Background
The World Health Organisation (WHO) declared COVID-19 as a “pandemic” on March 11, 2020.
I. NCLAT approves the resolution plan submitted by ArcelorMittal in the resolution proceedings in respect of Essar Steel India Limited while modifying the distribution of money to the financial and the operational creditors
The Financial Resolution and Deposit Insurance Bill 2017 – which was referred to a joint committee of both houses of Parliament in early October 2017 – has recently attracted significant attention. This is mainly due to the objections raised by the Insurance Regulatory and Development Authority of India (IRDAI), among other parties.
Commercial Dispute Resolution Jakarta Client Alert September 2015 Supreme Court Ruling on Bankruptcy of Bumi Asih Jaya On 9 September 2015, the Republic of Indonesia Supreme Court gave its ruling on the cassation application submitted by the Financial Services Authority ("OJK") regarding the bankruptcy petition against PT Asuransi Jiwa Bumi Asih Jaya ("BAJ"), one of the oldest insurance company in Indonesia. The Supreme Court ruled in favour of OJK and approved the bankruptcy petition against BAJ. Under the previous regime, Law No.
The Financial Services Authority (OJK) has issued the first regulation on the dissolution, liquidation and bankruptcy of insurance companies. On 11 December 2015, enacted Regulation No. 28/POJK.05/2015 on Dissolution, Liquidation and Bankruptcy of Insurance Companies, Syariah Insurance Companies, Reinsurance Companies and Syariah Reinsurance Companies (POJK 28). Before the enactment of POJK 28 there was no regulation within the vicinity of the insurance law on matter.
On December 11 2015 the Indonesian Financial Services Authority (OJK) enacted Regulation 28/POJK.05/2015 concerning the Dissolution, Liquidation and Bankruptcy of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies. The regulation was authorised by Articles 42(4), 44(3), 45(3) and 51(4) of Law 40/2014 concerning Insurance, which require the aforementioned processes to be governed by a specific regulation.
The Supreme Court has ruled that the Motor Insurers’ Bureau of Ireland (“MIBI”) is not liable to meet the cost of claims against former policyholders of the now defunct Setanta Insurance Company Limited (“Setanta”).
The judgment has far reaching implications for Irish motor insurers and policyholders.
Setanta, a Maltese registered insurance company which also operated in Ireland, went into liquidation on 30th April 2014 leaving an estimated 1,666 uninsured claims against Irish policyholders valued at around €93 million.
William Fry understands that, on 30 January 2017, having regard for the recent implementation of the Solvency II regime, EIOPA's Board of Supervisors adopted a decision (the "Decision") which will replace EIOPA's General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union (March 2008 Edition).
We understand that the Decision with replace the General Protocol as of 1 May 2017 (and will be available on EIOPA's website shortly).
In the interim, the General Protocol (March 2008 Edition) continues to apply.
2016 has seen the Irish High Court address the status of third-party litigation funding, and has struck a blow to funders seeking to service the Irish market by declaring it unlawful.
The Court’s judgment was handed down in April in the case of Persona Digital Telephony Ltd v The Minister for Public Enterprise.
Trouble in the Emerald Isle