VW and former CEO hit with new US dieselgate lawsuit

VW and former CEO hit with new US dieselgate lawsuit

VW and former CEO hit with new US dieselgate lawsuit

The US regulator has launched a legal suit against VW, alleging the German car manufacturer defrauded US bond investors in the diesel emission scandal. The case also cites former CEO Marin Winterkorn and two subsidiaries – Volkswagen Group of America Finance and VW Credit. The suit by the Securities and Exchange Commission (SEC) alleges that VW raised $13bn through corporate…

Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda has been added to a European Union list of “non-cooperative” jurisdictions, although the Bermuda Government insists that the listing will be temporary, and was due to a technical omission in its submission to the EU. The Council of the European Union adopted a revised EU list of non-cooperative jurisdictions for tax purposes. In addition to the five jurisdictions that…

OECD tax proposals go beyond taxation of digital business models

OECD tax proposals go beyond taxation of digital business models

OECD tax proposals go beyond taxation of digital business models

The Organisation for Economic Co-operation and Development’s (OECD) efforts to address taxation challenges that result from digitalisation would lead to fundamental changes in the existing international tax system, according to Insurance Europe. It said the OECD’s initial proposals go far beyond the mere taxation of digital business models. Insurance Europe said it believes that any adaptations should focus on aggressive…

China’s regulator orders insurers to strengthen supervision of their brokers

China’s regulator orders insurers to strengthen supervision of their brokers

China’s regulator orders insurers to strengthen supervision of their brokers

The China Banking and Insurance Regulatory Commission (CBIRC) has ordered insurance companies to strengthen supervision of their intermediary partners such as agents and brokers, according to a report in Caixin Daily. The Chinese publication said the move was part of an effort “to impose order on a chaotic and largely unregulated sector of the industry”. CBIRC stated in a notice…

New Estonian law opens market to insurance mutuals

New Estonian law opens market to insurance mutuals

New Estonian law opens market to insurance mutuals

Estonia has passed a new law that opens its market to mutual and cooperative insurance. The amendment to the Estonian Insurance Activities Act was passed by the Estonian Parliament and broadens the scope of insurance company structures in Estonia, recognising insurance associations, a type of mutual insurer, and European cooperative societies from March 2019. The Insurance Activities Act governs the…

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New initiatives for the insurance industry have been announced by China’s State Council under its Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. The initiatives include promoting cross-boundary renminbi reinsurance business; supporting joint development by insurance institutions in Guangdong, Hong Kong and Macao of innovative and cross-boundary motor vehicle and medical insurance products; exploring the development of a…

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

The insurance practice of law firm RPC has entered into a strategic alliance with US firm Hinshaw & Culbertson. The firm, which has a strong insurance sector focus, is headquartered in Chicago and has 21 offices across the US including in New York, Massachusetts, Florida and California, and has a strong insurance sector focus. RPC said the new alliance will…

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