Presentationsmaterial från complianceseminariuim · minst för att fungera inom försäljning, IT etc. • Vi såg att det finns stora skillnader mellan olika länder. I t ex Spanien,

Tidigare Europeiska

Presentationsmaterial från complianceseminariuim

Kära läsare, Nu har det gått några dagar sedan vi hade vårt seminarium om compliance och vi hoppas att all ny information har hunnit sjunka in. Som vi alla vet så är compliance en viktig fråga som alltmer kommer att påverka sättet vi arbetar på och hur vi löser försäkringsfrågor runt om i världen. Här har vi sammanställt en pdf med samtliga presentationer samt även en kort summering av varje föreläsare. Jag skulle personligen vilja tacka alla er som tog er tid och kom till seminariet, jag hoppas att det var välinvesterade timmar. Och ni som inte hade möjlighet att närvara hoppas jag få träffa vid ett annat tillfälle. Du kan klicka dig fram i materialet via knapparna här nedanför. God läsning! Johannes von Hülsen

Sammanfattning Inledning SEB AXCO Shearman & Sterling Avslutning

Tidigare Europeiska

Summering

SEB • Är internationell compliance, regelefterlevnad, viktigt? Vi fick en tydlig indikation på att så är fallet och att kraven konstant skärps. Dessutom går det relativt snabbt. För drygt fem år sedan fanns det ingen dedikerad complianceansvarig på SEB, förutom på papperet. • Det som gäller idag kan vara inaktuellt i morgon. I takt med att kraven skärps och complianceproblematiken i allt större utsträckning diskuteras, ändras lagar och regler i allt större takt. Därför är det viktigt att hålla sig uppdaterad och ständigt följa med i utvecklingen. • Att arbeta med compliance kräver många olika arbetsmoment. Allt från rådgivning, kontroll och uppföljning till riskanalyser, utveckling, underhåll samt utbildning. Ett komplext ämne där det i många fall fortfarande inte finns klara rekommendationer, utan kräver att man själv sätter sig in frågor och ibland driver en ensamarmé. • Kraven från Finansinspektionen ökar vilket sätter företagen under allt starkare press att lösa detta.

AXCO • AXCOs praktiska exempel betonade att det är en komplex värld vi lever i när vi talar om försäkring för affärsresor och utlandsplaceringar. One size fits all gäller inte längre. • Vi kan inte bara söka i AXCOs databaser och hitta ett svar svart på vitt. Det krävs en hel del arbete med att bland annat översätta information och rekommendationer så att dessa blir applicerbara på verksamheten, inte minst för att fungera inom försäljning, IT etc. • Vi såg att det finns stora skillnader mellan olika länder. I t ex Spanien, Egypten, Australien och Brasilien hanteras compliancefrågan på olika sätt.

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Tidigare Europeiska

Shearman & Sterling • Att vara compliant kan vara ganska kostsamt, men alternativet kan vara ännu dyrare. • Skillnaden är att kostnaderna för att vara compliant går att beräkna, medan vi kan bara gissa vad kostnaderna för att inte vara compliant kan bli. Dr Andreas Löhdefink visade bland annat exempel på kostnader som kan sträcka sig över miljontals USD. • Dr Andreas Löhdefink visade med flera exempel hur du som försäkringsgivare i EU, både måste vara medveten om lokala lagar inom EU, men också ha kunskap om att en flytt till ett land utanför EU innebär i ett antal utmaningar.

Sammanfattning av Johannes von Hülsen • Riskerna ökar. Vi känner till ett amerikanskt livförsäkringsbolag som har stämts av de brasilianska myndigheterna på ca 32 miljarder SEK. • Motsatsen till compliance är lagöverträdelser och bristande compliance bryter helt enkelt mot lagen. • Företag idag använder många resurser på att vara compliant ur ett nationellt perspektiv – men ser vi även till att vara compliant i de länder vi verkar i internationellt? • ERV är en del av Munich Re Group där vi tillsammans har ca 8 anställda som arbetar med compliance gällande affärsresor och utlandsstationering. De använder olika källor, bl a Axco, advokater, lokala försäkringsförmedlare och/eller lokala advokatbyråer. Men det är även nödvändigt att lägga resurser på att göra informationen och reglerna tillgänglig och fungerande inom bl a försäljning och IT.

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Tidigare Europeiska

4

Sverige Utlandet

Issue? “gråzonen”?

• Rättsliga krav • Tillsynskrav

• Compliancefunktioner • Juridiska funktioner • Etc.

• Rättsliga krav • Tillsynskrav

??

Gråzonen är, enligt vår uppfattning, ett påhittat begrepp i försäkringsbranschen

Business Compliance

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Tidigare Europeiska

Vad är skillnaden mellan General compliance och Business compliance?

General compliance

• På företagsnivå

• Ramverk

• Externt: Lagar och kontroll (försäkringslagstiftning och nya regelverk, pengatvätt, terror, bedrägerier mm)

• Internt: Riskmedvetenhet

Business compliance

• På produktnivå

• Tillämpning

• Regulatory Compliance - Regelefterlevnad

• Tax Compliance - Skatteefterlevnad

• Consumer Protection Compliance – Konsumentskydd

5 Tillbaka till start

Tidigare Europeiska

Varför blir Business compliance den ”Nya Gränsen” för Corporate Travel insurance ?

Myndigheter och regelverk

Nya Gränsen

Försäkringsköpare Nya Gränsen

Försäkringsbolag Nya Gränsen

6

1

2

3

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Tidigare Europeiska

Nya gränsen I

• Att vara non compliant är inte accepterat längre och kan dessutom vara affärskritiskt. Risken för böter har blivit mer påtaglig och kan handla om miljontals kronor.

• Dom från EU-domstolen påvisar att det inte längre bara är försäkringsbolagets skyldighet att säkerställa att försäkringsskyddet är korrekt. Detta gäller numera även mäklare och försäkringsköpare.

• Solvency II sätter nya gränser gällande osynlig verksamhetsstyrning/business control och transparens. Verklighet 2016.

• Finanskrisen I: De globala regulatorerna/tillsynsmyndigheterna har dramatiskt ökat kunskapsutbytet. De globala standardiserade reglerna är ingen science fiction-film, utan verkligheten om 3-5 år

• Finanskrisen II: Offentliga budgetar under stress kräver nya och osedda intäkter. Försäkringsskatten = den ”bortglömda” skatten. En av de enklaste skatterna att påföra och som kan ge en enorm hävstångseffekt.


Tidigare Europeiska

Nya gränsen II

Bra Business compliance är väldigt dyrt och dagens premienivåer kompenserar inte dessa

kostnader alls. Dagens skadekostnader är redan höga och stiger ytterligare år efter år

(medicinsk inflation vs. normal inflation)


Tidigare Europeiska

Nya gränsen II

• Svenska företag blir alltmer globala eftersom den egna marknaden börjar bli mättad,

varför Business compliance har blivit en global utmaning.

• State of the Art Corporate Travel Insurance har blivit nödvändigt för globala aktiva

företag för att skydda sina mest värdefulla tillgångar, den mänskliga resursen. De reser

världen runt för att säkerställa framgång och konkurrenskraft.

• Bra Business Compliance är komplext: Ett hundratal av olika regler, undantag i

Lagstiftning, Försäkringsrätt, Bolagsrätt och Skatterätt. Varje land är olika och lagar och

bestämmelser förändras konstant.

• Bra Business Compliance är tvärvetenskaplig: baseras på global räckvidd, kulturer, språk

och politiska system, internationella försäkringslagar och skattelagar samt omfattande

produkt- och kundperpektiv.


Tidigare Europeiska

Låt oss diskutera med Marknaden idag

• Vad betyder egentligen Business compliance idag i detalj?

• I vilken utsträckning och i vilken mån går det egentligen att göra rätt, s.k. Proper Business compliance”?

• Kan detta anses vara den mest utmanande frågan för den svenska marknaden för Corporate Travel Insurance de nästkommande 3-5 åren?

• Är den svenska försäkringsbranschen redo att anta utmaningarna?

• Om inte, vilka är konsekvenserna för:

• Försäkringstagare

• Mäklare

• Företag som köper reseförsäkring

• Anställda som omfattas (eller inte omfattas)


Compliance i praktiken i SEB Liv

ERV 2014-01-29

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Agenda

De organisatoriska och teoretiska ramarna för compliance i SEB Liv Praktiken och verkligheten

Reflektioner


13

SEB Liv - koncernstruktur

SEB Pensions- forsikring A/S

Denmark

SEB Life International Assurance Co Ltd

Ireland

SEB Trygg Liv Holding AB

Skandinaviska Enskilda Banken AB (publ)

PrJSC Insurance Company SEB Life Ukraine

Ukraine

AS SEB Elu- ja Pensionikindlustus

Estonia

AAS ”SEB Dzīvības Apdrošināšana”

Latvia

UAB “SEB gyvybės draudimas”

Lithuania

Gamla Livförsäkrings- aktiebolaget

SEB Trygg Liv

Trygg-Stiftelsen

0,4%

99,6% Fondförsäkrings-

aktiebolaget SEB Trygg Liv

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14

Compliance Retail Banking

Arne Jansson

Compliance Baltics

Ahto Nirgi

Head of Group Compliance Gent Jansson

Compliance Life

Håkan Nyholm

Compliance Operations

Karin Heierson

“CFO-function” Systems

Support & Administration

Compliance Monitoring

Compliance Control Room Karin Heierson, acting

AML Control Room

Jan Björkman

Group Compliance & Governance Organization

Compliance Group Operations & IT

Christina Karlén

Compliance Wealth

Management Åsa Vilson-Bergstedt

Compliance Merchant Banking

Mats Beckman

GC Office

Denmark – Anna Svensson Finland – Eva-Maria Broman Germany – Markus Esswein

Hong Kong – Nicholas Chan Ireland – Annette Angelosante Luxembourg – Falk Naumann

Norway – Frede Aas Rognlien Poland – Anna Lindholm Shanghai – Yunni Zuo

Singapore –Wei-Ching Poon Switzerland - Glenn Sealy UK – Harpreet Dhami, acting

US – Stephen Conwell, acting Russia – Pavel Artamonov Ukraine - Mykhailo Shomin

Compliance International

Elisabeth Catalano

Estonia – Monika Koolmeister

Latvia – Dace Rusina Lithuania – Vilija Nausedaite

Head of Group Governance Gent Jansson

Head of Group Compliance & Governance Gent Jansson

Governance &

Legal

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Compliance i praktiken i SEB Liv 15

Affärsverksamheten ● Riskkontrollfunktionen ● Compliance

● Internrevision

1:a försvarslinjen 2:a försvarslinjen 3:e försvarslinjen

Förhållandet till andra funktioner

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Ansvarsområden

Rörelseregler och tillståndsfrågor

Konsumentskydd

Marknadsuppförande

Anti-penningtvätt och terroristfinansiering

Företagsstyrning och intern kontroll – t.ex. Solvens 2, outsourcing, instruktioner

Kontaktperson gentemot FI

Rådgivning, försäljning, kundklagomål

Sekretess

Skuldtäckning

Etik, intressekonflikter, gåvor/representation

Know Your Customer (KYC)

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Arbetsmetoder och verktyg

Rådgivning

Kontroll, uppföljning (monitorering)

Rapportering

Riskanalys Årsplan

Följa regelutveckligen

Utveckla och underhålla interna regler

Utbilda och informera

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Praktiken - första tiden

Omvärlden - Regelmiljön FI:s sanktioner 2008 mot de båda svenska försäkringsbolagen Finanskrisen Solvens 2

Compliancearbetet Tydlig compliancestruktur på plats ”Ensamarmé” Hantera verktygslådan: Rapportering, riskanalys (Risk

Assessment), complianceplan Städningen efter FI:s sanktioner Outsourcing

Solvens 2

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Praktiken – fortsättningen och nuläget

Omvärlden - regelmiljön Regeltsunamin

- EU: Solvens 2, EMIR, Shortselling, MiFID 2 - USA: FATCA Finansinspektionen

- Fokus: Intern styrning och kontroll, anti-penningtvätt, rådgivning - Styra genom sanktioner

Compliancearbetet Solvens 2, FATCA, EMIR Anti-penningtvätt och finansiell rådgivning Mer fokus på kontroll och uppföljning

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SEB-koncernen och “Business Compliance”

SEB-koncernen generellt Lokala etableringar i utlandet med lokalt förankrad personal: Dotterbolag

eller filialer Alltmer vanligt att överväga om internationell affär ska stängas p.g.a. nya

regleringar i andra länder (EU eller USA)

SEB Liv Samtliga livbolag utom SEB Life International (Ireland) verkar enbart i

sina hemländer SEB Life International (Ireland) verkar enbart cross-border (9 EU-länder).

Business Compliance är helt centralt både för affärsmodell och compliance verksamhet

2014-02-06 | 20 Tillbaka till start

Reflektioner

Compliancekulturen i SEB Liv. Har den förändrats?

Hur ska compliance jobba? Rådgivning eller kontroll? Regelutvecklingen: Syns skogen för alla träd? Uppnås syftet med

regleringarna? Skapas nya risker? Behövs compliance? Hur ser framtiden ut?


Axco THE IMPORTANCE OF COMPLIANCE ABROAD JANUARY 29TH, 2014 ERV, STOCKHOLM

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23 023 ABOUT AXCO

© Axco Insurance Information Services 2014

About Axco

With over 40 year’s experience in researching and delivering industry intelligence, Axco provides business-critical compliance and market data on non-life, life & benefits and employee benefits markets across the globe.

Axco information is relied upon by a diverse range of organisations and our client base includes the world’s foremost insurers, reinsurers, brokers, and employee benefits professionals.

Our unique business model and methods of research have enabled us to develop an extensive suite of products comprising in-depth reports, profiles, Q&A databases and information platforms.

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24 024 THE AXCO BUSINESS MODEL


The Axco business model

Axco operates under a mutualised outsourcing model

We look to build long term partnerships with both our clients and information and data sources

We undertake to understand our client’s individual requirements

We prioritise frequent interaction with our clients

We are committed to developing new and innovative methods of information delivery.

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Axco Database Central Global Industry

Repository

Local Offices

Other Brokers & Insurers

Regulators

Associations

Global Users Feedback

In-house research

Partners

Specialist Compliance

Research Team Copy of Axco report

Interviews, Correspondenc

e

Copy of Axco report

Interviews, Correspondence

025

HOW IS AXCO INFORMATION RESEARCHED

© Axco Insurance Information Services 2014 Tillbaka till start

026

INTERNATIONAL INSURANCE REQUIREMENTS


The challenges of international insurance

International companies, international operations = International risks

196 countries in the world = Hundreds of jurisdictions, cultures, insurance practices

Spectrum of insurance market development: Emerging/low expertise to Developed/well-funded

Aims of regulations: laws designed to protect consumers of insurance and financial systems not international companies

Accepting grey answers: Complexity (of the world), Ambiguity/Uncertainty (of insurance regulations)

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27 027 COMPLIANCE ABROAD CHECKLIST


‘Compliance Abroad’ checklist

Market environment

Insurance regulations and supervisory authority

Is non admitted permitted?

Local coverage requirements

Compulsory insurances

Taxes and charges

Local underwriting expertise and capacity

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028

Market Environment


Market environment

Ghana:

Resources 51.9% Urban 25.31 Million

Exports

Brazil:

Events 84% Urban 198.66 Million Natural

Resources

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29 029 Market Environment


Market environment

0

100

200

300

400

500

600

700

0

10000

20000

30000

40000

50000

60000

70000

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

Writ

ten

Prem

ium

(mn)

GDP

(mn)

Ghana GDP (mn)

Written Premiums(mn)

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

100000

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000

8000000

9000000

10000000

1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

Writ

ten

Prem

ium

s (m

n)

GDP

(mn)

Brazil

GDP (mn)

Written Premiums(mn)

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030 Specific insurance regulations and supervisory authority

Ghana Proposed legislation can take years to reach Parliament

Brazil Four resolutions to just set out the basis of premium and loss reserves

Rapidly developing insurance and reinsurance market

Supervisors and Regulators want to protect local companies

Insurance Law 1989

Supplemented by Insurance Regulations

1990

Insurance Act 2006

CNSP Resolution no. 162 –

26 December

2006


17 December

2007


16 December

2008

CNSP Resolution no. 204 – 28 May

2009

Market Environment


031

On what basis can I write Insurance?

Four main ways to write international business

Admitted – Policy is issued locally from a locally registered and based company

Cross Border Agreements – e.g. Freedom of Services

Fronting – Local office used and reinsured out

Non Admitted – Unauthorised Insurer

Insurance Options


32 What is Non Admitted?


What is meant by non admitted?

Definition. Non-admitted insurance refers to the placing of insurance outside the regulatory system of the country in which the risk is located. A non-admitted insurance policy is one that may be issued abroad or the risk(s) may be included in a global master policy by an insurer unauthorised in that country. An authorised insurer is one which is permitted to do business in a country (or region) by the local supervisory authority.

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33 International Insurance Programme


34

Admitted

Locally Licensed and Regulated

International Insurance Programme


35

FOS

International Agreements

As if Locally Licensed Taxes and Charges



36

Locally Licensed Office

High Level of compliance confidence

Local Broker Policy Wording Policy Issue Premium Payment and

Terms Local Capacity



37

Non Admitted is Permitted

Insured’s Initiative Exempt lines of business Compulsory Insurances Taxes and Charges

Claims management



38

Non Admitted NOT

permitted

Fronting Partner

Abide by all local regulations

Long term partnership Local knowledge Not ideal for one time

placements Exposed to Reinsurance

taxes Expensive



39

Non Admitted

NOT permitted

Penalties Prison Reputational

Damage Claims payments

Central Cover DIC/DIL, Financial

Interest Clause, Master Policy



40 International Insurance Programme


41

Non Admitted

NOT permitted

Central Cover DIC/DIL, Financial

Interest Clause, Master Policy

Fronting Partner

Non Admitted is Permitted

Locally Licensed Office

FOS

Admitted



42 How can Axco help?


HOW CAN AXCO HELP?

Critical to have knowledge in order to continue writing compliant programmes

Axco’s remit is to provide information

On the ground research: Axco visits 170 + countries

Avoiding information overload: ‘Less is More’ product development = right information for the right person at the right time

Integration of information sources and product design: portals, annotations, click-throughs

Combine that information with your expertise

KNOWLEDGE

Who to talk to

What questions should you be asking

What pitfalls should you be looking out for

Never a straight forward black and white area

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43 AXCO PRODUCTS


Insurance Market Reports Comprehensive country by country insurance market information Non-Life (Property & Casualty) and Life & Benefits.

Global Statistics Current and historical statistics covering non-life and life & benefits markets in over 180 territories worldwide.

Regulatory Alerts Monthly e-mail alerts reporting on key developments in regulation, legislation and premium taxation.

Insight Using Q&A structure, Axco Insight provides a customisable overview of global insurance markets.

Employee Benefits Reports Comprehensive coverage of worldwide employee benefits markets.

Clinical Trials Clinical trials insurance information for over 170 territories, including market and compliance data.

Compliance Point A single “go to place” combining regulatory and tax compliance information.

Country Benefits Profiles Concise information on state and compulsory benefits and typical employer practice in 69 countries.

CIMS Market Profiles Focused information on key aspects of the market and compliance requirements in over 170 territories.

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NON-LIFE INSURANCE MARKET REPORTS (IMR)


44

Non-Life Insurance Market Reports

Non-life insurance market information for over 170 countries Essential legislative, insurance regulatory and tax

compliance information Insurance market overview, distribution channels,

market size, structure and key players

All major lines of non-life business Comprehensive appendices containing market statistics,

company statistics, and directory of key market contacts Create customised reports to facilitate client

presentations and business tendering

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INSIGHT COMPLIANCE


45

Insight Compliance

Delivering global non-life (P&C) insurance regulations and taxes at a glance Single point of reference for non-life insurance

regulatory and tax compliance requirements

Question & Answer structure, with topics compiled from clients' most frequently asked compliance questions

Line of business-specific regulation for over 170 territories

Customise and filter data according to territory, line of

business and regulatory topic

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46 AXCO COMPLIANCE POINT

Interactive compliance tool guiding users through multinational insurance programmes calculating all taxes and charges that are applicable.

A single “go to place” combining

regulatory and tax compliance information.

Market solution tailored to user group needs

Intelligent questioning prompts users for the exact information needed as they progress through the system.

Up to date, transparent and unbiased information from multiple sources.

Auditable trail of decisions and results


Compliance Point

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47

For further information about Axco or for product demonstrations please come and find us afterwards.

Thank you

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www.axcoinfo.com

Axco Insurance Information Services 10 Old Broad Street London UK EC2N 1DW Tel: +44 20 7374 5252 Fax: +44 20 7374 5277 Email: [email protected]

Carol Au-Young Ali Mufti

Teams of London-based in-house research analysts, editors and statisticians ensure that information is maintained and updated to the highest standards. We welcome client enquiries and feedback which are integral to the continued development and enhancement of our products.

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International Compliance A Local Challenge Dr. Andreas Löhdefink Stockholm, 29 January 2014

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Content Part 1: The Embargo and Sanctions Framework (Overview)

I. Definitions 6 II. Overview of worldwide embargoes and sanctions 8 III. Example: The Iran sanction regime of the European Union 12 IV. Practical consequences 17

Part 2: Global Health Insurance Policies – International Legal Considerations I. Commercial background 19 II. Typical structure of sales process and policy underwriters 20 III. Primary issues 21 IV. Violation of local law by insurance company 22 V. Violation of local law by insured person 23 VI. Conflicts of law issues 24 VII. Selected Examples: Turkey 25 VIII. Selected Examples: United Arab Emirates 26 IX. Selected Examples: USA 27 X. Selected Examples: Europe 29 XI. Approach legal review 30

Back-up: The Iran Sanction Regime of the European Union

50 29/1/2014 International Compliance – A Local Challenge

Page

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Part 1 The Embargo and Sanctions Framework (Overview)

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How are you dealing with these guys?

International Compliance – A Local Challenge 52 29/1/2014 Tillbaka till start

From the press


I. Definitions (1/2)

Economic sanctions restrict freedom in foreign trade by prohibiting the trade of certain goods and

the provisions of certain services are ordered for foreign and security policy reasons against: legal and natural persons ("personal") countries ("country-specific")

Prohibition of any trade whatsoever with or for the benefit of the addressee full embargo

International Compliance – A Local Challenge 54 29/1/2014

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I. Definitions (2/2)

Three types of economic sanctions Financial sanctions – freezing of funds and other assets Trade sanctions – products Arms embargoes (e.g. military equipment, nuclear technology) Other goods embargoes (oil of Iranian or Syrian origin, "blood diamonds") Dual-use items

Trade sanctions – services Prohibition of technical and financial aid Investments Prohibition of fulfillment of claims Transport Travel restrictions Insurance (Iran, Syria)

International Compliance – A Local Challenge 55 29/1/2014

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II. Overview of worldwide embargoes and sanctions (1/4)

United Nations (UN) stipulate implementation at national level economic sanctions focus mostly on weapons of mass destruction and military

equipment are based on "restricted lists":



European Union (EU) direct implementation by regulations extensive list of people whose funds must be frozen (as well as travel

restrictions for individuals) various types of trade sanctions well-aimed sanctions – no total prohibitions

United States (USA) implementation by means of Implementing Regulations, legislation or by

the Office of Foreign Assets Control (OFAC) prohibition of dealing with an extensive list of natural and legal persons

(Specially Designated Nationals List (SDN)) total prohibition to trade with countries (including brokerage) trade sanctions including investments, services, financing of imports/exports


29/1/2014 International Compliance – A Local Challenge 58


Potential legal consequences of a violation Sanctions of a violation depend on applicable national laws Wide range of sanctions, including: penalties and fines imprisonment forfeiture of assets and funds close-down of business

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Overview


III. Example: The Iran sanction regime of the European Union (1/5)

Overview The Council Regulation (EU) No. 267/2012 concerning restrictive measures against Iran provides for certain restrictions with respect to economic relationships with Iran:

Export and import restrictions

Restrictions on financing of certain

enterprises

Restrictions on insurance and re-insurance

The Council Regulation (EU) No.

267/2012

Restrictions on transport

Freezing of funds and economic

resources

Restrictions on transfers of funds and on financial

services



Latest Developments Suspension of certain sanctions for a period of six months

(until July 20, 2014) Suspension includes: Prohibition on the provision of insurance and transport in relation to Iranian crude

oil sales to its current customers Prohibition on the import, purchase or transport of Iranian petrochemical products

and related services Prohibition on the provision of vessels to enable the transport of Iranian crude oil

and petrochemical products Ban on trade in gold and precious metals with the Iranian government, its public

bodies and the Central Bank of Iran Change of thresholds for authorizing financial transfers to and from Iran (increase

by factor 10)

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Insurance under Council Regulation (EU) No. 267/2012 General restrictions on insurance and re-insurance (Art. 35): Prohibition of insurance or re-insurance, or to broker the provision of insurance or

reinsurance This does not apply to the provision or brokering based in the EU to individuals

acting in their private capacity except for persons listed in the Annexes Detailed restrictions on insurance and re-insurance with respect to certain

business areas, transactions and customers: export credit insurance for sale, supply, transfer or export of goods or technology

especially dual-use items insurance for sale, supply, transfer or export of key equipment and technology for

the petrochemical industry (currently suspended) and nuclear developments insurance for sale, supply, transfer or export of with regard to military goods others, e.g. insurance for import, purchase or transport of crude oil and petroleum

products of Iranian origin (currently suspended)



Restrictions on financing of certain enterprises Prohibition of the granting of any financial loan or credit, acquisition or

extension of a participation, creation of joint ventures with any Iranian person, entity or body mentioned in one of the Annexes

Freezing of funds and economic resources All funds and economic resources belonging to, owned, held or controlled by

the persons, entities and bodies listed in the Annexes of the regulation are frozen

Restrictions on transfers of funds and on financial services Procedures for Financial transfers if above EUR 10,000 or equivalent → notification by the competent authority if above EUR 400,000 or equivalent → authorization by the competent authority

(currently increased from EUR 40,000)



Addressee of this regulation Iran Iranians Iranian entities as far as listed in any Annex Iranian bodies [European] Enterprises who would like to trade in-/directly with the above mentioned


IV. Practical consequences

Implementation of sanctions compliance program Step 1: Due diligence to determine the status quo, and initial risk assessment of

existing business with states/persons affected by sanctions. Step 2: Incorporation of the ″sanctions″ issue into internal policies such as the

Code of Conduct; where appropriate and relevant, creation of an internal ″foreign trade legislation″ guidelines also dealing with any other authorizations and certificates in connection with cross-border transactions.

Step 3: Creation of internal structures for efficient handling of the issue: Assessment of risk (due diligence) If required implementation of automatic processes Process of (pre-)approval by the responsible bodies (sanctions officer,

compliance group) Escalation to other practices (management/board)


Part 2 Global Health Insurance Policies – International Legal Considerations

Tillbaka till start

I. Commercial background Numerous insurance companies in Europe offer insurance policies that provide global health insurance coverage

Typical uses for global health insurance policies Short-term and long-term travel insurance Exchange student / au pair / study abroad insurance Expat insurance Group insurance for employees sent to locations abroad

67 International Compliance – A Local Challenge 29/1/2014 Tillbaka till start

II. Typical structure of sales process and policy underwriters

Insurance is usually sold to domestic residents prior to their move to a foreign country, but could also be sold thereafter

Insurance is typically prepaid for a fixed term or debited on a regular basis from a domestic bank account or otherwise paid by bank transfer to a (domestic) bank account

Insurance is underwritten by insurer licensed in an EU member state or elsewhere in the European Economic Area

Underwriting insurer is usually not licensed to conduct insurance business outside European Economic Area Representative offices to facilitate claims process may exist in selected countries,

particularly in the United States


III. Primary issues Issues related to insurance company Offering worldwide insurance coverage may violate insurance regulatory law of

affected countries Various countries impose criminal sanctions for insurance company employees

engaging in unauthorized insurance business Conflicts of law rules of affected country may provide for jurisdiction in foreign

country and application of substantive foreign law (e.g. contract law or consumer protection laws)

Issues related to insured person The affected country may have mandatory local insurance requirements that the

worldwide insurance policy may not satisfy Purchasing insurance from a foreign insurance company may also be a

punishable violation for the customer in the affected country

Taxes and Charges


IV. Violation of local law by insurance company

Merely selling a worldwide health insurance policy to a domestic resident who then moves abroad is usually regarded as permissible by foreign regulators

Typical problems: Correspondence with customer, collection of premiums, local representatives,

etc. Amendment of existing policy (minor amendment vs. complete novation,

compulsory amendments) New policy with customer already located abroad: Is sale only restricted to residents in affected country or to anybody? What are the

local requirements regarding residency? Does it make a difference if the potential customer proactively contacts the insurance

company? What measures need to be taken to ensure that policies are not bought online by

residents of affected country?


V. Violation of local law by insured person

Certain countries have mandatory local insurance requirements for residents or even temporary visitors Three models have appeared: insurance policy must meet certain minimum coverage levels, or insurance policy must be recognized by local authorities, or insurance policy must be underwritten by locally authorized insurer.

Violation of insurance requirement may trigger adverse consequences or could be grounds for removal

Certain countries have made it a (criminal) offence for consumers to buy insurance from non-locally authorized companies


VI. Conflicts of law issues

Conflicts of law issues tend to be less important than regulatory issues: German law and German courts provide good and efficient protection for

customers compared to other legal systems

However, there is the danger that customers could initiate legal action in foreign courts, and foreign courts could apply foreign law to insurance policies.


VII. Selected Examples: Turkey

Turkish insurance law requires that insurable interests of residents must be insured by insurance company operating in Turkey

Non-residents can buy foreign insurance which is governed by foreign law Consequences: Persons who conduct insurance business in Turkey without license can be

sentenced with up to five years of imprisonment Residents who purchase insurance coverage from a foreign insurance company

can be punished with a judicial fine (no defined amount) “Resident” is not defined under Turkish law and authorities have so far not

expressed any opinion on the definition of the term (breach of OECD Code?)


VIII. Selected Examples: United Arab Emirates (UAE)

Correspondence with customers via a UAE address may amount to conducting foreign insurance business; German address should be maintained

Prohibition on correspondence and transactions with medical service providers: only UAE-licensed insurance companies and UAE-licensed medical insurance

claims management companies are permitted to directly correspond or transact with local medical service providers

UAE medical insurance claims management companies may not act for non-UAE licensed insurance companies

as a result, foreign insurer cannot directly interact with or pay UAE hospitals and physicians


IX. Selected Examples: USA (1/2)

New Regulatory Framework under Patient Protection and Affordable Care Act ("Obamacare") From January 1, 2014 on, US citizens and foreign citizens in the US who are

considered resident aliens for tax purposes must generally have health insurance coverage, otherwise tax authorities can collect penalty payment

Insurance policies must satisfy Minimum Essential Coverage requirement Under new rules in effect since August 26, 2013, foreign insurance only

qualifies as "Minimum Essential Coverage" if insurance policy is specifically recognized by U.S. Department of Health and Human Services ("HHS").

However, according to guidance published by HHS on October 31, 2013, foreign regulated group insurance plans are generally deamed to satisfy the Minimum Essential Coverage requirement.


IX. Selected Examples: USA (2/2)

For individual health insurance policies the following requirements must be met: Plans must meet "Substantially All" requirements that are set forth in

guidance, but many of these requirements are not and cannot reasonably be satisfied by insurer that is not operating under US regulatory regime Prohibition on pre-existing condition exclusions Prohibition on, and limits regarding, risk adjusted premiums Full mental health and drug abuse treatment must be provided Many accounting requirements or issues of plan administration are specifically

tailored to US insurance plans Discussions with HHS indicated that many issues with regard to foreign

insurance products had not even been considered by US regulators Still unclear how flexible HHS will apply the "Substantially All"-Test to foreign

insurance products and which documentation it will require. Direct negotiations will be necessary with HHS in interim period until a clear policy has developed 76 International Compliance – A Local Challenge 29/1/2014 Tillbaka till start

X. Selected Examples: Europe

Problem: Conversion of group insurance policy into individual policy after move Insurance licence granted by home regulator applies in the entire European

Economic Area (EEA) (single-licence-principle), but insurance company must report to regulator if it intends to provide services in other EEA

Insurance policy concluded in one EEA state continues to apply if policy holder moves to another EEA state

Person covered under group health insurance policy has a right to have policy converted into individual policy if policy is terminated by policy holder

What if insured person demands policy conversion into individual policy after moving to another country? Will insurance company be conducting services in another EEA country? Will foreign law apply to insurance policy under Rome I Regulation (conflict of law)? Arguments: Just a conversion; policy will continue with old terms, no new conclusion of a

contract Insurance company does not intend to provide services in another EEA state, but

is forced to do so


XI. Approach of legal review

Risk based approach vs. full compliance review Minimizing legal risks by conducting review in key jurisdictions and adapting

sales, handling of customer relations and claims process. Selection of key jurisdictions ("heat map"): where are significant numbers of insured persons? which jurisdictions are of a particular importance from a business, company or

group perspective? which jurisdictions are likely to have specific regulations? which jurisdictions might be particularly eager in taking enforcement actions?

Development of question catalogue Local surveys, if necessary with assistance of local counsel, in key

jurisdictions


Back-up

Tillbaka till start

The Iran Sanction Regime of the European Union

Export and import restrictions regarding goods or technology especially dual-use items goods and technologies associated with nuclear developments goods and technologies included in the Common Military List of the EU key equipment or technologies especially for the following key sectors: exploration/production of crude oil and natural gas refining liquefaction of natural gas

key equipment and technology for the petrochemical industry crude oil or petroleum products located or originated in Iran newly printed or unissued Iranian denominated banknotes and minted coinage regulation of required authorizations by the individual member states


Curriculum Vitae

Tillbaka till start

Andreas Löhdefink Practice Andreas Löhdefink is a partner in the Mergers & Acquisitions Group in the Frankfurt office of

Shearman & Sterling. He advises domestic and international clients on M&A, private equity, public takeovers, corporate law, in particular the law of stock corporations and reorganization law, including spin-offs and conversions of companies, insurance and reinsurance (including supervisory law), capital markets and financial supervisory law matters. He also represents clients in corporate, M&A-related and commercial matters before arbitration tribunals and German courts.

Mr. Löhdefink was admitted as a lawyer in Germany in 2003 and in 2010 as a solicitor of the Senior Courts of England and Wales. In 2005, he received the title Ph.D. (Dr. iur.) from the University of Düsseldorf. He joined Shearman & Sterling in 2010. Prior to joining Shearman & Sterling, Mr. Löhdefink practised corporate law and M&A in the Düsseldorf, Frankfurt and London offices of a leading German law firm. He was named as one of the leading lawyers in Germany (for Insurance & Reinsurance and nomination for M&A) by Who's Who Legal.

Recent Experience Nokia on its acquisition of Siemens' 50% stake in their joint venture, Nokia Siemens Networks ERGO and DKV Deutsche Krankenversicherung on German, European and international insurance

regulatory and contract law issues International Chemical Investor Group on the acquisition of Clariants international detergents &

Intermediates business, the acquisition of the fine chemicals intermediates and specialty chemicals manufacturer Allessa GmbH, the acquisition of pharmaceutical ingredients activities of Tessenderlo, the acquisition of a pharmaceutical plant from Roche, the acquisition of the pharmaceutical intermediates business from Genzyme Corporation, the sale of a production facility for viscose filament yarn to India and in connection with a cross-border plant construction project

Allianz on the envisaged acquisition of a risk carrier and service companies in the health insurance sector

Munich Re on insurance supervisory and insolvency law issues

Andreas Löhdefink Frankfurt T +49.69.9711.1622 F +49.69. 9711.1100 [email protected] Education University of Freiburg University of Geneva University of Düsseldorf, Dr. iur.

Bar Admission Germany England and Wales

Languages German, English, French


Andreas Löhdefink

Recent Experience (continued) BE Aerospace on the acquisition of Interturbine Sany Heavy Industry on the acquisition of Putzmeister Qatar Holding LLC on on its investments in Volkswagen AG, Porsche Automobil Holding SE and

Hochtief AG Warburg Pincus on the acquisition of a minority stake in United Internet AG General Electric on an M&A project Silverfleet and Orizon on the corporate restructuring of the Orizon / jobs in time group Barclays Capital in connection with its fairness opinion in the public takeover of EnBW Barclays Capital as investment bank in connection with a contemplated public takeover Conergy on corporate law and corporate governance issues Sasol on German corporate law and financing issues in connection with a joint venture Arnhold and S. Bleichroeder and First Eagle Investment Management on securities trading law and

discloure issues Swiss Life on the public takeover of AWD Talanx on the acquisition of minority stakes in, and a strategic partnership with, Swiss Life, and

acquisition of a minority stake in MLP Talanx and Gerling on the sale of its Lloyd’s activities Swiss Life on the acquisition of a qualified minority stake in MLP Swiss Life on the structuring of its German business with respect to corporate and supervisory law Talanx on the acquisition of the primary insurance activities of Gerling Protektor on the acquisition of the life insurance business of Mannheimer and the establishment of the

German life insurance rescue fund International Compliance – A Local Challenge 83 29/1/2014

Tillbaka till start

Andreas Löhdefink

Recent Experience (continued) Inmet Mining Corporation on an unsolicited offer to purchase all of the outstanding common shares

of Petaquilla Minerals Ltd. Silverfleet and Orizon on corporate law issues Grass Valley on its German operations Biocartis NV regarding the worldwide sale and distribution of Molecular Diagnostics Platforms Deutsche Telekom on its merger with T-Online Implementation of leveraged employee stock programs, featuring third-party financing and

employee investment guarantees International employee stock and option plans Top five private equity firm on the attempted acquisition of a German blue chip British private equity firm on the public takeover of a German provider of precision optics and

optomechanics Various private equity firms and sovereign wealth funds on the (envisaged or completed) acquisition

of stakes in, or public takeover of, publicly listed German corporates, and the financing of such acquisitions. Clients include Warburg Pincus, Advent, Allianz Capital Partners, Apollo, Bain Capital, Candover, EQT, Goldman Sachs, KKR, Qatar Investment Authority/Qatar Holding LLC

German-based international software company on the public takeover of another German-based software company

Leading global supplier of technology and services on the public takeover of a solar energy company

German-based leading international market research group on an attempted "merger of equals" with a UK based international market research group

Car component supplier on a debt and equity restructuring International Compliance – A Local Challenge 84 29/1/2014 Tillbaka till start

Andreas Löhdefink

Recent Experience (continued) Large German publicly listed utility company in the context of the establishment of a utility

investment fund by a German bank and on the sale of participations in utilities to the fund German publicly owned bank on the establishment of a “Bad Bank” International investment bank on a cash-settled total return swap for a qualified minority stake in

a German DAX-30 company in connection with a public takeover Administrator of German entity of an insolvent international banking group with regard to financial

reporting and disclosure obligations and the delisting of securities in various European jurisdictions

International banking group on the acquisition of a German depositary bank Large German publicly listed utility company in connection with litigation regarding a minority

participation in a local utility supplier

Professional Affiliations Gesellschaftsrechtliche Vereinigung (VGR) Deutsch-Amerikanische Juristen-Vereinigung e.V. (DAJV) Deutsch-Britische Juristenvereinigung e.V. American Chamber of Commerce in Germany e.V.


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Presentationsmaterial från complianceseminariuimSummeringBildnummer 3Bildnummer 4Vad är skillnaden mellan �General compliance och Business compliance?Varför blir Business compliance den �”Nya Gränsen” för Corporate Travel insurance ?Nya gränsen I Nya gränsen II Nya gränsen IILåt oss diskutera med Marknaden idagCompliance�i praktiken i SEB LivAgendaBildnummer 13Bildnummer 14Förhållandet till andra funktioner�AnsvarsområdenBildnummer 17Praktiken - första tidenPraktiken – fortsättningen och nulägetSEB-koncernen och “Business Compliance”Reflektioner�AxcoABOUT AXCO THE AXCO BUSINESS MODELBildnummer 25INTERNATIONAL INSURANCE REQUIREMENTSCOMPLIANCE ABROAD CHECKLISTMarket EnvironmentMarket EnvironmentBildnummer 30Bildnummer 31What is Non Admitted?Bildnummer 33Bildnummer 34Bildnummer 35Bildnummer 36Bildnummer 37Bildnummer 38Bildnummer 39Bildnummer 40Bildnummer 41How can Axco help?Axco ProductsNon-Life INSURANCE MARKET REPORTS (IMR)Insight ComplianceAxco Compliance PointBildnummer 47Bildnummer 48International Compliance�A Local ChallengeContentPart 1How are you dealing with these guys?From the pressI. Definitions (1/2)I. Definitions (2/2)II. Overview of worldwide embargoes and sanctions (1/4)II. Overview of worldwide embargoes and sanctions (2/4) II. Overview of worldwide embargoes and sanctions (3/4) II. Overview of worldwide embargoes and sanctions (4/4) III. Example: The Iran sanction regime of the European Union (1/5)III. Example: The Iran sanction regime of the European Union (2/5)III. Example: The Iran sanction regime of the European Union (3/5)III. Example: The Iran sanction regime of the European Union (4/5)III. Example: The Iran sanction regime of the European Union (5/5)IV. Practical consequencesPart 2I. Commercial backgroundII. Typical structure of sales process and policy underwritersIII. Primary issuesIV. Violation of local law by insurance companyV. Violation of local law by insured personVI. Conflicts of law issuesVII. Selected Examples: TurkeyVIII. Selected Examples: United Arab Emirates (UAE)IX. Selected Examples: USA (1/2)IX. Selected Examples: USA (2/2)X. Selected Examples: EuropeXI. Approach of legal reviewBack-upThe Iran Sanction Regime of the European UnionCurriculum VitaeAndreas LöhdefinkAndreas LöhdefinkAndreas LöhdefinkAndreas LöhdefinkBildnummer 86

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