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On September 23, 2008, at the NAIC Fall meeting in National Harbor, Maryland, the Life Insurance and Annuities (A) Committee (the “Committee”) covered a number of issues with respect to viatical settlements.  Specifically, the Committee discussed whether it should revise the NAIC Viatical Settlement Model Act to incorporate provisions from the NCOIL Model Act to address, among other things, the issue of stranger initiated life insurance trusts. …
Read More NAIC Life Insurance and Annuities Committee Discussed Viatical Settlements

In Insurance Institute of Michigan, et al. v. Commissioner, No. 262385, 2008 WL 190394 (Mich. Ct. App., Aug. 21, 2008), the appellate court opinion of Presiding Judge Helen N. White vacated a lower court’s permanent injunction against regulations prohibiting the use of credit scores in home and auto insurance. …
Read More Michigan Court of Appeals Reinstates Regulations Prohibiting the Use of Credit Scoring in Home and Auto Insurance

The annual conference of the American Bankers Insurance Association was held on September 22-24 in Phoenix, and attended by EAPD attorneys Ted Augustinos, Chuck Welsh and Brian Green. Ted gave a presentation with Joan Cleveland of Prudential entitled “Using Customer Information to Drive Revenues,” and Brian co-chaired a panel discussion with Tim Tobin of Bank of America on reinsurance and risk management issues. …
Read More Report from the American Bankers Insurance Association Annual Conference

In James River Ins. Co. v. Ground Down Engineering, Inc., No. 07-13207 (11th Cir. August 20, 2008), the Eleventh Circuit Court of Appeals recently ruled that a Florida state appellate court erred by refusing to give effect to an absolute pollution exclusion in a professional liability policy. …
Read More Environmental Claims – 11th Circuit Applies Absolute Pollution Exclusion

During the National Association of Insurance Commissioners (“NAIC”) Fall Meeting in National Harbor, Maryland, the Surplus Lines Task Force (“Task Force”) chaired by Commissioner James Donelon (LA) received a report on the status of the proposed 2007 Nonadmitted and Reinsurance Reform Act (H.R. 1065/ S. 929) (the “Bill”). 

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Read More NAIC Surplus Lines Task Force Makes Progress Despite Likelihood that the Bill will not Pass this Year

EAPD lawyer Machua Millett is participating in the American Conference Institute’s ReAct Brazil International Forum on Positioning for Success in the Brazilian Reinsurance Market.  This morning’s presentations included “Entering the Brazilian Market: What You Must Consider to Launch and Maintain Successful Reinsurance Operations in Brazil” and “Regulator’s Perspective on the New Brazilian Reinsurance Law.” …
Read More Breaking News: Industry Participants and Regulators Discuss Development of the Brazilian Reinsurance Market

This blog updates our posting on December 11, 2007.  Edwards Angell Palmer & Dodge LLP attended the NAIC Reinsurance Task Force (the “Task Force”) meeting on September 22, 2008.  During the meeting, Commissioner Goldman (New Jersey) directed the Task Force to discuss the most recent draft of the Reinsurance Regulatory Modernization Proposal (the “Proposal), and accepted comments from various parties and industry groups, including the American Insurance Association, the Reinsurance Association of America, the International Underwriting Association, and New York Life Insurance Company. 

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Read More NAIC Reinsurance Task Force Adopts Modernization Proposal

Given the recent volatility in the credit and stock markets, there have been increasing calls for regulation of the $62 trillion credit default swap (“CDS”) market.  As we reported yesterday, New York State, determined to take the lead in the regulation of CDS contracts, announced that it would regulate certain CDS contracts as insurance. …
Read More S.E.C. Chairman Cox Seeks Federal Regulation of Credit Default Swaps