During the NAIC 2012 Fall National Meeting, a proposal to amend the NAIC’s Stop Loss Insurance Model Act to increase the minimum individual attachment point – the equivalent of a “deductible” – for stop loss insurance from $20,000 to $60,000, as well as changes to aggregate attachment points, was defeated by a 10-8 vote.
Read More NAIC Defers Action on Stop Loss Insurance Attachment Points; Some States Begin Increases
Geoffrey Etherington
Insurance of Ships Using Bunker Oil Produced From Iranian Crude May Not Violate Sanctions
Posted in European Union, Regulatory
On January 29, 2013, the International Group of P&I Clubs (IGP&IC) released Frequently Asked Questions relating to Council Regulation (EU) No. 1263/2012. For the IGP&IC FAQs click here and for the E.U. council regulation click here. …
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BMA Announces Solvency II Will Not Apply to Captives
Joining Guernsey and the Cayman Islands, Jeremy Cox, CEO of the Bermuda Monetary Authority, announced that Bermuda will not apply Solvency II to captives. Mr. Cox’s remarks came during his presentation of the BMA’s 2013 Business Plan on January 29, 2013. Click here for the BMA’s press release. …
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Will 2013 be the year of ILS?
The New Year seems to be starting with a bang for the ILS industry. On January 23rd, KKR announced it had taken a 24.9% stake in Nephila. Earlier in the month Validus reported a $400 million capital raise to fund investments in collateralized reinsurance and ILS. In a transaction on which Edwards Wildman Palmer LLP advised Transatlantic Re, Transatlantic Re in December acquired a minority interest in Pillar Capital Management and announced a strategic partnership with Pillar, a manager of funds investing in collateralized reinsurance and ILS. …
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Derivatives Clearing Required by Dodd-Frank Will Apply to the Insurance Industry
Among the far-reaching reforms included in the Dodd-Frank Act (the “DFA”) was a comprehensive new regulatory framework for derivatives. Title VII of the DFA authorizes the Commodity Future Trading Commission (“CFTC”) and the Securities Exchange Commission (“SEC”) to require that certain “swaps” (regulated by the CFTC) and “securities-based swaps” (regulated by the SEC) be cleared through a clearing organization as to swaps or a clearing agency as to securities-based swaps. …
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FIO Seeks Comments on Modernization and Improvement of US Insurance Regulation
On October 17, 2011, the Federal Insurance Office (FIO) requested comments on its study on how to modernize and improve the system of insurance regulation in the United States. FIO is required to submit the study to Congress in January 2012. Click here for the notice published by FIO in the Federal Register. …
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FSOC Proposes Regulations and Guidance Re SIFIs
At its meeting on October 11, 2011, the Financial Stability Oversight Council (FSOC) issued a second notice of proposed rulemaking and proposed interpretive guidance as to the determination of nonbank financial companies that are systemically important financial institutions (SIFIs). …
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Senate Confirms Woodall as Voting Member of FSOC
Posted in Uncategorized
As previously reported here and here, in June President Obama appointed Roy Woodall to the Financial Stability Oversight Council (FSOC) as the voting member with insurance expertise required by Dodd-Frank. …
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House Hearing on FSOC: NAIC Testifies; U.S. Representatives Ask About FSOC Insurance Expertise
On April 14, 2011, John Huff, Director of the Missouri Department of Insurance, Financial Institutions, and Professional Registration, testified before the U.S. House of Representatives Committee on Financial Services on behalf of the National Association of Insurance Commissioners (the “NAIC”) at a hearing on “Oversight of the Financial Stability Oversight Council.” In his testimony, Director Huff was critical of the Financial Stability Oversight Council (the “FSOC”) and the U.S. Department of the Treasury (the “Treasury”). …
Read More House Hearing on FSOC: NAIC Testifies; U.S. Representatives Ask About FSOC Insurance Expertise
President Obama imposes Sanctions on Libya
In response to country-wide turmoil and civil unrest and growing reports of deadly attacks by the Libyan government upon protesters, on February 25, 2011, President Barack Obama by Executive Order imposed broad economic sanctions against Muammar Qadhafi and his sons, senior officials of the Libyan government, persons involved in human rights abuses in Libya, persons providing financial or other support to Colonel Qadhafi, his family, the Libyan government or those violating human rights, persons owned or controlled by or acting on behalf of any of such persons and the families of any of such persons (“Blocked Libyan Person(s)”). …
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