Oleg Parashchak

The EU AI Act created the world’s first broad AI rulebook and ranks among the toughest technology laws adopted by the European Union. Its penalties reach €35 mn or 7% of global annual turnover, well above GDPR’s 4% ceiling. The EU AI Act is the world’s first comprehensive AI regulation and arguably one of the strictest technology laws ever adopted. The Act reaches beyond EU borders.

Marine insurers are considering a new name for notices of cancellation, the standard documents used to end or revise war-risk insurance terms. The proposal emerged after conflict in the Persian Gulf turned an industry mechanism into a political flashpoint. One option under discussion is denunciato recisiones, a Latin-style expression presented as a translation of notice of cancellation.

The U.S. International Development Finance Corporation (DFC) and the World Bank’s Multilateral Investment Guarantee Agency (MIGA) agreed to establish a political risk insurance framework supporting the U.S.-Ukraine Reconstruction Investment Fund. The agreement was signed during the Ukraine Recovery Conference in Gdansk, Poland. The framework aims to encourage private sector investment in Ukraine by providing political risk insurance for projects backed by the reconstruction fund.