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The National Association of Insurance Commissioners (“NAIC”), at the Executive/Plenary session of its Fall National Meeting, adopted revisions to the Standard Valuation Model Law (“Valuation Model”) replacing the existing formula based approach for reserving life insurance policies with a principles based approach. 

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Read More NAIC Moves Towards Principles Based Reserving for Life Insurance

The Massachusetts Joint Committee on Financial Services recently held a hearing regarding H.B. 960 (the “Bill”), which would permit commercial fire policyholders to exclude terrorism from their coverage. …
Read More Massachusetts May Permit Exclusion Of Terrorism From Commercial Fire Policies

In Gard Marine & Energy Ltd ( A company incorporated under the laws of Bermuda) v (1) Lloyd Tunnicliffe (2) Glacier Reinsurance AG (A company incorporated under the laws of Switzerland) (3) Agnew Higgins Pickering & Co Ltd [2009] EWHC 2388 (Comm), the English Commercial Court was asked to consider whether the dispute between Gard and Glacier Re should be heard by the English courts. …
Read More UK: English Court Rules That it Has Jurisdiction to Hear Reinsurance Claim Between a Bermudian Insurer and a Swiss Reinsurer

According to the Provisional Statistics on Hong Kong Insurance Business for 2008 recently published by the Hong Kong Insurance Authority (IA), gross premiums for general insurance business increased by 11.3% to HK$27 billion and net premiums were up 12.3% to HK$19.2 billion, compared with 2007. …

Read More HK: Insurance Market Performance in 2008 and 2009 to Date

The Hong Kong Securities and Futures Commission (“SFC”) recently issued a circular clarifying that insurers, corporate insurance brokers and individual insurance intermediaries are not required or permitted to be licensed by the SFC under the provisions of the Securities and Futures Ordinance (“SFO”) (Chapter 571 of the Laws of Hong Kong) to engage in promoting, offering or selling investment linked assurance schemes (“ILAS”) to the Hong Kong public (the “Circular”). …
Read More HK: SFC Clarifies the Licensing Requirements for the Promotion, Offering or Sale of Investment Linked Assurance Schemes to the Public