FSA: Appointed Representatives (ARs) review
A review by the FSA, published on 3 December 2007, has found that firms are not doing enough to ensure that their ARs are treating customers fairly in the sale of general insurance.
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Jurisdiction: Bermuda
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Read MoreBermuda Dissolves Parliament, Will Hold General Election In December
Bermuda Premier Ewart Brown of the Progressive Labour Party (“PLP”) has announced, through a video posted on YouTube, that Bermuda will hold its first general election since 2003.
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U.S. Insurers Urge Congress to Modify Provisions of Current Tax Law Related to Foreign Insurers
On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda.
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No Right To New York Review Of Arbitration Decision Under Bermuda Form Arbitration Clause
A recent ruling from the English Commercial Court illuminates one risk with the use of the Bermuda form arbitration clause: if the losing party is dissatisfied with the arbitration result, it may not be permitted to challenge the result under New York law in a New York court, but may instead be limited to challenging the arbitration award under English law in English court.
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NAIC Plans to Address Collateral Issue by Modernizing Reinsurance Regulation
Earlier this week, the Reinsurance Task Force (“RTF”) met at the NAIC’s quarterly conference in San Francisco to discuss ways to overhaul reinsurance regulation in the United States thereby reducing collateral charges for nonadmitted reinsurers.
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