On April 8, the New York Insurance Department (the “NYID”) introduced proposed Regulation 189, which would require authorized property/casualty insurers to establish reserve funds for payment of losses that occur in New York arising out of natural catastrophes.
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Troutman Pepper Locke
Proposed Legislation Updates Several Aspects of Missouri Insurance Law
By Troutman Pepper Locke on
Posted in Regulatory, United States
Earlier this year, Missouri State Representative Brian Yates, Chairman of the Insurance Policy Committee of the Missouri House of Representatives, introduced H.B. 777 (or the “Bill”), which proposes changes to several aspects of insurance regulation in the State of Missouri. …
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HK: Civil Justice Reform in Hong Kong
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
Litigators in Hong Kong are getting to grips with the shake up of its High Court Rules as a result of the recent Civil Justice Reform initiative (“CJR”). The changes came into force in Hong Kong on 2 April 2009. …
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China: Insurance Regulatory Update
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The China Insurance Regulatory Commission (CIRC) has recently issued a Circular aimed at expanding the scope of domestic insurers’ bond investments and enhancing their internal risk management mechanisms (the “Circular”).
Government to Cut Payments to Medicare Advantage Insurers
By Troutman Pepper Locke on
Posted in Healthcare, United States
The federal government continues to make changes to the Medicare Advantage program, which allows private insurance companies to provide more than 10 million seniors with healthcare coverage.
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Read More Government to Cut Payments to Medicare Advantage Insurers
UK: Clarifying ‘Inherent Vice’
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
The claimant insured held an ‘all risks’ policy with the defendant insurer. The insured claimed for a loss which it incurred when three legs from one of its oil rigs fell off as the rig was being towed from Texas to Malaysia.
National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation
By Troutman Pepper Locke on
As we previously reported here, the National Conference of Insurance Legislators (“NCOIL”) has debated whether credit default swaps (“CDS”) constitute securities or insurance, and the advantages and disadvantages of regulating the CDS market on a state, rather than federal, basis if such swaps constitute insurance. …
Read More National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation
VCIA Appoints Diane Leach as Interim President
By Troutman Pepper Locke on
Posted in Regulatory, United States
As an update to our previous post, the Board of Directors of the Vermont Captive Insurance Association (VCIA) announced its appointment of Diane Leach, the Association’s current Director of Education and Program Planning, as its interim president. …
Read More VCIA Appoints Diane Leach as Interim President
UK: English Commercial Court explores scope of the West Tankers decision
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
In National Navigation Co v Endesa Generacion SA [2009] EWHC 196 (Comm) a shipowner, National Navigation Co (National) made two applications to the English court in relation to a dispute with a Spanish electricity company, Endesa Generacion SA (Endesa).
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UK: FSA Writes to Compliance Officers Regarding Adequate Protection for Clients’ Assets
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 20 March 2009, the Financial Services Authority (FSA) wrote to compliance officers of all the firms which hold client money permissions to remind them of their responsibilities in abiding with Principle 10: “A firm must arrange adequate protection for clients’ assets when it is responsible for them”.
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Read More UK: FSA Writes to Compliance Officers Regarding Adequate Protection for Clients’ Assets