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We have previously reported on two consultation papers issued by the European Commission on the regulation of credit rating agencies (click here for our earlier post). The consultation process culminated in the publication of draft regulations (the Regulations). On 23 April the European Commission announced that the Regulations had been approved by the European Parliament and the European Council. 

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Read More EU: European Parliament and Council Approve Regulation of Credit Rating Agencies

We recently reported that the Solvency II directive had been approved by the European Parliament (see the post here). The final stage of the European legislative process has now been completed with the European Commission adopting the directive on Tuesday 5 May. The implementation date, by which each of the EU member states must bring into force implementing regulations, is stated in the directive to be 31 October 2012. 

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Read More Solvency II Directive Adopted; UK Financial Services Authority Publishes Solvency II Feedback

As we previously reported here, the Federal Trade Commission (“FTC”) extended the compliance date for the Red Flag Rules from May 1, 2009 to August 1, 2009.  According to the FTC, the Red Flag Rules are risk-based in recognition of the burden that the Red Flag Rules could impose upon an entity that has only a small risk of identity theft.  The FTC makes clear that higher risk entities should have more elaborate identity theft programs, while low risk entities may have less complex programs. …
Read More FTC Releases Red Flag Program Template for Low Risk Entities

City lawyer, Patrick Raggett, has been allowed to proceed with his claim against the governors of a Jesuit run school he attended. He is claiming £5 million in damages (a record amount) for sexual abuse suffered in the 1970s at the hands of a now deceased priest at the school before it closed in 1978. 

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Read More UK: City Lawyer Sues Governors of Jesuit School for £5m Alleging Sexual Abuse

A Mississippi Federal Court recently refused to remand a case after concluding that the plaintiff improperly joined two insurance agents to a lawsuit to destroy diversity jurisdiction. …
Read More Mississippi Federal Court Dismisses Claims Against Insurance Agents Upon Finding They Were Brought To Destroy Diversity

Brazil: The Brazilian government is expected to soon announce the creation of a credit guarantee fund for small and medium-sized businesses in order to encourage bank lending to such entities.  The fund would be used to guarantee a percentage of bank loans made to qualifying businesses. …
Read More Latin American Update: Brazilian Government to Launch Credit Insurance; First Title Insurer Authorized in Chile; Ninth Central American and Caribbean Insurance Congress to be Held in Costa Rica; Proposed New Venezuelan Insurance Law Encounters Opposition

Edwards Angell Palmer & Dodge is delighted to announce that it will again this year host a half-day seminar which will be repeated in Bermuda, New York and Boston. …
Read More Edwards Angell Palmer & Dodge Half-day CLE Insurance & Reinsurance Seminars – June 2009

In a recent interview with Insurance Day, the president of IRB-Brasil Re, Eduardo Nakao, reportedly commented that the reinsurance market opening has had less impact than expected, with the IRB has maintaining 90% of its business since the end of the company’s previous monopoly over the Brazilian reinsurance market in April 2008. 

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Read More Brazil Update: IRB Won’t Cede Market Share Without A Fight; Local Commentator Calls for Further Easing of Occasional Reinsurer Cession Limits; Foreign Reinsurers Continue to Struggle with Unclear Taxation Laws

UK Chancellor of the Exchequer, Alistair Darling, announced in the 2009 Budget measures to address the challenge for businesses as a result of the reduction of trade credit insurance (see our previous blog on recently published guidance governing the trade credit insurance industry by clicking here). 

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Read More UK: Chancellor Announces a ‘Top-Up’ Trade Credit Scheme in April 2009 Budget