On Thursday, March 18, 2010, the President signed into law the Hiring Incentives to Restore Employment Act (the “HIRE Act”), which, among other things, changes the rules for issuers of certain Qualified Tax Credit Bonds (QTCBs) described in Section 54A of the Internal Revenue Code (Code).
Read More Client Advisory – President Signs HIRE Act – Allows Direct Subsidies for Issuers of Certain Qualified Tax Credit Bonds
Troutman Pepper Locke
Wachovia To Pay $160 Million To Settle Mexican Money-Laundering Controls Charges
By Troutman Pepper Locke on
Posted in Industry Developments, Latin American Developments
Wachovia, now a subsidiary of Wells Fargo & Co., has agreed to pay federal authorities $160 million to resolve allegation that the bank failed to maintain proper anti-money-laundering controls, thereby allowing billions of dollars of drug proceeds to pass through the bank between 2003 and 2008.
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Read More Wachovia To Pay $160 Million To Settle Mexican Money-Laundering Controls Charges
UK: Third Party (Rights Against Insurers) Bill
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants. …
Read More UK: Third Party (Rights Against Insurers) Bill
Newsflash from the World Insurance Forum
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
In his remarks Monday, March 15, 2010, at the World Insurance Forum in Bermuda, Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority (BMA), announced that, during a break at the Forum, CEO Cox and Dr. Monica Mächler, Vice Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), executed a Memorandum of Understanding (MoU) between the BMA and FINMA.
UK: Minster Scheme of Arrangement Sanctioned by High Court
By Troutman Pepper Locke on
The Insurance Insider yesterday reported that the High Court had sanctioned Minster Insurance’s solvent scheme of arrangement, after the creditors approved the scheme at a meeting held on 18 January 2010. …
Read More UK: Minster Scheme of Arrangement Sanctioned by High Court
California Fingerprint Requirement Updated as of March 1, 2010
By Troutman Pepper Locke on
Posted in Regulatory, United States
The California Department of Insurance no longer requires fingerprints from non-resident individuals that have been fingerprinted in their resident state in connection with applying for an insurance producer license. The change was effective March 1, 2010.
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Read More California Fingerprint Requirement Updated as of March 1, 2010
RESCHEDULED: Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting Now on April 1
By Troutman Pepper Locke on
Join the U.S. Reinsurance Under 40s Group on April 1 for “Preserving Liquid Assets” Lecture and Wine Tasting at the offices of Edwards Angell Palmer & Dodge in New York. The event will include an engaging lecture by Katja Zigerlig, AVP, Fine Art, Wine & Jewelry Insurance of Chartis Private Client Group, and a tasting of Spanish red wines. …
Read More RESCHEDULED: Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting Now on April 1
Labor & Employment – Winter 2010 Bulletin
By Troutman Pepper Locke on
Posted in Industry Developments
Edwards Angell Palmer & Dodge is pleased to provide the following Winter 2010 – Labor & Employment Bulletin. …
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UK: Joint Discussion Paper on Consumer Complaints Published
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Financial Services Authority (FSA), the Financial Ombudsman Service (FOS) and the Office of Fair Trading (OFT) have jointly published a discussion paper entitled “Consumer complaints (emerging risks and mass claims) (DP10/1)”. …
Read More UK: Joint Discussion Paper on Consumer Complaints Published
UK: FSA Update on PPI Reforms
By Troutman Pepper Locke on
On 9 March 2010, the Financial Services Authority (FSA) published feedback on its consultation assessing the Payment Protection Insurance (PPI) market (the First PPI Consultation).