudential supervision in their home country.24 In considering the standard of supervision exercised by the home supervisor, APRA will have regard to the Insurance Core Principles and the Insurance Core Principles Methodology promulgated by the International Association of Insurance Supervisors.25

b) Foreign-incorporated applicants may seek to set up a locally incorporated head office to carry on insurance business in Australia (foreign-owned subsidiary). Alternatively, a foreign-incorporated insurer may seek an authority to operate in Australia through a branch (foreign insurer). There are no restrictions on the number, size, or mix of operations of foreign-owned subsidiaries or foreign insurers operating in the Australian market. A foreign-incorporated insurer may hold a dual authority to operate both through a foreign-owned subsidiary and as a foreign insurer.26

16 Hawke, op cit, p. 3. 17 Hawke, op cit, p. 3. 18 Hawke, op cit, p. 3. 19 Insurance Contract Acts 1984 (Cth), section 9(1)(a). 20 Financial Services Reform Act 2001 (Cth), section 765A(1)(g). 21 The definition of "insurance business" in Insurance Act 1973 (Cth) section 3 is defined to include reinsurance. 22 Please note: This answer is limited to the license and registration requirements for insurers and reinsurers selling or providing capacity to sell insurance; not the license and registration requirements for reinsurers selling or providing capacity to sell reinsurance. 23 Hawke, op cit, p. 28. 24 APRA Guidance Note - Guidelines on Authorization of General Insurers, February 2002. 25 APRA Guidance Note - Guidelines on Authorization of General Insurers, February 2002. 26 Hawke, op cit, p. 77. www.lexmundi.com Page 7 © 2009 Lex Mundi

c) To ensure adequate protection of policyholders, authorized foreign-owned subsidiaries and foreign insurers are subject to the same legislative and prudential requirements as Australian- owned and incorporated insurers. For this reason, the requirements for foreign insurance carriers wishing to set up a head office and foreign insurance carriers seeking directly to establish branches will be dealt with together.27

d) There are however specific exceptions to these requirements in place for Lloyd's underwriters. Lloyd's are automatically authorized to carry on an insurance business in Australia, subject to certain conditions.28

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

 Australian Accounting Standards  Corporations Act 2001 (Cth)  Insurance Act 1973 (Cth) (in force)  Insurance Regulation 2002 (Cth) (in force)  Insurance Regulations 1974 (Cth) (in force before 1 July 2002)  Insurance Acquisitions and Take-Overs Act 1991 (Cth)  Insurance (Agents and Brokers) Act 1984 (Cth)  Insurance Contracts Act 1984 (Cth)  Financial Sector (Business Transfer and Group Restructure) Act 1999 (Cth)  Financial Sector (Collection of Data) Act 2001 (Cth)  Financial Sector (Shareholdings) Act 1998 (Cth)  Financial Services Reform Act 2001 (Cth)  Life Insurance Act 1995 (Cth)  National Health Act 1953 (Cth)  Trade Practices Act 1974 (Cth)

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction? 29

a) To provide general insurance or reinsurance services in Australia, insurers must be authorized under the Insurance Act 1973 (Cth). A person commits an offence if they carry on an insurance business without authorization.30

b) To obtain authorization, the applicant insurer must be incorporated and apply in writing to APRA. . APRA may authorize the carrying on of a Life or General (but not combined) insurance business, upon appropriate conditions relating to prudential matters. APRA has discretion to either authorize the application or refuse the application.31 APRA will only authorize suitable applicants who have the capacity and commitment to conduct insurance business with integrity, prudence and professional skill, on a continuing basis.32

c) In addition to these requirements, insurers must be registered under Life Insurance Act 1995 (Cth) to provide life insurance services in Australia.

27 Hawke, op cit, p. 77. 28 Insurance Act 1973 (Cth), section 93(1). 29 Please note: This answer is limited to unlicensed insurers and reinsurers selling or providing capacity to sell insurance; not unlicensed insurers and reinsurers selling or providing capacity to sell reinsurance. 30 Insurance Act 1973 (Cth), section 10. 31 Insurance Act 1973 (Cth), section 12. 32 Hawke, op cit, p. 26. www.lexmundi.com Page 8 © 2009 Lex Mundi 7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

a) To provide insurance services in Australia, foreign insurers must be authorized insurers in their home country, as well as comply with the additional Australian requirements discussed above.

b) Foreign insurer applicants must have received consent from their home supervisor for the establishment of an insurance operation in Australia.33 Only applicants who are authorized insurers in their home country will be granted authorities to operate as foreign insurers.34 The requirements for foreign insurance carriers wishing to set up a head office and to establish branches are all contained in the Australian Prudential Regulatory Authority Guidance Note - Guidelines on Authorization of General Insurers.35

c) Furthermore, an insurance agent who represents a foreign insurer is a "foreign insurance agent". The Australian insurance legislation emphasises that the foreign insurance agent is the agent of the insurer and enumerates certain statutory responsibilities of the foreign insurance agent to both the insured and the insurance company. This entity does not "undertake liability" in the terms of the Australian insurance legislation. The extent to which the entity is involved in accepting or rejecting the risk, issuing the policy and related documents, receiving and holding or investing the premium, and paying claims is governed by the contract between the foreign insurance agent and the insurance company, as well as by Australian corporate and tax law.36

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

 APRA - http://www.apra.gov.au/  ASIC - http://asic.gov.au/

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

 APRA - no forms available  ASIC - no forms available

Contact Information

Mark Waller Clayton Utz [email protected] Level 15 1 Bligh Street Sydney, New South Wales 2000, Australia

Tel 61.2.9353.4000 Fax 61.2.8220.6700 www.claytonutz.com

33 APRA Guidance Note - Guidelines on Authorization of General Insurers, February 2002. 34 Hawke, op cit, p. 28. 35 Australian Prudential Regulatory Authority Guidance Note - Guidelines on Authorization of General Insurers, February 2002. 36 Hawke, op cit, p. 28. www.lexmundi.com Page 9 © 2009 Lex Mundi

Foreign Insurers

Bahamas Prepared by Lex Mundi member firm McKinney, Bancroft & Hughes

1. What is the definition of insurer and reinsurer in your jurisdiction?

Our Insurance Act describes Insurer as any company carrying on insurance business and, except where otherwise stated, includes all the members of an association of underwriters that is registered as an insurer. The term “insurance business” includes reinsurance business.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

No. A registered insurer may only sell or otherwise distribute insurance products in The Bahamas through a registered insurance intermediary. An insurance intermediary is described in the Insurance Act as a broker, agent, sub-agent adjuster, risk manager, consultant or other such persons who give advice by way of directly offering, advertising or on a person-to-person basis in respect of an insurance product and includes the promotion of such product or the facilitation of an agreement or contract between an insurer and a customer.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, Insurers / reinsurers are regulated by the Insurance Commission established under the Insurance Act.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes foreign insurers must be licensed and registered however they may not sell insurance directly. See response no. 7.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The Insurance Act, 2005, The Insurance Regulations, 2005/2009 (currently still in draft format) and the External Insurance Act, 2009

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

You may visit The Bahamas government website for additional information:

http://www.bahamas.gov.bs/

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No.

Contact Information

Alexander Christie McKinney, Bancroft & Hughes [email protected] 4 George Street, Mareva House P.O. Box N-3937 Nassau, Bahamas

Tel 1.242.322.4195 Fax 1.242.328.2520 www.mckinney.com.bs

Foreign Insurers

Barbados Prepared by Lex Mundi member firm Clarke Gittens Farmer

1. What is the definition of insurer and reinsurer in your jurisdiction?

An insurer, under the Insurance Act, Cap. 310 of the Laws of Barbados (the “Act”), is a company carrying on “insurance business” which is defined in the Act as “the assumption of the obligations of an insurer in any class or insurance business; re-insurance business and pensions business and other business directly connected to insurance business.”

Under the Exempt Insurance Act, Cap 308A of the Laws of Barbados insurance business is defined as “the business of effecting and carrying out contracts approved by the Supervisor of Insurance that provide for the protection of persons against loss or liability in respect of risk to which such persons may be exposed, by virtue of which the company assumes the obligation to pay a sum of money or other thing of value upon the happening of an event, and that provide for re-insurance.”

With respect to reinsurers, the Act states that “all provisions of the Act shall apply except that the reinsurer shall not be required to make, in respect of the reinsurance, any deposit as required by section 23 or section 79 [of the Act]”.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes, an international insurer/reinsurer may underwrite insurance or provide capacity to do so by becoming licensed in Barbados as an Exempt Insurance Company (“EIC”) or as a Qualifying Insurance Company (“QIC”). An EIC is an international insurer which only insures risks located outside of Barbados, where the premium is paid from outside Barbados. However, an international insurer may offer insurance services to clients within the jurisdiction if it is registered as a QIC. QICs must derive no more than 10% of their gross revenues from insurance premiums originating from within the CARICOM Caribbean Single Market Economy37.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, they are regulated by the Supervisor of Insurance.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

No company may carry on insurance business unless it is registered or licensed in Barbados.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The Insurance Act, Cap. 310 of the Laws of Barbados The Exempt Insurance Act, Cap. 308A of the Laws of Barbados The Companies Act, Cap. 308 of the Laws of Barbados

37 The CARICOM Caribbean Single Market Economy includes the following countries: Antigua & Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts & Nevis, St. Lucia, Suriname, St. Vincent & the Grenadines, Trinidad & Tobago. www.lexmundi.com Page 12 © 2009 Lex Mundi

The Exempt Insurance (Delegation of Functions) Regulations The Exempt Insurance (Forms and Fees) Regulations The Exempt Insurance (Tax Concessions) Regulations The Exempt Insurance (Holding Companies) Regulations The Companies Regulations

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No company may sell insurance/provide capacity to sell insurance without a license.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. Even if an insurer is licensed and registered in another jurisdiction, it must still follow the procedures set out in the Barbadian legislation and regulations to become licensed and registered in Barbados. However, a Branch insurer, that is, a branch of an insurer incorporated outside of Barbados, does not need to be incorporated in Barbados in order to become registered as would be required for all other entities wishing to provide insurance services. Such an insurer must, nevertheless, register with the Registrar of Companies as an external company before proceeding to apply for registration and licensing as an insurer.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

The Supervisor of Insurance does not have a website. General information published by the Government of Barbados is available at www.barbados.gov.bb

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No.

Contact Information

Gillian M.H. Clarke Clarke Gittens Farmer [email protected] Parker House Wildey Business Park Wildey Road St. Michael BB14006, Barbados

Tel 1.246.436.6287 Fax 1.246.436.9812 www.clarkes.com.bb

Foreign Insurers

Bolivia Prepared by Lex Mundi member firm C.R.& F. Rojas - Abogados

1. What is the definition of insurer and reinsurer in your jurisdiction?

Under Bolivian Insurance Law the definitions are the following: a) Insurer is a corporation exclusively devoted to insurance administration and authorized thereof by the Supèrintendence. It comprises direct insurers, reinsurers and entities. b) Reinsurer is the entity that accepts risks or a number of risks and assuming responsability before the assignee for such risks.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Foreing Insurer can not underwrite insurance or provide capacity to underwrite insurance in Bolivia. These activities can only be performed by corporations (sociedades anónimas) duly incorporated and regulated by the Bolivian Commerce Code.

Foreign Reinsurer can underwrite insurance or provide such capacity in Bolivia if it is registered with the Superintendence of Pensions, Securities and Insurances "SPVS" today Authority of Supervision of the Financial System (the “Regulator”).

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, insurers and/or reinsurers are regulated in Bolivia.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

No individual or legal person may hire or contract insurances without the previous incorporaion and operations authorization granted by the Regulator, as is stated in the Insurance Law and its Regulations. Therefore Foreign Insurers are not alowed to underwrite and sell insurance in Bolivia.

A Foreign Reinsurer must be registered with the Regulator in order to underwrite and sell insurance/provide capacity. The Reinsurer does not need a local office in Bolivia. The requirements for such registration are the following, according to Passive Reinsurance Regulation Nº 764 dated September 31, 2008: a) Foreign Reinsurance Company Commercial Registrar (Act). b) Official and legal address, telephone numbers, fax number, WEB site and contact e-mail. c) Foreign Reinsurance Company Supervisor Certificate with its respective registration number. d) Last Rating Report (minimum BBB S&P or its equivalent). e) Last Financial Statements or Annual Report.

This Reinsurer must have insurance / reinsurance supervision in its origin country.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Commerce Code Insurance Law No. 1883 Supreme Decree No. 25201 dated June 25, 1998 Administrative Resolution No.764 September 30, 2008

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, www.asfi.gov.bo.

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No.

Contact Information

Maria del Carmen Ballivian C.R.& F. Rojas - Abogados [email protected] Calle Federico Zuazo 1598 Edif. Park Inn, Piso 11 P.O. Box 662 La Paz, Bolivia

Tel 591.2.231.3737 Fax 591.2.211.2775 www.rojas-lawfirm.com

Foreign Insurers

Brazil Prepared by Lex Mundi member firm Demarest e Almeida

1. What is the definition of insurer and reinsurer in your jurisdiction?

Insurer is the Brazilian company authorized and regulated by the Brazilian Insurance Supervisor to sell insurance. There are three classes of reinsurer. The local reinsurer is the Brazilian company authorized and regulated by the supervisor to sell reinsurance. The admitted and the occasional reinsurers are foreign companies registered before the Brazilian Insurance Supervisor to which the Brazilian Insurers and Reinsurers are authorized to assign risks.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Concerning insurance, a foreign insurer cannot sell insurance in Brazil, but if there is no capacity in the Brazilian market, the insured can place the risk abroad. Concerning reinsurance, the Brazilian cedents are authorized to place their risks only with local reinsurers and foreign reinsurers duly registered before SUSEP as admitted or occasional rensurers.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Foreign insurers cannot be licensed in Brazil, but reinsurers can be registered as admitted or occasional reinsures.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

There are rules about corporate governance (internal controls, auditing and actuarial proceedings, approval of directors and members of the Board of Directors and others) and about capital (fixed and risk based capital).

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes. www.susep.gov.br

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No.

Contact Information

João Marcelo dos Santos Demarest e Almeida [email protected] Av. Pedroso de Moraes, 1201 Centro Cultural Ohtake Sao Paulo 05419-001, Brazil

Tel 55.11.3356.1800 Fax 55.11.3356.1700 www.demarest.com.br

Foreign Insurers

Bulgaria Prepared by Lex Mundi member firm Penkov, Markov & Partners

1. What is the definition of insurer and reinsurer in your jurisdiction?

Insurer shall be the legal entity that performs the activity of providing insurance cover against risks based on a contract. Insurance activity represents raising and expenditure of funds, designated for compensation payments and other cash amounts on occurrence of events or circumstances anticipated by contract or by law, as well as directly related activities including: assessment of the insurance risk; determination of the insurance premium; establishment of the occurrence of an insured event; determination of the amount of damage incurred; management of an insurer's own funds and assets which serve as cover for his or her technical reserves; transfer of all, or part, of an insurance risk covered by an insurer to a reinsurer or to another insurer (passive reinsurance); provision of travel assistance insurance services by an insurer, through persons engaged by the insurer and the insurer's own technical means.

Reinsurer shall be the legal entity that performs the activity of assuming, in accordance with a reinsurance contract, all or part of the risks covered by an insurer or by another reinsurer, in exchange for an insurance premium (active reinsurance) and activities directly related to this.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

An insurer/reinsurer with a seat of business in a third state (a state which is not EU member) shall have the right to perform operations on the territory of the Republic of Bulgaria through a branch duly registered under the Commerce Act after obtaining a license issued by the Financial Supervision Commission.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Insurers and Reinsurers are regulated in the Insurance Code, the ordinances for its implementation and a number of ordinances, adopted by the Financial Supervision Commission.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Foreign insurers and/or reinsurers shall be licensed to perform insurance activities as described in p. 7. and p. 12.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The applicable legislation governing insurers and/or reinsurers in Bulgaria comprises the Insurance Code and a number of ordinances adopted by the Financial Supervision Commission which refer to specific requirements for the insurers and reinsurers (for example Ordinance ? 21 dated 16 March 2005 for the own funds and the solvency margin for insurers and reinsurers, Ordinance ? 27 dated 29 March 2006 for the order and methods used to set up technical reserves by insurers and reinsurers and for health-insurance reserves etc.)

No, entitled to sell insurance and/or provide capacity to sell insurance shall be only a person or entity which has obtained the required license. Any person that carries out or allows the performance of insurance without license is subject to penalties (fine amounting from BGN 2,000 to BGN 10,000 - for natural persons and pecuniary sanction of BGN 50,000 to BGN 200,000 - for legal entities).

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, the website of the Financial Supervision Commission is the following: http://www.fsc.bg

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

With respect to insurance or reinsurance companies no template forms have been adopted by the Financial Supervision Commission and only the documents which have to be enclosed thereto are explicitly provided for. However, there is a template form for registration of a company as insurance broker and this template form is available on the FSC’s website.

Contact Information

Hristo Hinkov Penkov, Markov & Partners [email protected] 13B Tintyava Str., Floor 6 1113 Sofia, Bulgaria Elina Ruseva Tel 359.2.971.3935 Fax 359.2.971.1191 www.penkov-markov.eu

Foreign Insurers

Canada, Manitoba Prepared by Lex Mundi member firm Thompson Dorfman Sweatman LLP

1. What is the definition of insurer and reinsurer in your jurisdiction?

The definition of “insurer” in Manitoba is “the person who undertakes or agrees or offers to undertake a contract” (The Insurance Act, C.C.S.M. c. I40, s.1). A “contract” is defined as “…a contract the subject matter of which is insurance…” (The Insurance Act, s.1).

“Reinsurer” is not defined in the Manitoba Insurance Act. However “reinsurance” is defined as follows: In this Part, “reinsurance” means an agreement whereby contracts made in the province by a licensed insurer or any class or group thereof are undertaken or reinsured by another insurer either by novation, transfer, assignment or as a result of amalgamation of the insurers (The Insurance Act, s.397).

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

The Insurance Act defines “foreign jurisdiction” as any jurisdiction other than Manitoba.

Section 25 of The Insurance Act states, “Nothing in this Act prevents a licensed insurer that has lawfully effected a contract of insurance in the province from reinsuring the risk or any portion thereof with any insurer transacting business out of the province and not licensed under this Act.”

3. Are insurers and/or reinsurers regulated in your jurisdiction?

The Superintendent of Insurance of Manitoba regulates insurance companies in Manitoba.

The Insurance Council of Manitoba is responsible for the licensing of insurance agents and brokers in Manitoba.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Foreign insurers are required to comply with section 24(1) of The Insurance Act. Section 24(1) of The Insurance Act states, “Every insurer carrying on business in the province shall obtain from the superintendent and hold a license under this Act.” Accordingly, they are required to be licensed by the Superintendent of Insurance of Manitoba.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The legislation which governs insurers in Manitoba is The Insurance Act, C.C.S.M. c. I40 and the following regulations: a) Classes of Insurance Regulation (Man. Reg. 165/2008); b) Guarantee Corporation for Insurers Regulation (Man. Reg. 140/90); c) Insurance Companies Financial Requirements Regulation (Man. Reg. 174/97); d) Insurance Company Classes of Insurance Regulation (Man. Reg. 390/87 R); and e) Insurance Fees Regulation (Man. Reg. 44/95), amendment (Man. Reg. 192/2004). www.lexmundi.com Page 20 © 2009 Lex Mundi 6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

An unlicensed insurer or reinsurer is not entitled to sell insurance/provide capacity to sell insurance in Manitoba. Section 24(1) of The Insurance Act states, “Every insurer carrying on business in the province shall obtain from the superintendent and hold a license under this Act.”

Section 89 of The Insurance Act states, “No person in the province shall enter into a contract of insurance with an insurer not licensed under this Act, except through a licensed special insurance broker.”

A special insurance broker’s license is described at section 381(1) of The Insurance Act which states, “The superintendent may issue to an insurance agent a license to act as a special insurance broker to negotiate, continue, or renew contracts of insurance in Manitoba with unlicensed insurers, other than life, accident, or sickness insurance.” The criteria that an applicant for a special insurance broker’s license must satisfy is identified at section 381(2) which includes being a resident of Manitoba, holding an unrestricted insurance agent license, filing a written application and the payment of the license fee.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

The regulator in the province of Manitoba is the Superintendent of Insurance. The website of the Superintendent of Insurance is: http://www.gov.mb.ca/fs/cca/firb/index.html

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

The documents to be filed for a license are described in section 32(1) of The Insurance Act. The forms for an insurer to become licensed in Manitoba are not available on the website of the Superintendent of Insurance.

Contact Information

James G. Edmond Thompson Dorfman Sweatman LLP [email protected] 201 Portage Avenue, Suite 2200 Winnipeg, Manitoba R3B 3L3, Canada

Tel 1.204.957.1930 Fax 1.204.934.0570 www.tdslaw.com

Foreign Insurers

Channel Islands Prepared by Lex Mundi member firm Mourant Ozannes

1. What is the definition of insurer and reinsurer in your jurisdiction?

The Insurance Business (Bailiwick of Guernsey) Law, 2002 as amended (the "Insurance Business Law") defines insurer as a person carrying on (or holding themselves as carrying on) insurance business. Subject to certain exemptions, insurance business is further defined as the business of accepting risks by effecting a) contracts of insurance, whether directly or through an agent, and includes the effecting of contracts for fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee; b) capital redemption contracts, contracts to manage the investments of pension funds (subject to exceptions where such funds are wholly or partly for the benefit of the insurer's officers, employees or their dependants c) contracts to pay annuities on human life, save that for the purposes of the Insurance Business Law a person shall not be considered to carry on insurance business solely by reason of the fact that he i. is a member of the Society of Lloyd's ii. effects or carries out a contract of reinsurance with a licensed insurer in the Bailiwick (unless his principal place of business is in the Bailiwick) iii. invests in shares or in some other way participates in the results of an insurer.

There is no specific statutory definition for reinsurer, it would follow the above definition for insurer.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes, but it must either be licensed in Guernsey or it must do so through an intermediary or manager which is licensed to provide such services in Guernsey.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes. Insurance business (general and life) is regulated by the Insurance Business Law. Insurers which are not regulated in Guernsey may only sell insurance in Guernsey through entities licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (as amended) (the "IMII Law").

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes. Foreign insurers and / or reinsurers must either hold a license under the Insurance Business Law or must sell insurance only through an intermediary licensed under the IMII Law.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The Insurance Business (Bailiwick of Guernsey) Law, 2002 as amended and The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (as amended) are the www.lexmundi.com Page 23 © 2009 Lex Mundi applicable laws. Matters such as client money, annual returns, approved assets, minimum capital requirements and duties of general representatives of licensed insurers are all subject to regulation.

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. Please see the response to question 9 above.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. Please see the response to question 9 above.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

The website of the Guernsey Financial Services Commission is: www.gfsc.gg

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Yes. On the Commission's website www.gfsc.gg go to the Insurance tab on the right and then select "Insurance Documents"

Contact Information

Marcel Cariou Mourant Ozannes [email protected] 22 Grenville Street St. Helier Jersey, JE4 8PX

Tel 44.1534.676.000 Fax 44.1534.676.333 www.mourantozannes.com

Foreign Insurers

Chile Prepared by Lex Mundi member firm Claro y Cia., Abogados

1. What is the definition of insurer and reinsurer in your jurisdiction?

The Chilean Commerce Code (enacted in 1865) defines the insurer as the person who bears the insured risk. The DFL (Decree with Force of Law) N° 251, of 1931 (the “Insurance Act”) provides that the business of insuring or reinsuring risks with a premium as consideration may only be performed by Chilean corporations with special purpose upon obtaining a license issued by the Superintendencia de Valores y Seguros (Superintendence of Securities and Insurance) (the “SVS”).

There is no specific definition of reinsurer in our legislation.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

As stated above, in Chile the business of insuring or reinsuring risks with a premium as consideration may only be performed by Chilean corporations with special purpose upon obtaining a license. Exceptionally, our legislation allows foreign insurers to underwrite insurance or provide capacity to underwrite insurance in the following manners:

a) All entities and individuals are allowed to hire insurance abroad. Therefore, restrictions are upon underwriting insurance in Chile but not upon insuring risks located in Chile. b) Regarding insurance involving international commerce such as sea or air freight insurance, insurers established in a jurisdiction that has a treaty with Chile may freely underwrite insurance. c) Foreign insurers may create a branch in Chile subject to certain requirements and authorizations that are equivalent to those needed to underwrite insurance through a local corporation. In this case the insurer may not claim benefits over local companies arising from its nationality. Additionally, all legal disputes arising from insurance underwriting are mandatorily subject to the legal venue of Chilean Courts. For all purposes, any and all transaction between the branch and its headquarters shall be considered as a transaction between independent entities.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, insurers and reinsurers are heavily regulated, mainly regarding insurable risks, reserves and permitted investments.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes, they shall be registered and obtain a license issued by the SVS.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Insurance is mainly regulated by three different legislations: Insurers are regulated by DFL N° 251, of 1931, known as the Insurers Act. Additionally there are several provisions regarding insurance in our

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

An unlicensed insurer may insure risks that are located in Chile if required to (see 2. a) above). However, it may not engage in the insurance business in Chile by actively selling or marketing insurance.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, www.svs.cl

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Even though there are no specific forms that apply to the request of a license, a SVS’ regulation called Norma de Carácter General No. 251 provides specific instructions as to how to file a license request and as to the contents of such request.

Contact Information

Jorge Martín Claro y Cia., Abogados [email protected] Av. Apoquindo 3721, 14th Floor Las Condes Santiago 755 0177, Chile

Tel 56.2.367.3000 Fax 56.2.367.3003 www.claro.cl

Foreign Insurers

Colombia Prepared by Lex Mundi member firm Brigard & Urrutia

1. What is the definition of insurer and reinsurer in your jurisdiction?

As set forth in article 1037 of Colombian Code of Commerce, an insurer can be defined as the legal entity that undertakes risks and is duly authorized for such purposes in accordance with Colombian laws and regulations. For the case of reinsurers, Colombian laws and regulations do not provide a clear definition. However, a reinsurer can be defined as the legal entity that undertakes risks resulting from insurance contracts in which the reinsurer undertakes with the insurer the same obligation as the latter has contracted with the holder or the insured.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

A branch established by a foreign insurance company is able to operate as a local insurer. Such branch is subject to supervision by the Superintendence of Finance and the foreign parent insurance company will be at all times liable for the obligations assumed by the branch in Colombia.

Pursuant to Article 61 of the Law No. 1328 of 2009, foreign insurers are authorized to provide within Colombian territory or to its residents insurance products associated with (i) international shipping, (ii) commercial aviation and (iii) with space launch and transportation (including satellites), that may cover the risks related to the goods being transported, the vehicle transporting the goods and any liability that may arise from them, as well ensuring goods in international transit. However, foreign insurers are required to registry in the “Registry Intended For Foreign Insurers That Want To Offer Insurance Associated With International Shipping, International Commercial Aviation And Space Launch And Transportation (including satellites)” (“RAIMAT” by its acronym in Spanish). Enrollment in the RAIMAT allows foreign insurers and their intermediaries to offer their insurance products in Colombian territory as mentioned above.

In addition, pursuant to Law 1450 of 2011, foreign insurance companies are currently allowed to underwrite agricultural risks in the Colombian market. Such activity does not require incorporation of an entity in Colombia. Only those insurers from abroad who are registered in the Registry of Foreign Insurance Entities and Foreign Insurance Intermediaries of Agricultural Insurance (“RAISAX” by its acronym in Spanish) are authorized to operate in the Colombian market to offer the agricultural insurance.

A foreign reinsurer can underwrite reinsurance in our jurisdiction only by means of one of these alternatives: (i) by registering at the Registry of Foreign Reinsurers and Reinsurance Brokers (“REACOEX” by its acronym in Spanish) held by the Colombian regulator, (ii) by setting up a representative office in Colombia and (iii) by incorporating a reinsurance company in Colombia.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

www.lexmundi.com Page 27 © 2009 Lex Mundi Yes. As set forth in question 2, foreign insurers must (i) establish and dully incorporate a branch in Colombia in order to underwrite and sell insurance in Colombia or (ii) register in the RAIMAT in order to offer the products associated with (a) international shipping, (b) commercial aviation and (c) with space launch and transportation (including satellites), that may cover the risks related to the goods being transported, the vehicle transporting the goods and any liability that may arise from them, as well ensuring goods in international transit.

Additionally, pursuant to Law 1450 of 2011, foreign insurance companies are currently allowed to underwrite agricultural risks in the Colombian market. Such activity does not require incorporation of a local entity in Colombia. Those foreign insurers, as it was explained in question 2, are required to be registered in the RAISAX.

A foreign reinsurer must be registered in the special registry held by the Colombian Regulator as explained in question 2.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The main legislation or regulation applicable and governing insurers and/or reinsurers in our jurisdiction are the Organic Statute of the Financial System (Estatuto Orgánico del Sistema Financiero), the Decree 2555 of 2010, the Legal Circular 007 of 1996, the Legal Circular 100 of 1995 and the Legal Circular 019 of 2013 from the Superintendence of Finance of Colombia.

Additionally, there is also a special regulation for the registration of foreign reinsurers in the REACOEX. Although a reinsurer operation is not subject to any surveillance, Legal Circular 007 of 1996 (Title VI, chapter 4) sets forth the requirements for the registration in our country.

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

Insurers:

Yes. Foreign insurers are able to offer in Colombia insurances in connection with international maritime transport, international civil aviation and space launching (including satellites), but must be licensed and registered in another jurisdiction in order to be registered in our jurisdiction as a foreign insurer.

In addition, the foreign insurers seeking registration in the must be licensed and registered in another jurisdiction.

Reinsurers:

Yes, as a prerequisite, a reinsurer must be licensed in another jurisdiction for the purposes of registering in the REACOEX as a foreign reinsurer.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

www.superfinanciera.gov.co

Although, the relevant legislation and regulation are available, a specific form is not available at the regulator’s website. However, at the regulator’s website is available the relevant check list with respect to the documentation needed to become licensed or registered in our jurisdiction.

Contact Information

Carlos Umaña Trujillo / Lucas Fajardo Brigard & Urrutia Gutiérrez Calle 70 A No. 4 – 41 [email protected] / [email protected] Bogotá D.C., Colombia

Tel: (057) (1) 3462011 www.bu.com.co

Foreign Insurers

Curacao Prepared by Lex Mundi member firm VanEps Kunneman VanDoorne

1. What is the definition of insurer and reinsurer in your jurisdiction?

Pursuant to the laws of Curaçao an insurer is defined as any person or company who practices the insurance business. The insurance business is further defined as the life insurance business and indemnity insurance business.

The life insurance business is defined as follows: An insurance company which enters into life insurance contracts as a business for the insurer’s own account, including the completion of the life insurance contracts entered upon in that business, even though the making of profit might not be the objective.

The indemnity insurance business is defined as follows: An insurance company which enters into non-life insurance contracts for the insurer’s own account, including the completion of non-life insurance contracts entered upon in that business, even though the making of profit might not be the objective.

A reinsurer is defined as an insurance company which from its establishment in Curaçao conducts the business exclusively as a reinsurer.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes, however, all insurance and/or reinsurance companies (whether these are legal entities established in Curaçao or abroad) that would like to carry out the insurance and/or reinsurance business in Curaçao, are subject to local rules and regulations as these legal entities require a license, respectively special license issued by the Central Bank of Curaçao and Sint Maarten (the “Central Bank”).

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, the insurance and reinsurance business in Curaçao is regulated in the National Ordinance on the Supervision of the Insurance Industry (NG 1990, 77) (the “National Ordinance”); the Special Insurance License Decree (A 1992, 50) (the “Decree”) and the Civil Code of Commerce (“Code of Commerce”).

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes, a license issued by the Central Bank is required.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Please see answer 3 above.

No, a license issued by the Central Bank is required.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

Under certain circumstances.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

www.centralbank.an

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Yes.

Contact Information

Frank Kunneman VanEps Kunneman VanDoorne [email protected] Julianaplein no. 22 P.O. Box 504 Willemstad, Curacao

Tel 599.9.461.3400 Fax 599.9.461.2023 www.ekvandoorne.com

Foreign Insurers

Cyprus Prepared by Lex Mundi member firm Dr. K. Chrysostomides & Co LLC

1. What is the definition of insurer and reinsurer in your jurisdiction?

An insurer is defined as a Cypriot insurance company as well as every other undertaking which has as its object the carrying out of insurance activities, regardless of the legal form which it has according to the law of the country where its registered office is, and includes the United Insurance Brokers of Lloyd’s London as well as insurance undertakings of combined insurance activities.

A reinsurer is defined as an undertaking which carries out reinsurance activities only and which has been duly licensed according to the applicable statutory provisions, while reinsurance is defined as an activity which consists of the assuming of risks which are assigned by an insurance undertaking or another reinsurance undertaking.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

A foreign insurer and/or reinsurer may underwrite insurance and/or provide capacity to underwrite insurance in Cyprus if it falls under one of the following categories: a) It is an insurance undertaking which is licensed in a country other than Cyprus or a member state of the European Union (“EU”) or the European Economic Area (“EEA”) and which is further licensed to provide insurance services in Cyprus through a branch or an agent; b) It is an insurance undertaking which is located and licensed in a member state of the EU or the EEA and which provides insurance services in Cyprus through a branch or an agent under the freedom of establishment principle of EU law; c) It is an insurance undertaking which is located and licensed in a member state of the EU or the EEA and which provides insurance services in Cyprus under the freedom of provision of services principle of EU law.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Insurers and reinsurers are regulated in Cyprus by the Superintendent of Insurance (“Superintendent”).

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Foreign insurers and/or reinsurers are required to be licensed or registered to underwite and sell insurance or to provide capacity in Cyprus.

a) An insurer which is licensed in a country other than Cyprus or a member state of the EU or the EEA may be licensed to provide insurance services in Cyprus with respect to a particular sector or sectors, through a branch or an agent which is registered pursuant to the Cyprus Companies Law, Cap. 113. In order for the said license to be issued certain requirements, including without limitation the following, must be fulfilled: i. The foreign insurer is licensed in the country of its incorporation to carry out insurance activities with respect to the sectors for which a license is applied for;

www.lexmundi.com Page 32 © 2009 Lex Mundi ii. The foreign insurer has appointed a general representative in Cyprus in compliance with the relevant statutory requirements; iii. The foreign insurer has a paid up share capital of at least Euro 683.441(for general liability insurers) or at least Euro 11.025.161 (for life insurers) or at least 1.708.601 (for reinsurers).

b) An insurer which is located and licensed in a member state of the EU or the EEA may be licensed to provide insurance services in Cyprus through a branch or an agent under the freedom of establishment principle of EU law. Certain requirements must be complied with, including the dispatch of a notification from the competent authority of the state where the insurer is regulated to the Superintendent about the intention of the insurer to be established in Cyprus, accompanied by certain documents and information. c) An insurer which is located and licensed in a member state of the EU or the EEA may be licensed to provide insurance services in Cyprus under the freedom of provision of services principle of EU law. The competent authority of the state where the insurer is regulated must provide a notification to the Superintendent about the intention of the insurer to be established in Cyprus, accompanied by certain documents and information, while the insurer must also appoint a tax representative in Cyprus.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The applicable legislation governing insurers and reinsurers in Cyprus is the Insurance Services and other Related Issues Law 35(I) of 2002, as amended. Several regulations have been issued pursuant to the above mentioned legislation, the most important of which is the Insurance Services and other Related Issues Regulations of 2002, as amended.

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

An unlicensed insurer or/and reinsurer is not entitled to sell any insurance or to provide any capacity to sell insurance in Cyprus, while the carrying out of a number of insurance services without a license is a criminal offence.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

The website of the Superintendent is: http://www.mof.gov.cy/mof/mof.nsf/DMLicsa_en/DMLicsa_en?OpenDocument

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

The forms which are required in order for an insurer to become licensed or registered in Cyprus are available on the website of the Superintendent under the link: http://www.mof.gov.cy/mof/mof.nsf/DMLforms_gr/DMLforms_gr?OpenDocument

Contact Information

Pavlos Symeonides Dr. K. Chrysostomides & Co LLC [email protected] 1, Lampousas Street 1095 Nicosia, Cyprus

Tel 357.22.777000 Fax 357.22.779939 www.chrysostomides.com.cy

Foreign Insurers

Dominican Republic Prepared by Lex Mundi member firm Pellerano & Herrera

10. What is the definition of insurer and reinsurer in your jurisdiction?

An insurer is any company or corporation duly authorized by the Insurance Superintendence to focus exclusively on the provision of insurance and reinsurance and its related activities, directly or through intermediaries.

A reinsurer is any national or foreign company, duly authorized by the Insurance Superintendence, to exclusively provide reinsurance and its related activities.

11. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes, but it needs to be registered and accepted by the Insurance Superintendence.

12. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, the Insurance Superintendence is the local regulatory body.

13. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes, whether domiciled in the Dominican Republic or not, all foreign insurers and/or reinsurers wanting to do business in the country need to be registered and licensed by the local regulatory body.

14. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The applicable Law is 146-02, dated September 11, 2002, about insurance and bonds in the Dominican Republic.

15. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. All insurers and/or reinsurers need to be registered and licensed by the local regulatory body.

16. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. All insurers and/or reinsurers need to be registered and licensed by the local regulatory body.

17. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, http://www.superseguros.gob.do/

18. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No, the forms are not available online. This feature is not yet implemented in the regulator’s website.

Contact Information

Juan Moreno Pellerano & Herrera [email protected] Av. John F. Kennedy #10 Santo Domingo, Dominican Republic

Tel 1.809.541.5200 Fax 1.809.567.0773 www.phlaw.com

Foreign Insurers

Estonia Prepared by Lex Mundi member firm LAWIN

19. What is the definition of insurer and reinsurer in your jurisdiction?

Insurer is a company whose main permanent business is compensating for loss or damage created upon and as a result of insured events, or paying agreed amounts of money.

Reinsurer is an insurer who may carry out only reinsurance activities and intermediate reinsurance as well as make transactions directly supporting the said main activities. Reinsurance activities mean taking over of insurance risks of the insurer on the basis of a reinsurance agreement, with a goal to pay to the insurer the agreed indemnity in relation to an insured event agreed upon in the insurance agreement concluded between the insurer and a policyholder.

20. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes, if the foreign insurer/reinsurer has established a branch office or registered as a provider of cross-border insurance activities.

21. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, in Estonia both of them are regulated.

22. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Foreign insurer and reinsurer are not to be separately licensed in Estonia if the laws of the country, where the company has been established and where it has been provided the right to carry out insurance/reinsurance activities, allow the company carrying out insurance activities also in Estonia. However, a local branch office should be established or the foreign insurer should be registered as a provider of cross-border insurance activities. If the insurer has been established in a country not belonging to the European Economic Area (EEA), then, as a rule, the insurer needs a permission of the Estonian Financial Supervision Authority in order to establish a branch office or to carry out cross- border insurance activities in Estonia. The permission requirement is not applied to carrying out cross-border reinsurance activities – then a notification is required. Insurers/reinsurers established in the EEA countries may establish branch office or carry out cross-border insurance activities in Estonia without any separate permission but a notification should be submitted to the Estonian Financial Supervision authority through the financial supervision authority of the country where they are established.

23. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Insurers and reinsurers are governed by the Estonian Insurance Activities Act adopted in 2004.

24. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No.

25. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No.

26. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes. The English version of website of the Estonian Financial Supervision Authority can be found at http://www.fi.ee/?lang=en.

27. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No.

Contact Information

Triinu Hiob LAWIN [email protected] Niguliste 4 10130 Tallinn, Estonia

Tel 372.630.6460 Fax 372.630.6463 www.lawin.com

Foreign Insurers

Iceland Prepared by Lex Mundi member firm LOGOS Legal Services

28. What is the definition of insurer and reinsurer in your jurisdiction?

Insurer (vátryggjandi): anyone undertaking by contract the obligation to provide insurance.

In the Act on Insurance Contracts no. 30/2004 (the “AIC”) the insurer is defined as “the company” and the term has the meaning as described above.

The term “reinsurer” (endurtryggjandi) is not defined in Icelandic law and there are no specific Acts applying to that type of insurance activities. However a bill has been presented to the Icelandic Parliament, implementing Directive no. 2005/68 of the European Parliament and of the council on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC and Directives 98/78/EC and 2002/83/EC.

The term “reinsurance” is there defined as activity consisting in accepting risks ceded by an insurance undertaking or by another reinsurance undertaking.

With reference to Article 1 of the Act on Insurance Activities no. 60/1994 (the “AIA”) it must be concluded that activities regarding reinsurance are subject to operating license and the AIA otherwise applies to such activities.

29. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

According to Article 2 of the AIA the following parties shall be authorized to carry out insurance activities in Iceland: a) limited-liability and mutual companies, which have obtained an operating license in this country as provided for in Art. 26 of the AIA; b) foreign insurance companies with head offices in the European Economic Area which have obtained an operating license in their home state, cf. Art. 64 and 65 of the AIA; c) foreign insurance companies, with head offices located outside the European Economic Area, which have obtained a license to operate a branch in this country, cf. Art. 71 of the AIA.

Chapter VII of the AIA further describes the terms and conditions for the activities of foreign insurance companies in Iceland.

According to Article 64 of the AIA foreign insurance companies with head offices in member states of the European Economic Area which have obtained an operating license from the supervisory authority concerned, may establish a branch in Iceland, provided they are authorized for insurance activities in the same classes of insurance and sub-classes in their home state.

According to Article 65 of the AIA foreign insurance companies with head offices in member states of the European Economic Area, which have obtained an operating license from their supervisory authority, may provide services in Iceland without having an establishment in the country, provided they are authorized for insurance activities in the same classes of insurance and sub-classes in their home state.

www.lexmundi.com Page 40 © 2009 Lex Mundi According to Article 71 of the AIA, foreign insurance companies with their head offices outside the European Economic Area, which have operating licenses for insurance activities in their home states, can obtain a license to carry out activities in a branch in Iceland in accordance with this Act, provided Icelandic insurance companies enjoy no less favourable rights in those home states.

According to Article 5 of the AIA no one may, on a commercial basis, encourage the provisions of direct insurance for an insurance risk in Iceland, cf. Article 8, by parties other than insurance companies with an operation license in the country. An operating license in a member state of the EEA shall be considered equivalent to an operating license in Iceland, provided the requirements for authorization to establish a branch or provide services, cf. Chapter VII of the AIA, are fulfilled.

30. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, numerous provisions can be found in Icelandic legislation and regulation that apply directly or indirectly to insurance or reinsurance of insurance undertakings and intermediaries.

According to article 53 of the AIA, the Financial Supervisory Authority shall supervise parties carrying out activities subject to the provisions of the Act and the branches of foreign insurance companies which have obtained operation licenses in Iceland. The supervision shall be as provided for in the Act and the Act on Public Supervision of Financial Activities no. 84/1998.

31. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes, according to Article 1 of the AIA the Act applies to insurance activities and also insurance brokerage and all activities covered by the Act shall be subject to operating license. Further, according to article 21 paragraph 5 of the AIA, an insurance company may not commence its activities until it has received an operating license and is registered in the Register of Insurance Companies.

As stipulated in article 53 of the AIA, the Financial Supervisory Authority shall supervise parties carrying out activities subject to the provisions of the Act and the branches of foreign insurance companies which have obtained operation licenses in Iceland. The supervision shall be as provided for in the Act and the Act on Public Supervision of Financial Activities no. 84/1998.

Foreign insurance companies in Iceland with head offices outside of the EEA, which have operating licenses for insurance activities in their home states, can obtain a license to carry out activities in a branch in Iceland, cf. Article 71 paragraph 1 of the AIA. According to Article 72 an application for operating license and registration in the Register of Insurance Companies shall be sent to the Financial Supervisory Authority, accompanied by necessary documentation as further stipulated in the Article.

Foreign insurance companies with head offices in the EEA, which have obtained an operating license from the supervisory authority concerned, may establish a branch in Iceland, provided they are authorized for insurance activities in the same class of insurance and sub-classes in their home state, cf. Article 64 paragraph 1 of the AIA. It is further stipulated in paragraph 2 of article 64 that the Financial Supervisory Authority shall obtain certain information and documentation from the supervisory authority in its home state and the FSA shall within two months of receiving the documentation and information give notice that the company may establish a branch after which it may commence activity.

The same applies to foreign insurance companies with head offices in member states that intend to provide services in Iceland without having an establishment in the country. The company may provide services in Iceland once the FSA has given notice that all necessary documentation as stipulated in the AIA has been received by the Authority. cf. Article 65 of the AIA.

Iceland is a member of the EFTA and the EEA agreement between the EU and the EFTA countries. By the EEA agreement, Iceland is bound to adopt most of the EU acquis including the directives in the field of insurance. The EU acquis are normally not part of Icelandic legislation directly but provisions of these acquis should be adapted to Icelandic law. Business in Iceland is governed solely by Icelandic law. Icelandic legislation in the field of insurance is therefore in conformity with the European Directives.

The principal acts governing insurance activity in Iceland are: a) Act on Insurance Activities no. 60/1994 (lög um vátryggingastarfsemi). b) The Act stipulates compulsory conditions for the activity of insurance companies and intermediaries, particularly regarding the establishment of an insurance company, operating license and registration in the Register of Insurance Companies, financial basis (solvency), holdings, board of directors, auditing and activities of foreign insurance companies in Iceland. c) Act on Insurance Intermediation no. 32/2005 (Lög um miðlun vátrygginga). d) The Act stipulates compulsory conditions for insurance intermediaries, particularly concerning operating license and registration in the Register of Insurance Intermediaries, necessary qualifications, procedure and the obligation of intermediaries to inform the insured and other issues. e) Act on insurance Contracts no. 30/2004 (Lög um vátryggingasamninga). f) The Act stipulates compulsory conditions for insurance agreements, including issues concerning the insurer’s obligation to inform the insured, automatic extension of validity of an insurance agreement, liability of the company, payment of insurance premiums, insurance benefit payments and other issues. g) Act on Official Supervision of Financial Operations (Lög um opinbert eftirlit með fjármálastarfsemi). h) The Act stipulates the terms and conditions regarding the supervision of insurance activities in Iceland, carried out by The Financial Supervisory Authority that is responsible for supervising insurance activities in Iceland. i) Various Acts on taxes and tariffs on insurance contracts and premiums. j) Various Acts making certain insurances mandatory. k) Various Regulations regarding insurance activities and related matters. Many of the Acts provide for regulations to be issued to fill in details not dealt with in the act itself. l) Various rules and guidelines, issued by the FSA

33. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No, as provided for in Article 1 of the AIA, all activities covered by the Act shall be subject to operating license and the Act applies to insurance activities and also insurance brokerage.

34. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No, as provided for in Article 1 of the AIA, all activities covered by the Act shall be subject to operating license and the Act applies to insurance activities and also insurance brokerage.

35. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, the regulator is The Financial Supervisory Authority and the website is: http://www.fme.is.

36. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No.

Contact Information

Ólafur Eiríksson LOGOS Legal Services [email protected] Efstaleiti 5 IS-103 Reykjavik, Iceland

Tel 354.540.0300 Fax 354.540.0301 www.logos.is

Foreign Insurers

India Prepared by Lex Mundi member firm Amarchand & Mangaldas & Suresh A. Shroff & Co

37. What is the definition of insurer and reinsurer in your jurisdiction?

Section 2(7A) of the Insurance Act, 1938 (“Insurance Act”) defines an ‘Indian insurance company’ to mean any insurer being a company: a) which is formed and registered under the Companies Act, 1956; b) in which the aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed twenty- six percent paid- up equity capital of such Indian insurance company; c) whose sole purpose is to carry on life insurance business or general insurance business or reinsurance business.

Such a company must be duly registered with the Insurance Regulatory and Development Authority (“IRDA”). Additionally, the Insurance Act also seperately defines the term 'insurer' , as follows: a) any individual or unincorporated body of individuals or body corporate incorporated under the law of any country other than India, carrying on insurance business not being a person specified in sub-clause (c) of this clause which: i. carries on that business in India, or ii. has his or its principal place of business or is domiciled in India, or iii. with the object of obtaining insurance business, employs a representative, or maintains a place of business, in India; b) any body corporate [not being a person specified in sub-clause (c) of this clause] carrying on the business of insurance, which is a body corporate incorporated under any law for the time being in force in India; or stands to any such body corporate in the relation of a subsidiary company within the meaning of the Indian Companies Act, 1913 (7 of 1913), as defined by sub-section (2) of section 2 of that Act, and c) any person who in India has a standing contract with underwriters who are members of the Society of Lloyd's whereby such person is authorized within the terms of such contract to issue protection notes, cover notes, or other documents granting insurance cover to others on behalf of the underwriters.

but does not include a principal agent' chief agent, special agent' or an insurance agent or a provident society as defined in Part III;”

In other words, even if an entity qualifies as an ‘insurer’, it must be a duly registered ‘Indian insurance company’ in order to carry on insurance business in India. Further,Section 101A of the Insurance Act defines an ‘Indian reinsurer’ as an Indian insurance company which has been granted a certificate of registration by the IRDA to carry on exclusively reinsurance business in India.

38. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Only an Indian insurance company, which is duly registered with the IRDA, is allowed to cover risks in India and to carry on insurance business in India. Non admitted insurance companies are not permitted to underwrite insurance business in India.

www.lexmundi.com Page 44 © 2009 Lex Mundi As regards reinsurance, insurance companies in India are permitted to reinsure their risks with foreign reinsurers who are not registered in India, subject to satisfying certain requirements, including that such reinsurer shall enjoy a credit rating of a minimum of BBB of Standard and Poor or equivalent rating of any international rating agency. However, if the foreign reinsurer wishes to set up a place of business in India and exclusively carry on the business of reinsurance in India, without the aforesaid restrictions being applicable to it, it must be registered as an Indian reinsurer.

39. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, insurers and/ or reinsurers are regulated by the IRDA and the legal and regulatory framework prescribed in this regard. The IRDA has issued several regulations, circulars and guidelines in relation to registration of insurers, their conduct of business, solvency margins, distribution structures, conduct of reinsurance business, licensing of intermediaries like insurance brokers and agents and related issues. Registered insurers have to submit detailed returns to the IRDA to enable the IRDA to monitor the relevant business. It has wide powers to conduct inspections/ enquiries, investigate (including audit), call for information from insurers and based on the same, it may issue orders cancelling the registration of any insurer and also impose financial or other penalties for breach of its rules.

40. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes, foreign insurers are required to be registered in order to underwrite and sell insurance/ provide capacity in India. Given that foreign investment in an Indian insurance company is restricted to 26%, a foreign insurer will need to tie up with a potential Indian partner to set up a joint venture insurance company in India. No prior approval of the Reserve Bank of India (“RBI”) or the Foreign Investment Promotion Board is required for the same, unless the foreign investor has a prior existing joint venture in the same field in India, as of January 12, 2005. Such a joint venture company must be duly registered with the IRDA to underwrite insurance or provide capacity to underwrite insurance in India.

As regards reinsurance, reinsurance policies may be placed with foreign reinsurers, who are not licensed in India, subject to fulfillment of certain conditions such as eligibility criteria, mandatory cession to the local reinsurer, etc. In all other cases, the foreign reinsurer must be registered in India as an Indian insurance company licensed to carry on reinsurance business in India.

Please note that the Insurance Laws (Amendment) Bill, 2008 ("Insurance Bill") seeks to permit a foreign company to set up a branch office in India to conduct reinsurance business.

41. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The statutory and legal framework currently governing insurers and/ or reinsurers is the Insurance Act, the Insurance Regulatory and Development Authority Act, 1999, the Marine Insurance Act, 1963 and the regulations, rules, guidelines and circulars issued by the IRDA.

42. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No, only a duly registered Indian insurance company, as defined above, is allowed to carry on insurance business in India.

Further, Indian residents are prohibited from taking insurance cover from foreign insurers who are not licensed in India per the Foreign Exchange Management (Insurance) Regulations, 2000 unless prior permission of the RBI (for life insurance policies) and the central government (for general insurance policies) is obtained. In some limited instances, prior approval has been granted. For example, sea

Indian nationals are also permitted to purchase life and general insurance covers from foreign insurers while they are resident outside India and continue the cover even if they subsequently become resident in India. If any part of the premium is remitted from India, all claim amounts and maturity proceeds are to be repatriated to India, within 7 days of receipt.

43. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No, only a duly registered Indian insurance company, as defined above, is allowed to carry on insurance business in India.

44. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, the IRDA has a website, which is www.irdaindia.org

45. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

An Indian insurance company is required to be registered with the IRDA under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000 (“Registration Regulations”) and in accordance with Form IRDA/ R1 (requisition for registration application), Form IRDA/ R2 (application for registration) and Form IRDA/ R3 (certificate of registration). A copy of the Registration Regulations and the aforementioned forms prescribed thereunder are available on the IRDA website given above.

Contact Information

Ms. Shailaja Lall Amarchand & Mangaldas & Suresh A. Shroff & [email protected] Co. Amarchand Towers 216, Okhla Industrial Estate, Phase-III New Delhi –110 020, India

Tel 91.11.2692.0500 Fax 91.11.2692.4900

Foreign Insurers

Isle of Man Prepared by Lex Mundi member firm Cains

46. What is the definition of insurer and reinsurer in your jurisdiction?

The Isle of Man Insurance Act 2008 is the primary piece of legislation applicable to the regulation of insurance/reinsurance business in the Isle of Man.

Under section 54(1) of the Insurance Act 2008 , an insurer "means a person carrying on an insurance business (and includes an authorized insurer and an insurer which is the holder of a permit issued under section 22)". (Broadly speaking, an authorized insurer is an Isle of Man insurer authorized to carry on an insurance business under the Insurance Act 2008. Subject to certain exceptions, a foreign insurer regulated outside the Island may carry on an insurance business in the or from the Isle of Man if it holds a permit issued by the Isle of Man Government Insurance and Pensions Authority (the "IPA"), the local insurance regulatory authority, pursuant to section 22 of the Insurance Act 2008.

There is no definition of "reinsurer". Under section 54(1) of the Insurance Act 2008, "insurance" is defined in such a way as to include reinsurance.

Under section 54(1) of the Insurance Act 2008, "insurance business" is defined as "the business of effecting or carrying out of contracts of insurance and includes: a) the effecting or carrying out by a person of contracts for fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee, being contracts effected by way of business (and not merely incidentally to some other business carried out by the person effecting them) in return for the payment of one or more premiums; b) the effecting or carrying out of tontines; c) the effecting or carrying out, by a body that carries on business which is insurance business apart from this paragraph, of capital redemption contracts; d) the effecting or carrying out of contracts to pay annuities on human life; e) the effecting or carrying out of contracts that include provisions of insurance or that include options to enter into contracts of insurance."

In order to determine whether a contract is a contract of insurance, regard will have to be had to comon law principles. (Courts in the Isle of Man would generally be expected to accord persuasive authority to decisions of the English courts.)

47. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes it can. Subject to certain exceptions, a permit issued by the IPA under section 22 of the Insurance Act 2008 will be required.

Section 22(1) reads as follows: "Where the Supervisor, upon application by any person, is satisfied that the person is carrying on or has carried on any class of insurance business in a country other than the Island in accordance with the laws of that country, the Supervisor may issue a permit to that person."

The "Supervisor" is the chief executive officer of the IPA.

Yes they are.

The Insurance Act 2008 is the primary piece of legislation applicable to the regulation of insurance/reinsurance business in the Isle of Man and the IPA is the local insurance regulatory authority, the chief executive officer of which is the insurance "Supervisor".

49. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

They are, subject to certain exceptions. (Please see the response to Question 7 above.)

50. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Insurance/reinsurance is regulated primarily pursuant to the Insurance Act 2008.

51. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

Generally, no.

Certain persons are, however, exempt from the requirement to be regulated in the Isle of Man. These include, among others, persons acting on behalf of the Isle of Man Government and persons exempted by regulations (currently, the Insurance Regulations 1986).

52. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

Generally, no.

53. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

It does. Set out below is a copy of a link to the IPA's website:

http://www.gov.im/ipa/insurance/

54. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

They are. Most of the forms that will be relevant are attached as schedules to the Insurance Regulations 1986, a copy of which is available on the website of the IPA at:

http://www.gov.im/lib/docs/ipa/insuranceregulations1986.pdf

Contact Information

Jonathan Latham Cains [email protected] Fort Anne Douglas IM1 5PD, Isle of Man

Tel 44.1624.638300 Fax 44.1624.638333 www.cains.com

Foreign Insurers

Liechtenstein Prepared by Lex Mundi member firm Marxer & Partner

55. What is the definition of insurer and reinsurer in your jurisdiction?

There is neither a legal definition of the term "insurer" nor of the term "reinsurer" under Liechtenstein law.

56. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Foreign insurers and/or reinsurers can underwrite insurance in Liechtenstein provided they are domiciled in a member state of the European Economic Area. Swiss insurers who are regulated by the respective Swiss authorities can underwrite insurance in Liechtenstein under a specific bilateral treaty. In these cases, the foreign insurers, and, where applicable, reinsurers need to report themselves to the Liechtenstein insurance regulator, who will register the respective foreign insurer.

Insurers and or reinsurers who do not qualify for the passporting referred to above have to apply for a license with the Liechtenstein regulator prior to being entitled to do business in Liechtenstein.

57. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes.

58. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

see above under 7.

59. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

 Insurance Surveillance Act of 6 Dec. 1995 (Versicherungsaufsichtsgesetz - VersAG), LGBl. 1996/23 as amended;  Insurance Surveillance Ordinance of 17 Dec. 1996 (Versicherungsaufsichtsverordnung - VersAV), LGBl. 1997/41 as amended;  Ordinance of 21 Dec. 2004 on Licence Fees (FMA-GebV), LGBl. 2004 Nr. 288, as amended;  Statute of 17 May 2006 on Insurance Brokers (Versicherungsvermittlungsgesetz - VersVermG), LGBl. 2006/125 as amended;  Ordinance of 27 June 2006 on Insurance Brokers (Versicherungsvermittlungsverordnung - VersVermV), LGBl. 2006/135 as amended;  Insurance Law Act of 16 May 2001 (Versicherungsvertragsgesetz - VersVG), LGBl. 2001/128 as amended;  Statute of 13 May 2010 on Conflict of Law for Insurance Law Matters (IVersVG), LGBl 1998/120 as amended; etc.

60. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No, except for as provided by EEA- and Swiss-passporting exceptions as described above under 7..

61. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No, except for as provided by EEA- and Swiss-passporting exceptions as described above under 7..

62. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes. The name of the regulator is "Finanzmarktaufsicht - FMA", the website address is www.fma-li.li

63. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Substantially yes.

Contact Information

Dr. Michael Grabher, LL.M. Marxer & Partner michael.grabher@marxerpartner Heiligkreuz 6 P.O. Box 484 FL-9490 Vaduz, Liechtenstein

Tel 423.235.81.81 Fax 423.235.82.82 www.marxerpartner.com

Foreign Insurers

Netherlands Prepared by Lex Mundi member firm Houthoff Buruma

64. What is the definition of insurer and reinsurer in your jurisdiction?

For purposes of supervision the Dutch Act on Financial Supervision of 2006 defines an insurer as a financial service provider, being "a party that offers a financial product". Financial products are defined as, among others, "an insurance not being a reinsurance". A reinsurer is defined in the Act on Financial Supervision as "a party that has as its business the conclusion of reinsurance contracts for its own account and the settlement of such reinsurance contracts".

65. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

No, not unless a) the insurer obtains a license or b) is licensed in another EU member state and is registered in the Netherlands

66. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, both from the perspective of solvency and their market behavior. The main regulation is laid out in the Dutch on Financial Supervision of 2006. The Dutch Central Bank, DNB, is responsible for prudential supervision on insurers and reinsurers. The Netherlands Authority for the Financial Markets, AFM, is responsible for supervising the operation of the financial markets and in this capacity supervises the 'market behavior' of insurers and reinsurers.

67. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes, see answer under 7.

68. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Act of 28 September 2006, on rules regarding the financial markets and their supervision (Act on Financial Supervision)

69. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No, see under 7

70. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No, see under 7

71. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

www.dnb.nl www.afm.nl

72. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Yes.

Contact Information

Hans Londonck Sluijk Houthoff Buruma [email protected] Gustav Mahlerplein 50 1082 MA Amsterdam P.O. Box 75505 1070 AM Amsterdam

Tel 31.20.605.60.00 Fax 31.20.605.67.00 www.houthoff.com

Foreign Insurers

Peru Prepared by Lex Mundi member firm Estudio Olaechea

73. What is the definition of insurer and reinsurer in your jurisdiction?

These terms have been defined as follows by the Law No. 26702, General Act for the Financial and Insurance Systems and Organic Law of the SBS (the “Act”):

Insurer: entity dedicated to execute agreements through which it binds itself, under certain limits and in exchange for a premium, to indemnify a specific damage, or to satisfy a capital, income or other agreed payments, in case a specific future or uncertain incident occurs.

Reinsurer: entity giving coverage to one or more insurance companies or insurance autonomous equities, for the risks assumed, in cases in which there are important capitals or when it is convenient for the insurers due to their operational limits.

74. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Foreign insurance and reinsurance companies are prohibited from undertaking insurance activities in Peru without the previous authorization of the Peruvian Superintendence of Banks, Insurances and Private Pension Funds (the “SBS”). Notwithstanding, however, please bear in mind that Peruvian residents are enabled to retain insurance and reinsurance policies from foreign insurers and reinsures according to article 10 of the Act.

Thus, in order for foreign insurance companies to validly offer or sell insurance in Peru there are two alternatives: a) Establish a Peruvian insurance company and obtain an authorization from the SBS. b) Underwrite insurance through insurance brokers licensed, registered, supervised and authorized by the SBS to underwrite each specific foreign insurance policy.

Foreign reinsurance companies have the following possibilities to sell reinsurance in Peru: a) Establish a Peruvian reinsurance company and obtain an authorization from the SBS. b) There is no need to establish a Peruvian reinsurance company provided that: i. The foreign reinsurer registers in the Section of Foreign Reinsurance Companies of the Insurance Systems Registry of the SBS. ii. The foreign reinsurer has a current international risk qualification of “non vulnerable”, granted by an international risk classification company. In order to determine the “non vulnerable” qualification it is necessary to consider the following evaluations carried out by the following risk classification companies, with the following minimum qualifications:

Risk Classification Company Minimum Classification Standard & Poor’s BBB- Moody’s Baa3 Fitch Ratings BBB- A.M. Best B+

If a foreign reinsurer meets any of the requirements set forth in (i) or (ii) they will be authorized to underwrite foreign reinsurance directly or through the intermediation of reinsurance brokers currently registered in SBS without the need of setting-up a Peruvian reinsurance company.

Finally, please be aware that Peruvian law does not have a specific regulation regarding the ability of foreign insurance and reinsurance companies to provide capacity to underwrite insurance/reinsurance.

75. Are insurers and/or reinsurers regulated in your jurisdiction?

Both insurers and reinsurers are regulated in our jurisdiction.

76. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Please see our answer to question 7 above.

77. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The operations of insurers and/or reinsurers in Peru, is essentially governed by the Act.

Nevertheless, please bear in mind there are several regulations issued by the SBS which rules specific matters related to the insurance market.

78. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. According to Peruvian insurance legislation it is necessary to be authorized/registered by/in the SBS in order to sell/underwrite insurance but not for providing capacity for selling insurance.

The offer or sale of insurance without the prior authorization of the SBS is considered a crime.

79. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. According to Peruvian insurance legislation it is necessary to be authorized/registered by/in the SBS in order to sell/underwrite insurance but not for providing capacity for selling insurance.

The offer or sale of insurance without the prior authorization of the SBS is considered a crime.

80. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, it does. The current website is www.sbs.gob.pe.

81. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No, they are not available online. It is necessary to go to the offices of the SBS located in the city of Lima, Peru as to obtain all necessary forms.

Contact Information

Jesús Matos Estudio Olaechea [email protected] Bernardo Monteagudo 201 San Isidro Lima 27, Peru

Tel 511.219.0400 Fax 511.219.0422 www.esola.com.pe

Foreign Insurers

Poland Prepared by Lex Mundi member firm Wardyński and Partners

82. What is the definition of insurer and reinsurer in your jurisdiction?

An insurer is an entity conducting insurance activity. According to Polish law, insurance activity can only be conducted by an entrepreneur - insurance undertaking upon permission of the Polish Financial Supervision Authority.

Insurance activity, as defined in the Insurance Activity Act of 22 May 2003 governing insurance and reinsurance activity, means performance of insurance operations connected to the offering of protection in the event of unfortunate circumstances. These operations include, inter alia: a) insurance contracts, insurance guarantee contracts or the commissioning thereof to authorized insurance intermediaries as well as performance of such contracts; b) reinsurance contracts or commissioning the conclusion thereof to reinsurance brokers as well as performance of these contracts within the area of ceding risk from insurance contracts or insurance guarantee contracts (outward reinsurance); c) declarations of will concerning claims for compensations or other benefits due by virtue of the above contracts; d) establishment by way of civil law operations of material or personal securities if they are directly connected to the conclusion of insurance or reinsurance contracts, e) risk assessment in life and non-life insurance and in insurance guarantee contracts; f) payment of compensation and other benefits due by virtue of the contracts.

Reinsurer

A reinsurer is an entrepreneur (reinsurance undertaking) conducting reinsurance activity, which means performance of operations connected to assuming risk ceded by an insurance or reinsurance undertaking as well as further ceding of assumed risk, especially: a) conclusion and performance inward reinsurance contracts and retrocession contracts; b) declarations of will in cases of compensation claims or other benefits due by virtue of contracts; c) disbursement of compensations and other benefits due by virtue of contracts; d) supervision of cessor compliance with conditions of contracts.

Reassuming, the insurer can in general only conduct insurance activity or activities directly related thereto. As for a reinsurer, no activity can be conducted other than reinsurance and operations directly related thereto. However, the Insurance Activity Act provides that an insurer may apply to the Polish Financial Supervision Authority to act as an insurer and reinsurer. Therefore, in such case an insurance undertaking may act as an insurance and reinsurance undertaking.

83. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

According to the Insurance Activity Act, foreign insurers are in general entitled to conduct insurance activity in Poland. However, in the case of insurers established in a foreign country not being a member of the World Trade Organization, the above Act provides the following restriction. In the case of insurers established in non-WTO countries, such entities may engage in insurance activities

www.lexmundi.com Page 60 © 2009 Lex Mundi as long as their homelands respect the so-called “reciprocity rule”, i.e. the rule reciprocally allowing Polish insurers to conduct such activities in these countries.

As far as foreign reinsurers are concerned, the above regulations apply accordingly except for the “reciprocity rule”, which does not constitute a restriction here.

84. Are insurers and/or reinsurers regulated in your jurisdiction?

Conducting insurance or reinsurance activity in Poland is regulated by the Insurance Activity Act and the most important requirements or limitations are as follows:

Insurance/reinsurance activity: a) may be conducted only upon authorization granted by the Polish Financial Supervision Authority; b) may be conducted only by an entrepreneur (insurance/reinsurance undertaking) in the form of a joint stock company or mutual insurance society; reinsurance activity may also be conducted in the form of a societas europea (SE); c) an insurance undertaking cannot simultaneously conduct life insurance activity with other personal or property insurance; d) articles of association or statutes of an insurance/reinsurance undertaking must be approved by the Polish Financial Supervision Authority; e) the Polish Financial Supervision Authority approves two members of the managing board of an insurer/reinsurer acting in form of a joint stock company; also, the Polish Financial Supervision Authority has some control instruments over the supervisory board; f) insurance/reinsurance undertakings are obliged to keep certain financial reserve threshold (guarantee capital).

85. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

In order to conduct insurance activity, foreign insurers (except insurers established in EU countries – mentioned below) must file a motion for permission of the Polish Financial Supervision Authority. Such permission is issued on the basis of a Commission decision and allows a foreign insurer to underwrite and sell insurance for one or more certain risk groups. Should an insurer receive such permission, activity must commence in Poland within 12 months from the date of permission issue. As for the form of activity, a non-EU insurer can only act in Poland by establishing a branch. A list of registered branches of foreign insurers is published on the Polish Financial Supervision Authority website.

The above rules apply accordingly to non-EU reinsurers with one exception relating to the form of activity of a reinsurer. In general, non-EU reinsurers can only act through established branches. However, if a reinsurer is seated in a country party to the agreement specified in art. 50 of EU Parliament and Council Directive no 2005/68/EC dated 16.11.2005, such reinsurer may conduct activity directly from the country where seated.

EU insurers, who obtained appropriate permission for insurance activity granted by authorities in their homeland, are not required to obtain permission in Poland (“single passport rule”). Moreover, such insurers may conduct insurance activities through a duly established branch or without a branch – based on the freedom of rendering services within the EU. A foreign insurer may commence activity in Poland through a branch after home country authorities notify the Polish Financial Supervision Authority and as soon as the Polish Financial Supervision Authority provides the insurer information on conditions of activity in Poland. Should a foreign insurer intend to pursue activity based on the freedom of rendering services, activity may start as soon as the Polish Financial Supervision Authority is notified by such insurer's home country authorities (cross-border insurance activity). A list of “notified EU insurers” is published on the FSC website.

As regard to the insurance brokers and insurance agents registered and licensed in EU countries they are entitled to offer the insurance as agents on cross-border insurance activity basis. The detailed rules regarding the brokers and agents activity are stipulated in the Insurance Mediation Act.

86. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The main regulations governing insurers and reinsurers are as follows: The Insurance Activity Act of 22 May 2003: http://www.knf.gov.pl/en/Images/insurance%20activity_tcm81-4294.pdf is the most important act governing the establishment and conduct of insurance activity by Polish and foreign entities; it also regulates supervision of insurance and reinsurance undertakings. It implements the following EU directives: a) Directive 2002/83/EC of the European Parliament and Council of 5 November 2002 concerning life assurance b) Directive 2001/17/EC of the European Parliament and Council of 19 March 2001 on the reorganisation and winding-up of insurance undertakings c) Directive 2000/26/EC of the European Parliament and Council of 16 May 2000 on the approximation of laws of Member States relating to civil liability insurance in respect to the use of motor vehicles as well as amendment of Council Directives 73/239/EEC and 88/357/EEC (Fourth Motor Insurance Directive) d) Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance an as well as amendment of Directives 73/239/EEC and 88/357/EEC (Third Non-Life Insurance Directive)

Financial Market Supervision Act of 21 July 2006 (Journal of Laws of 2006, No.157 item 1119) http://www.knf.gov.pl/en/Images/ustawa_nadzor_finansowy_04_09_tcm81-14720.pdf The above Act has been amended. The text of the amendment is available only in the Polish language, see the Polish version: http://isap.sejm.gov.pl/DetailsServlet?id=WDU20061571119 Insurance Mediation Act of 22 May 2003 (Journal of Laws of 2003, No.124 item 1154) http://www.knf.gov.pl/en/Images/insurance_mediation_tcm21-4295_tcm81-4295.pdf The above Act has been amended. The text of the amendment is available only in the Polish language, see the Polish version

The Civil Code of 23 April 1964 (governing insurance agreement; articles 805- 834) - Polish version only - http://isap.sejm.gov.pl/DetailsServlet?id=WDU19640160093

The Maritime Code of 18 September (governing marine insurance; articles 292-338) - Polish version only - http://isap.sejm.gov.pl/DetailsServlet?id=WDU20011381545

Regulation of the Ministry of Finance on detailed rules of bookkeeping of 23 December 2008 - Polish version only - http://isap.sejm.gov.pl/DetailsServlet?id=WDU20082361634

87. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. Both insurers and reinsurers shall obtain permission from the Polish Financial Supervision Authority in order to sell insurance/provide capacity to sell insurance. As far as EU insurers/reinsurers are concerned, if the Polish Financial Supervision Authority is notified by a relevant EU authority (as mentioned in Clause 4 above), such EU insurer/reinsurer is released from the obligation to apply for Polish Financial Supervision Authority permission. However, it shall still be licensed in its jurisdiction.

www.lexmundi.com Page 62 © 2009 Lex Mundi 88. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

89. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

See the English version http://www.knf.gov.pl/en/index.html

90. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

There are no forms available (neither online nor hard copy). The information and documents that must be attached to the application for authorization are indicated in the Insurance Activity Act.

Contact Information

Lukasz Szegda Wardyński & Partners [email protected] Aleje Ujazdowskie 10 Warsaw 00-478, Poland

Tel 48.22.437.82.00 Fax 48.22.437.82.01 www.wardynski.com.pl

Foreign Insurers

Romania Prepared by Lex Mundi member firm Nestor Nestor Diculescu Kingston Petersen

91. What is the definition of insurer and reinsurer in your jurisdiction?

Insurer is defined as: the Romanian legal person, the branch or subsidiary of an insurance undertaking from a non-EU/EEA state, authorized by the Romanian Insurance Supervisory Commission in accordance with Law no. 32 of 2000 regarding insurance activity and insurance supervision (“Law 32/2000”) to perform insurance activities, as well as the branch of an insurance undertaking or a mutual insurance undertaking from an EU/EEA member state, which has received an authorization from the competent authority in its home member state.

Reinsurer is defined as the legal person authorized in accordance with Law 32/2000 by the Insurance Supervisory Commission or by the EU/EEA competent authority, which carries out exclusively reinsurance activities and/or operations in connection thereto; reinsurance is defined as the operation consisting in covering the risk assigned by an insurer/reinsurer.

92. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

The manner in which a foreign insurer and/or reinsurer can underwrite insurance in Romania depends on whether the respective insurer and/or reinsurer is located and licensed in an EU/EEA member state or if it is located in a state outside the EU/EEA.

If the insurer and/or reinsurer is located in an EU/EEA member state, it can underwrite insurance/reinsurance in Romania either on a cross-border basis, without having a local presence in Romania, based on the principle of freedom to provide services or by opening up agencies or branches in Romania based upon the freedom of establishment.

In both cases, the insurer/reinsurer may carry out its business in Romania by relying on the insurance/reinsurance license granted by its home member state authority which is recognized by the Romanian Insurance Supervisory Commission, provided that the “passporting procedure” is fulfilled.

The passporting basically represents a notification process between the home member state authority and the Romanian Insurance Supervisory Commission carried out at the request of the insurer/reinsurer, regarding the activities and classes of insurance that the insurer/reinsurer intends to perform in Romania.

Insurers and/or reinsurers from non-EU/EEA states may carry out insurance/reinsurance activities in Romania only through branches or subsidiaries set up in Romania. Such branches or subsidiaries must be authorized by the Romanian Insurance Supervisory Commission in order to carry out the intended insurance/reinsurance activities.

93. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes. Insurers and reinsurers are regulated entities in Romania, supervised by the Romanian Insurance Supervisory Commission.

Yes. All foreign insurers and reinsurers must be licensed and registered in order be able to underwrite and sell insurance in Romania. The possibility to rely on the insurance/reinsurance license granted in its home member state, without having to be licensed by the Romanian authority depends on whether the insurer/reinsurer is licensed or not in an EU/EEA member state.

Insurers and/or reinsurers from EU/EEA member states must be licensed and registered in the home member state in order to be able to underwrite and sell insurance in Romania based on the EU principle of freedom to provide services, if the activity is provided cross-border, or on the freedom of establishment, if the activity is provided through an branch opened in Romania.

Insurers and/or reinsurers from non-EU/EEA member states may carry out activities in Romania only through local branches or subsidiaries which must be licensed by and registered with the Romanian Insurance Supervisory Commission.

95. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The main regulatory framework applicable to insurers and/or reinsurers in Romania consists of Law 32/2000 and Law no. 136 of 1995 regarding insurances and reinsurances in Romania. As a rule, Law 32/2000 implemented in substantial respects the EU insurance directives (e.g., the life and non-life insurance directives, the reinsurance directive.) The application of these two main legislative pieces is detailed through a series of norms and other secondary regulations issued by the Romanian Insurance Supervisory Commission.

96. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. Please see answer under Question no. 4 above.

97. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. Please see answer under Question no. 4 above.

98. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, the Romanian Insurance Supervisory Commission has a website. The website address is http://www.csa-isc.ro/. Certain information on the website is also available in English.

99. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Such forms are not available on the website – only certain relevant legislation regulating the licensing or registration processes is available online.

Contact Information

Alina Radu Nestor Nestor Diculescu Kingston Petersen [email protected] Bucharest Business Park 1A Bucuresti-Ploiesti National Road Diana Ispas Entrance A, 4th floor, 1st District Bucharest,013681, Romania D. Stratone Tel 40.21.201.1200 Fax 40.21.201.1210 www.nndkp.ro

Foreign Insurers

Slovak Republic Prepared by Lex Mundi member firm Čechová & Partners

100. What is the definition of insurer and reinsurer in your jurisdiction?

An insurance company is defined in Section 2 (1) of Act No. 8/2008 Coll. on Insurance, as amended (the “Insurance Act”), as a joint stock company (in Slovak “akciová spolocnost” or “a.s.”) with registered seat in the Slovak Republic performing insurance activity under a license to perform insurance activity grated by the National Bank of Slovakia (the “NBS”). The insurance company may also have a legal form of Societas Europaea.

A reinsurance company under Section 2 (6) of the Insurance Act is a joint stock company with registered seat in the Slovak Republic performing reinsurance activity under a license to perform reinsurance activity granted by the NBS. The reinsurance company may also have a legal form of Societas Europaea.

101. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes, however subject to establishment of at least a branch in Slovakia. In case of an entity from an EU or EEA member state, fulfillment of passporting duties is sufficient.

102. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, the insurance and reinsurance companies are regulated by the Insurance Act, further the performance of supervision on insurance and reinsurance companies and determination of supervision bodies is regulated by Act No. 747/2004 Coll. on Supervision on Financial Market, as amended. Other related laws in the area of insurance and reinsurance are the following: a) Act No. 186/2009 Coll. on Financial Mediation and Financial Advisory, providing conditions of financial mediation and advisory in the area of insurance and reinsurance, and b) Act No. 40/1964 Coll. Civil Code, as amended, regulating the content, form and other requirements for insurance contracts, c) Measure of the NBS No. 14/2008 providing the details on proving the fulfilment of conditions to obtain a license to perform insurance or reinsurance activity.

103. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes, according to the applicable regulation (Section 4 (4) and Section 6 (4) of the Insurance Act), a foreign insurer or reinsurer may perform the insurance or reinsurance activities (i.e. including underwriting and selling insurance or provide capacity) via establishment of a branch in the Slovak territory. It shall apply for a license from the national regulator, the NBS. Therefore, only duly established and licensed branch of the foreign insurer or reinsurer may perform insurance or reinsurance activities in Slovakia. Special rules on passporting apply for insurance companies from other EU Member States, which may also provide services without establishment of a branch.

104. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Please see the answer above in point 8.

105. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No, only a duly licensed insurer or reinsurer is entitled to sell insurance or provide capacity to sell insurance in the Slovak Republic.

106. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No, only a duly licensed insurer or reinsurer is entitled to sell insurance or provide capacity to sell insurance in the Slovak Republic.

107. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes, the Slovak regulator, the NBS, has its own website with an English sub-section: http://www.nbs.sk/en/home.

108. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

No, unfortunately, such forms are not available on a national regulator website.

Contact Information

Tomas Rybar Čechová & Partners [email protected] Sturova 4 811 02 Bratislava, Slovak Republic

Tel 421.2.5441.4441 Fax 421.2.5443.4598 www.cechova.sk/en/

Foreign Insurers

South Africa Prepared by Lex Mundi member firm Bowman Gilfillan

109. What is the definition of insurer and reinsurer in your jurisdiction?

Insurance in South Africa is governed by the Long-Term Insurance Act and the Short-Term Insurance Act.

Long-Term Insurance

A 'long-term insurer' is defined as a person registered or deemed to be registered as a long-term insurer under the Act. A 'long-term policy' means an assistance policy, a disability policy, fund policy, health policy, life policy or sinking fund policy, or a contract comprising a combination of any of those policies; and each of these is defined.

A 'reinsurance policy' in the Long-Term Insurance Act means a reinsurance policy in respect of a long-term policy.

Short-Term Insurance

A 'short-term insurer' is defined as a person registered or deemed to be registered as a short-term insurer under the Short-Term Insurance Act.

A 'short-term policy' means an engineering policy, guarantee policy, liability policy, miscellaneous policy, motor policy, accident and health policy, property policy or transportation policy or a contract comprising a combination of any of those policies. Each of these types of policy is defined.

A 'short-term reinsurance policy' in the Short-Term Insurance Act means a reinsurance policy in respect of a short-term policy.

General

No person may carry on any kind of long- or short-term insurance business unless that person is registered or deemed to be registered as an insurer, and is authorized to carry on the kind of insurance business concerned, under the appropriate Act.

No person may, without the approval of the Registrar, apply to a business a description which includes the word ‘insure', 'assure' or 'underwrite' or any derivative of those words, or perform any act which indicates that he carries on or is authorized to carry on insurance business, unless he is appropriately registered or entitled to carry on such business

Subject to certain provisos, Lloyd's underwriters are authorized to carry on short-term insurance business.

110. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Only if registered under the appropriate Act.

Yes.

112. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes

113. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The Long-Term and the Short-Term Insurance Acts and regulations published under each Act.

114. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No.

115. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

Not necessarily.

Contact Information

Miles Carter Bowman Gilfillan [email protected] 165 West Street, Sandton Sandton, Johannesburg, South Africa David Anderson [email protected] Tel 27.11.669.9000 Fax 27.11.669.9001 www.bowman.co.za

Foreign Insurers

Sri Lanka Prepared by Lex Mundi member firm F. J. & G. De Saram

1. What is the definition of insurer and reinsurer in your jurisdiction?

In terms of the Regulation of Insurance Industry Act No. 43 of 2000 (the RII Act), an “ insurer” is defined to mean a company registered to carry on insurance business in Sri Lanka under the provisions of the Act, including every company registered under the repealed Act. The Act does not define the term ‘reinsurer’ however it does define ‘reinsurance’ as the transfer of an insurer's liability incurred under any contract or policy of insurance, to a re-insurer.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

No.

In terms of section 12 of the RII Act no person shall carry on insurance business in Sri Lanka unless such person is for the time being registered or deemed to be registered under the RII Act to carry on such business. In terms of section 13, no person shall be registered unless such person is a public company incorporated in Sri Lanka, has a paid up share capital of not less than Rs. 100 Million per class, pays as deposit to the treasury Rs. 200,000/= in respect of general insurance business, Rs. 50,000/- in respect of long term insurance business and pays the application fee of Rs. 250,000/= per class.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Please refer our responses to Question 7 above.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The insurance industry is regulated and supervised in terms of the provisions of the RII Act and the Rules made thereunder by the Insurance Board of Sri Lanka (IBSL) established under the RII Act.

The IBSL has made Rules in relation to solvency margins, admitted assets for the purpose of calculating the solvency margin, admitted assets for the investment of long term insurance funds and technical reserve of general insurance business, commissions payable to insurance brokers and insurance agents, qualification of insurance agents, etc.

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. Under and in terms of the provisions of the RII Act, no person shall carry on insurance business in Sri Lanka unless such person is registered under the RII Act to carry on such business. www.lexmundi.com Page 73 © 2009 Lex Mundi

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. Under and in terms of the provisions of the RII Act, no person shall carry on insurance business in Sri Lanka unless such person is registered under the RII Act to carry on such business.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes. http://www.ibsl.gov.lk

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Yes.

Contact Information

Dinukshi Thalgahagoda F. J. & G. De Saram [email protected] 216, De Saram Place Colombo 10 Sri Lanka

Tel 0094.11.4718200 Fax 0094.11.4718220 www.fjgdesaram.com

Foreign Insurers

Taiwan Prepared by Lex Mundi member firm Tsar & Tsai Law Firm

116. What is the definition of insurer and reinsurer in your jurisdiction?

Under Taiwan law, an insurer is defined as an organization (a company limited by share or a cooperative, or in any other form approved by the regulator) engaged in the business of insurance that has the right to claim a premium upon entering into an insurance contract and is liable for indemnification, in accordance with its obligations under the contract, upon occurrence of an insured peril.

A reinsurer is defined under Taiwan law as an organization (a company limited by share or a cooperative, or in any other form approved by the regulator) engaged in the business of reinsurance with which another insurer enters into a reinsurance contract to cede the risks that the latter has insured.

117. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Only the foreign insurer and/or reinsurer which has obtained a business license and completed the relevant registration and other procedures as required by law can underwrite insurance or provide capacity to underwrite insurance and/or reinsurance in Taiwan.

118. Are insurers and/or reinsurers regulated in your jurisdiction?

Both insurers and reinsurers are regulated in Taiwan. Regulations on insurers and reinsurers include without limitation licensing requirements, qualifications of responsible persons, business scope, limitations on the use of fund and investment, information disclosure, establishment of internal control and audit system, etc..

119. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Under Taiwan law, a foreign insurer and/or reinsurer cannot conduct insurance business (including but not limited to underwriting and selling insurance, etc.) in Taiwan unless it has received permission to set up a local subsidiary or branch from the competent authority, completed establishment registration, posted bond, and obtained a business license in accordance with the law.

A foreign insurer and/or reinsurer may, instead of completing establishment registration and obtaining a business license, set up a representative office in Taiwan. However, the scope of work allowed to be done by such representative office is limited to market survey, information collection and relevant contacts. Said representative office is prohibited from conducting insurance and/or reinsurance business activities such as business solicitation, insurance underwriting and claims settlement, etc..

120. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

The applicable legislation and/or regulations governing insurers and/or reinsurers in Taiwan mainly include the Insurance Act, the Regulations for Establishment Permission and Administration of www.lexmundi.com Page 75 © 2009 Lex Mundi Insurance Enterprises, the Regulations for Establishment Permission and Administration of Foreign Insurance Enterprises, and the Regulations Governing Financial and Business Operations of Professional Reinsurance Enterprises.

121. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

Under Taiwan law, an insurer or reinsurer, similar to its foreign counterpart, may not conduct insurance business (including but not limited to selling insurance/ providing capacity to sell insurance, etc.) unless it has received permission to set up a local subsidiary or branch from the competent authority, completed establishment registration, posted bond, and obtained a business license in accordance with the law. An unlicensed insurer or reinsurer is not entitled to sell insurance, provide capacity to sell insurance, or conduct any other insurance business activity in Taiwan. However, an unlicensed foreign reinsurer is allowed to sell reinsurance to Taiwan cedants from offshore locations.

122. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

A foreign insurer and/or reinsurer licensed and registered in another jurisdiction is still required to obtain a business license and complete the relevant registration and other procedures as prescribed by law in order to conduct insurance and/or reinsurance business in Taiwan.

123. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

The applicable regulator of insurance/reinsurance enterprises in Taiwan is the Insurance Bureau of the Financial Supervisory Commission, Executive Yuan, R.O.C.. Its official website is as follows: http://www.ib.gov.tw/Layout/main_ch/index.aspx?frame=7.

124. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

The forms for establishment permission application and business license application of domestic insurance/reinsurance enterprises and foreign insurance/reinsurance enterprises are appended to the Regulations for Establishment Permission and Administration of Insurance Enterprises and the Regulations for Establishment Permissions and Administration of Foreign Insurance Enterprises respectively, available on the website of the Insurance Bureau as listed in Question 8 above.

Contact Information

Tzu-Yi Hung Tsar & Tsai Law Firm [email protected] 8th Floor, 245, DunHua S. Road, Section 1 Taipei 106, Taiwan Matt Liu [email protected] Tel 886.2.2781.4111 Fax 886.2.2721.3834 www.tsartsai.com.tw/eng/ C. Y. Huang [email protected]

Foreign Insurers

Turkey Prepared by Lex Mundi member firm Pekin&Pekin

1. What is the definition of insurer and reinsurer in your jurisdiction?

Please be informed that regarding The Insurance Law (Law No. 5684) (published in the Official Gazette dated June 14, 2007 and No. 26552) (the “Insurance Law”); Reinsurance companies are defined as reinsurance companies established in the Republic of Turkiye (“Turkiye”) and Turkish organizations of reinsurance companies established abroad and Insurance companies are defined as “insurance companies established in Turkiye and Turkish organizations of insurance companies established abroad”.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Please be advised that in accordance with Article 3 of the Insurance Law, an insurance company must be incorporated as a joint stock company in accordance with the requirements stipulated in the relevant article in Turkiye to underwrite insurance. Moreover, cooperative enterprises established for carrying out mutual insurance business may also carry out certain insurance activities upon the obtainment of the relevant license.

On the other hand, pursuant to the Article 1 of the Council of Ministers’ Decree No. 2007/12467 Regarding International Activities in Insurance Industry (published in the Official Gazette dated August 3, 2007, No: 26602) (the “Decree”), foreign insurance companies and foreign reinsurance companies could have activities (in order to provide capacity to underwrite insurance) in Turkiye only by way of “opening a branch” in Turkiye.

In consequence, please be advised that a foreign insurer, without establishing an insurance company (i.e. joint-stock company or branch) in Turkiye, may not conduct insurance undertaking activities in Turkish market.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Please be informed that insurers and reinsurers as well as the management, directors and employees, auditors of the companies and internal audit systems, risk management systems of the insurance and reinsurance companies, etc are regulated under the Insurance Law.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Please be advised that pursuant to Article 5 of the Insurance Law, in order to commence their operation, insurance and reinsurance companies have to obtain a license from Undersecretariate of Treasury (the “UT”) for each insurance branch in which they would like to operate.

Insurance companies can only operate in any one of life and non-life insurance groups. Insurance branches included in these groups are determined by the Ministry. Insurance companies which have completed establishment formalities and are seeking for a license, have to raise their paid-up capitals up to such amount to be determined by UT according to the insurance branches in respect of which

www.lexmundi.com Page 78 © 2009 Lex Mundi licenses are requested and to the given coverage. This amount cannot be less than 5.000.000 (five million) Turkish Liras (please be informed that such amount is subject to increase annually).

Pursuant to Article 11 of the Incorporation and Operation Regulation, after the incorporation is registered to the Trade Registry and announced in the Trade Registry Gazette, an application for license for the insurance companies has to be made to the UT with the required documents stated in such article.

Licenses obtained shall be registered to the Turkish Trade Registry, and published in the Turkish Trade Registry Gazette as well as any two of the daily newspapers which shall be circulated across Turkey and which shall be ranked among the first ten in terms of circulation.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Please be informed that the relevant applicable legislation and regulations governing insurers and reinsurers are as follows; a) The Insurance Law (Law No. 5684) (published in the Official Gazette dated June 14, 2007 and No. 26552) (the “Insurance Law”) b) Regulation Regarding the Incorporation and Operation Principles for Insurance and Reinsurance Companies (published in the Official Gazette dated August 24, 2007 and No. 26623) (the “Incorporation and Operation Regulation”) c) Regulation Regarding the Informing Methods on Insurance Contracts (published in the Official Gazette dated October 28, 2007, No: 26684) (the “Informing Regulation”)

Council of Ministers’ Decree No. 2007/12467 Regarding International Activities in Insurance Industry (published in the Official Gazette dated August 3, 2007, No: 26602) (the “Decree”)

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

As mentioned, please be informed that pursuant to Article 11 of the Incorporation and Operation Regulation, after the incorporation is registered to the Trade Registry and announced in the Trade Registry Gazette, an application for license for the insurance companies has to be made to the UT with the required documents stated in such article. Please also note additionally that regarding Article 5 of the Insurance Law, in order to commence their operation, insurance companies have to obtain a license from UT for each insurance branch in which they would like to operate. Consequently, an unlicensed insurer or reinsurer is not entitled to sell insurance or provide capacity to sell insurance in Turkiye.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

The government’s website on insurance is: http://www.sigortacilik.gov.tr/

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

The Turkish version forms to become licensed are available on the government’s website.

Contact Information

Dr. Osman Akin Pekin&Pekin [email protected] 10 Lamartine Caddesi Taksim 34437 Istanbul, Turkey

Tel 90.212.313.3500 Fax 90.212.313.3535 www.pekin-pekin.com

Foreign Insurers

USA, Montana Prepared by Lex Mundi member firm Crowley Fleck PLLP

125. What is the definition of insurer and reinsurer in your jurisdiction?

"Insurer" includes every person engaged as indemnitor, surety, or contractor in the business or entering into contracts of insurance. The term also includes a health service corporation separately defined by statute. Mont. Code Ann. § 33-1-201.

"Reinsurer" is not separately defined but is regulated. Mont. Code Ann. § 33-2-1201 et seq. and ARM 6.6.3801 et seq.

126. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes, but bulk reinsurance agreements may not become effective unless first filed and approved by the Commissioner of Insurance. Mont. Code Ann. § 33-2-1206.

127. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes.

128. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes, except as to surplus lines and reinsurance. Mont. Code Ann. §§ 33-2-101,102,106; and 301 et seq, but even foreign reinsurers and surplus lines carriers must complete an application filed with the Commissioner at Insurance to be "eligible" to write business in the state.

129. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

See infra and supra.

130. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

Yes, but restricted to surplus lines business and foreign (non-domestic) reinsurance and Mont. Code Ann. 33-2-102(3)(4) and § 33-2-301 et seq. Even foreign reinsurance and surplus lines companies must complete an application filed with the Commissioner of Insurance to be "eligible" to write business in the state.

131. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. Mont. Code Ann. § 33-2-106

132. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes. w.w.w.sao.mt.gov

133. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Yes.

Contact Information

Peter F. Habein Crowley Fleck PLLP [email protected] 500 Transwestern Plaza II 490 N. 31st Street Billings, Montana 59101-1288

Tel 1.406.252.3441 Fax 1.406.256.0277 www.crowleyfleck.com

Foreign Insurers

USA, Nevada Prepared by Lex Mundi member firm Lionel Sawyer & Collins

1. What is the definition of insurer and reinsurer in your jurisdiction?

“Insurer” includes every person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insurance (NRS 679A.100).

“Reinsurer” means a person licensed in this state as an insurer with the authority to assume the liability of another by reinsurance (NRS 681A.370).

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes, by Nevada Administrative Code chapters 679A through 697.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Generally, yes. A person shall not act as an insurer, and an insurer shall not transact insurance in Nevada, by mail or otherwise, except as authorized by the Commissioner of Insurance (NRS 680A.060). However, a certificate of authority generally is required with respect to reinsurance only as to a domestic reinsurer or the reinsurance of a domestic insurer (NRS 680A.070).

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Nevada Revised Statutes chapters 679A through 697.

Nevada Administrative Code chapters 679A through 697.

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. A person shall not act as an insurer and an insurer shall not transact insurance in Nevada, by mail or otherwise, except as authorized by the Commissioner of Insurance of the State of Nevada (NRS 680A.060).

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

Yes, http://www.doi.state.nv.us/

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Yes, at http://www.doi.state.nv.us/insurers.aspx

Contact Information

Lynn S. Fulstone Lionel Sawyer & Collins [email protected] 1700 Bank of America Plaza 300 South Fourth Street Las Vegas, Nevada 89101

Tel 1.702.383.8888 Fax 1.702.383.8845 www.lionelsawyer.com

Foreign Insurers

USA, North Carolina Prepared by Lex Mundi member firm Womble Carlyle Sandridge & Rice PLLC

1. What is the definition of insurer and reinsurer in your jurisdiction?

There is no general statutory definition of “insurer” or “reinsurer.”

NCGS 58-1-5 (3) states: "Company" or "insurance company" or "insurer" includes any corporation, association, partnership, society, order, individual or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships and corporations. "Company" or "insurance company" or "insurer" does not mean the State of North Carolina or any county, city, or other political subdivision of the State of North Carolina.

There are two types of “foreign” insurers under North Carolina law: “alien companies” and “foreign companies.”

NCGS 58-1-5(1) defines “alien company” “a company incorporated or organized under the laws of any jurisdiction outside of the United States.

NCGS 58-1-5 (6) defines "foreign company" as “a company incorporated or organized under the laws of the United States or of any jurisdiction within the United States other than this State.

NCGS 58-9-2 defines “reinsurer” for purposes of an article addressing “reinsurance intermediaries” as "any insurer that is licensed by the Commissioner and that is authorized to assume reinsurance.”

In State ex rel Long v. Beacon Ins. Co. 87 N.C.App. 72, 359 S.E.2d 508 (1987), the Court of Appeals addressed the definition of “reinsurer” with respect to priority of claims against insolvent insurers and, under those circumstances defined “reinsurer” as “all parties involved in reinsurance transactions.” Id. At 75.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Alien and foreign companies may write insurance or provide capacity in North Carolina if they comply with statutory and administrative regulations. NCGS 58-3-10 states “Except as provided in G.S. 58-3-6, [charitable gift annuities] it is unlawful for any company to make any contract of insurance upon or concerning any property or interest or lives in this State, or with any resident thereof, or for any person as insurance agent or insurance broker to make, negotiate, solicit, or in any manner aid in the transaction of such insurance, unless and except as authorized under the provisions of Articles 1 though 64 of this Chapter.” NCGS 58-7-15 authorizes the types of insurance North Carolina domestic companies may provide and “reinsurance” is not specifically identified. However, NCGS 58-7-15(22) authorizes “miscellaneous insurance” defines as “insurance against any other casualty authorized by the charter of the company, not included in this section, which is a proper subject of insurance.”

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes. The North Carolina Department of Insurance regulates insurers. Chapter 58 of the North Carolina General Statutes governs “insurance.” Administrative Code sections are found in the Title 11 www.lexmundi.com Page 86 © 2009 Lex Mundi of the North Carolina Administrative Code. 11 NCADC 11C.0501 addresses accreditation of reinsurers. Article 9 of Chapter 58 addresses “reinsurance intermediaries” such as brokers and managers.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

NCGS 58-3-10 requires all insurers to be licensed or registered to sell insurance in North Carolina. 58-16-1 governs the licensing of “foreign” and “alien” insurers. NCGS 58-28-5 prohibits non-licensed insurers to transact insurance business in North Carolina.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

North Carolina General Statute Chapter 58 governs the operations of insurance companies in North Carolina. The North Carolina Administrative Code Title 11 also addresses insurance. NCGS 58-7-21 permits ceding insurers “credits” on its financial obligations for amounts ceded to a reinsurer and specifies certain conditions the reinsurer must meet for the ceding insurer to receive the credit. NCGS 58-7-26 permits a credit to a ceding insurer where the terms of NCGS 58-7-21 are not met. See also 11 NCADC 11C.0505. Pursuant to that statute, credit may be permitted if the reinsurer meets certain financial requirements. NCGS 58-7-31 sets forth rules regarding credits for life and health insurance agreements which have been ceded to a reinsurer.

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

In general, the answer is “no.” NCGS 58-28-5 prohibits non-licensed insurers to transact insurance business in North Carolina. However, NCGS 58-7-21 and NCGS 58-7-26 permit ceding insurers credits for reinsurance placed with non-licensed reinsurers under certain conditions.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

The insurer or reinsurer must be licensed in North Carolina.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes. The North Carolina Department of Insurance website is www.nc.doi.com.

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Forms for insurance licenses are available on the website:

http://www.ncdoi.com/asd/documents/applicationsandforms/insurance/licensing/(nc-be)%20- %20uniform%20application%20for%20business%20entity%20license%20- %20registration%202010.pdf.

Applications may also be made through www.nipr.com.

Contact Information

Michael Ray Womble Carlyle Sandridge & Rice PLLC [email protected] One West Fourth Street Winston-Salem, North Carolina 27101 Garth Gersten [email protected] Tel 1.336.721.3600 Fax 1.336.721.3660 www.wcsr.com

Foreign Insurers

USA, Pennsylvania Prepared by Lex Mundi Eckert Seamans Cherin & Mellott, LLC

1. What is the definition of insurer and reinsurer in your jurisdiction?

There is no general definition of insurer in the Pennsylvania insurance statutes. Instead, The Insurance Department Act of 1921, one of the primary statutes governing insurance, addresses insurance companies, associations and exchanges as doing the business of insurance upon being licensed. See 40 P.S. § 46.

40 P.S. § 21 defines “company,” “association” and “exchange” as follows:

The word ‘company,’ as used in this act, shall be construed to include only incorporated insurance companies, and corporations possessing the power to insure owners of real property, mortgagees, and others interested in real property from loss by reason of defective titles, liens, and encumbrances, whether incorporated under the laws of this Commonwealth, or of any other state, territory or district, or under the laws of any foreign country.

Except where otherwise indicated, the word ‘association,’ as used in this act, shall be construed to include only individuals, partnerships, or associations of individuals, authorized to engage in the business of insurance in the Commonwealth as insurers on the Lloyds plan.

The word ‘exchange,’ as used in this act, shall be construed to include only individuals, partnerships, and corporations, authorized by the laws of the Commonwealth to exchange with each other inter-insurance or reciprocal insurance contracts.

Another primary statute governing insurance, The Insurance Company Law of 1921, also similarly defines “company,” “association” and “exchange.” See 40 P.S. § 361. Certain Pennsylvania insurance statutes do include definitions of insurer that are specific to the scope of the particular statutes.

Likewise, there is no general definition of reinsurer in the Pennsylvania insurance statutes.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Generally, yes. However, the foreign insurer will need to be licensed by the Pennsylvania Insurance Department, as “[n]o insurance company, association, or exchange of another state or foreign government shall do an insurance business within this Commonwealth without first having obtained a certificate of authority from the Insurance Commissioner authorizing such company, association or exchange to do such business.” 40 P.S. § 46(a). See also the requirements for an insurance company organized under the laws of another jurisdiction at http://www.portal.state.pa.us/portal/server.pt/community/doing_business_in_the_commonwealth/9264 /initial_licensing_documents/538770

A foreign insurer may reinsure companies authorized to transact insurance business in Pennsylvania if the foreign insurer is “doing the same or a similar kind of business [as the company],…licensed to transact business in any of the United States,…remains of the same standard of solvency and meets and continues to meet all other requirements fixed by the laws of this Commonwealth for companies, www.lexmundi.com Page 89 © 2009 Lex Mundi associations, or exchanges transacting the same classes of business within this Commonwealth.” 40 P.S. § 442(b). In addition, see the response in Item 4.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Generally, yes. Pennsylvania has an Insurance Commissioner, who is appointed by the Governor and heads the Pennsylvania Insurance Department, which regulates the activities of both insurers and reinsurers operating in Pennsylvania. In addition, see the response in Item 5.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Generally, yes. To do the business of insurance in Pennsylvania, a foreign or alien insurer generally must obtain a certificate of authority from the Pennsylvania Insurance Department unless it satisfies an exception. See, e.g. 40 P.S. § 23 and § 46.

A foreign or alien reinsurer does not need to obtain a certificate of authority from the Pennsylvania Insurance Department in order to enter into a contract for reinsurance with an insurer doing business in Pennsylvania. 40 P.S. § 46(e)(3). However, the reinsurer must generally be licensed to transact the business of insurance or reinsurance in another jurisdiction, including another state or country. Generally, a foreign or alien reinsurer must establish and maintain a qualified reinsurer status in Pennsylvania and/or meet certain other requirements as set forth in 40 P.S. § 442.1 and Chapter 161 of Title 31 of the Pennsylvania Code, in order for a licensed domestic ceding insurer in Pennsylvania to receive credit for reinsurance in its financial statements. 31 Pa. Code § 161.1 et seq. See also the “Qualified Unlicensed Reinsurer Filing Information” for a foreign or alien reinsurer at http://www.portal.state.pa.us/portal/server.pt/community/doing_business_in_the_commonwealth/9264 /initial_licensing_documents/538770

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Although other Pennsylvania statutes and regulations may also apply to insurance, Pennsylvania’s insurance statutes and regulations are generally found in the references cited below:

Statutes: Title 40 Insurance of Purdon’s Pennsylvania Statutes Annotated

Regulations: Title 31 Insurance of the Pennsylvania Code

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

See the response in Item 4.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. A licensed foreign or alien insurer or reinsurer must usually meet the licensing requirements of the Pennsylvania Insurance Department pursuant to 40 P.S. § 46 in order to be licensed in Pennsylvania. Pennsylvania utilizes the National Association of Insurance Commissioners’ Uniform Certificate of Authority Application (“UCAA”) for purposes of making the licensing process more streamlined. However, the State Specific Information page of the UCAA should be consulted for Pennsylvania specific updates and requirements.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Generally, yes at: http://www.portal.state.pa.us/portal/server.pt/community/doing_business_in_the_commonwealth/9264 /initial_licensing_documents/538770

Contact Information

Heidi B. Hamman Shakely Eckert Seamans Cherin & Mellott, LLC [email protected] U.S. Steel Tower 600 Grant Street, 44th Floor Pittsburgh, Pennsylvania 15219

Tel 1.412.566.6000 Fax 1.412.566.6099 www.eckertseamans.com

Foreign Insurers

USA, Puerto Rico Prepared by Lex Mundi member firm McConnell Valdés LLC

1. What is the definition of insurer and reinsurer in your jurisdiction?

Insurer - Includes every person engaged in the business of making contracts of insurance as defined in § 105 of this title. Without limiting the generality of the foregoing sentence, a reciprocal, and interinsurance exchange, a Lloyd's organization, a mutual association, or group of any kind whether formed for profit or not and which is engaged in the business of making contracts of insurances, is an "insurer". 26 L.P.R.A. §103.

Contracting or transacting - With respect to insurance includes any of the following: a) Solicitation and inducement. b) Negotiations preliminary to execution. c) Execution of a contract of insurance. d) Insuring or reinsuring. e) Transaction of matters subsequent to execution of the contract and arising out of it. 26 L.P.R.A. §105.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes.

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

Insurance Code of Puerto Rico, 26 L.P.R.A. §101 et seq.

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No. Except for surplus lines insurers.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No. Except for surplus lines insurers.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

Yes. www.ocs.gobierno.pr

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Yes. However, at present the website is under construction and some forms may not be available.

Contact Information

Yadira Rivera-Cintrón McConnell Valdés [email protected] 270 Muñoz Rivera Avenue San Juan, Puerto Rico 00918

Tel 1.787.759.9292 Fax 1.787.759.9225 www.mcvpr.com

Foreign Insurers

USA, West Virginia Prepared by Lex Mundi member firm Jackson Kelly PLLC

1. What is the definition of insurer and reinsurer in your jurisdiction?

Insurer is every person engaged in the business of making contracts of insurance. WV Code 33-1-2. Reinsurance is defined as a contract of indemnity against liability by reason of the original insurance. WV Code 33-1-11.

2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction?

Yes

3. Are insurers and/or reinsurers regulated in your jurisdiction?

Yes.

4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction?

Yes. WV Code 33-3-1(d). The Code is silent as to reinsurers.

5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction?

West Virginia Code 33-1-1 et seq. West Virginia Department of Insurance Regulations Title 114

6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction?

No.

7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction?

No.

8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website?

www.wvinsurance.gov

9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website?

Yes.

Contact Information

J. Rudy Martin Jackson Kelly PLLC [email protected] 500 Lee Street East, Suite 1600 Charleston, West Virginia 25301

Tel 1.304.340.1000 Fax 1.304.340.1130 www.jacksonkelly.com