Insurance regulations can influence the results of a business to the point of either facilitating an endeavor or making it hardly viable. Traditionally, insurers and reinsurers dealt with Latin American regulators on a one-on-one basis. That is still the case as a general rule, but in more recent times steps have been taken towards regional integration.
Thursday, November 9, 2017
Thursday, October 26, 2017
As recovery and rebuilding efforts drag on in Puerto Rico, Hurricane Maria’s impact on Big Pharma is radiating across the U.S., and around the globe as the dozens of drugs manufactured in Puerto Rico become scarce. Maria brought drug manufacturing to a screeching halt in Puerto Rico, where about 10 percent of all drugs prescribed in the U.S. are made. The FDA is focused on about 40 drugs it expects to be in short supply, including 13 that are made only in Puerto Rico.
International insurers and reinsurers are likely to retain legal services from local attorneys in 29 Latin American countries. Consumers of legal services in Latin America often question whether the rules of professional conduct of these foreign suppliers are comparable to those in other jurisdictions, such as the UK or the US.
Wednesday, October 11, 2017
On September 6, 2017, Puerto Rico was hit by Irma, a massive category 5 hurricane that was on of the strongest storms ever recorded in the Atlantic. Two weeks later, on September 20, hurricane Maria passed directly over the island with even more devastating effects. Puerto Rican Governor Ricardo Rossello called Maria "the biggest and potentially most catastrophic hurricane to hit Puerto Rico in a century."
Thursday, October 5, 2017
Last month, as Hurricane Maria bore down on Puerto Rico, we reposted our Puerto Rico claims checklist and an analysis of causation under Puerto Rico law. In Maria’s devastating aftermath, many Puerto Ricans are still focused on necessities, and filing an insurance claim for damage to their home or business is not top of mind. But as recovery efforts gain momentum, the claims will begin to come in. Now is the time to review our posts from last month and consider how Puerto Rico law may apply to handling Maria insurance claims.
Tuesday, September 19, 2017
While Puerto Rico was spared a direct hit from Hurricane Irma, it now appears it will face the full brunt of Hurricane Maria. Maria is projected to strike Puerto Rico as a Category 4 Hurricane. Many of the same concurrent causation issues that we predicted may occur with Irma are also likely to exist with Maria and may be even more pronounced with the increased severity of damage from Maria.