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We are pleased to announce that the Chambers Latin America 2020 results were published this week and we’ve seen some great success for our colleagues in Chile, Colombia, Peru, and our Miami regional hub.
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.
Despite the constant political noise, Peru’s economy has stayed afloat in economic indicators and rankings. The last couple of decades have witnessed Peru surface as a healthy economy and investment haven.
We are pleased to announce that we have strengthened our commercial litigation capabilities with the arrival of a four-strong team to our Lima office, headed by Tabata Arteta who joins as a partner.
Peruvian Labour Minister, Mr Alfonso Grados, has publically announced that the Ministry of Finance and Economy is considering taking on an unemployment insurance program by the third quarter of 2017.