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A year ago, the Governor of California signed the California Consumer Privacy Act of 2018 into law. Known as the first comprehensive privacy regime in the United States, the Act imposes on businesses significant privacy obligations, creates a number of privacy rights, and provides for enforcement both through private right of action and regulatory enforcement.
Over the past five years Latin America has seen a rise in the prevalence of cyber risk. Cyber attacks have become increasingly common, with financial institutions the main target, particularly via social engineering; the manipulation of employees into breaking security procedures to gain access to systems or networks.
Over the past 10 years, there has been a record increase in the filing of securities litigation against foreign companies that issue securities in the United States, most commonly via American Depository Receipts.
The Dominican Republic is the second-largest Caribbean nation by area with approximately 10 million inhabitants, of whom approximately three million live in the metropolitan area of Santo Domingo, the capital city. The island is famous for its beaches, resorts, golf courses, hotels and for its friendly service.
In the Americas, two years since we merged with Carroll McNulty & Kull (CMK), we have reported 16% growth which has been supported by a 12% increase in headcount across our offices in New York City, New Jersey, Chicago, Philadelphia, Austin and Miami. Globally, our total headcount exceeds 2,000 for the first time in our history with developments in the Americas playing a crucial part in reaching this number.
In recent years, the amount of fiscal liability proceedings have increased substantially. Insurance companies have been called into those proceedings, this has resulted in many awards against insurers some of which have ignored the rules and principles of insurance contracts, and decisions by the Council of State and Supreme Court.
We are very pleased to announce that we have boosted our offering in Chile by welcoming Chilean law firm Peralta & Gutiérrez into our Santiago office. The move consolidates our leading advisory and litigation teams locally.
A few weeks ago, we wrote about the validity of the "claims made" policies in Peru, in connection to a non-binding opinion issued by the Peruvian Insurance Regulator (SBS). The SBS concluded in such opinion, that liability policies (even regarding financial lines) should be underwritten under occurrence basis according to the Peruvian Insurance Contract Law.
There has been a lot of talk, perhaps too much talk, following the recent non-binding opinion of the legal counsel of the local regulator SBS against the universally-accepted “claims made” system of insuring certain liability risks. The SBS opinion is unhelpful and misguided, but relatively inoffensive, and the markets can continue underwriting on this basis.
We are pleased to confirm that we have become the first international law firm to establish a presence in each of the Dominican Republic, Guatemala and Panama as we continue to increase our global footprint through three new Associations.