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In March 2011, the European Court of Justice ruled that, with effect from 21 December 2012, the use of gender as a risk factor by insurers should not result in individual differences in premiums and benefits for men and women (see our previous blog post here). The Government has expressed its disappointment with the judgment, believing that financial services providers should be allowed to make sensible decisions based on sound analysis of relevant risk factors, but is nevertheless required to implement the ECJ’s judgment. …
Read More UK: Consultation on Use of Gender as a Risk Factor

In a statement last week, Therese Vaughn, Chief Executive Officer of the National Association of Insurance Commissioners (the NAIC”), stated that the state-based regulatory system in the United States should be deemed equivalent to the Europe Union’s Solvency II regulatory process.  According to Vaughn, while the United States will not have a single set of rules like the European Union, the state-based works and has been tested by the recent financial crisis. …
Read More National Association of Insurance Commissioners States That the United States Will Gain Solvency II Equivalence

On 26 October 2011, the European Insurance and Occupational Pensions Authority (EIOPA) submitted its final advice to the European Commisson (EC) on its assessment of the Solvency II equivalence of the supervisory systems of Bermuda, Japan and Switzerland. …
Read More UK: EIOPA Submits Solvency II Equivalency Assessments on Bermuda, Japan and Switzerland

This case (Case C-442/10, Churchill Insurance Company Limited v Benjamin and Tracy Evans v Equity Claims Limited) which arose out of two references to the European Court of Justice (ECJ) made in separate cases before the English courts, concerned an issue unique to the system of vehicle insurance in the UK. In the UK, motor insurance policies are personal policies, such that only the person insured, or drivers nominated by the insured, are covered for damage caused while driving the vehicle. …
Read More EU: Advocate General Gives Opinion in Relation to the Insurance of Injuries Caused by Unauthorised Drivers

The law firms of Edwards Angell Palmer & Dodge LLP and Wildman, Harrold, Allen & Dixon LLP today announced that they will merge on October 1, 2011 (you can read the press release here).   The new firm, with 13 offices and 650 lawyers, will be known as Edwards Wildman Palmer LLP. …
Read More Edwards Angell Palmer & Dodge and Wildman, Harrold, Allen & Dixon LLP Announce Merger

The Competition Directorate General of the European Commission (the ‘Commission’) has issued a tender for a third party contractor to undertake a wide-ranging study into co-reinsurance pools and ad hoc co-reinsurance agreements on the subscriptions market within the EU. …
Read More EU: European Commission to Monitor Co-Reinsurance Practices

On Wednesday, June 22, 2011, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Financial Market Supervisory Authority (“FINMA”), Switzerland’s financial regulator. …
Read More New York State Insurance Department Announces Cooperation Agreement with Switzerland

In Römer v Freie und Hansestadt Hamburg (Romer), a reference was made to the European Court of Justice (the ECJ) for a preliminary ruling concerning the interpretation of Council Directive 2000/78/EC (concerning a general framework for equal treatment in employment and occupation) (the Directive) and of European legislation relating to discrimination on the grounds of sexual orientation in employment and occupation. …
Read More EU: European Court of Justice Rules That Same-Sex Couples Should Enjoy Equal Pension Rights

The ash cloud from Iceland’s Eyjafjallajokull volcano that shut down much of Europe’s air space in April 2010 has been held to be an example of “extraordinary circumstances” under Art 5(3) of EC Regulation 261/2004 (the Regulation), exempting airlines from paying compensation for the cancellation of flights. …
Read More UK/EU: Ash Cloud Constitutes “Extraordinary Circumstances” for Airlines Under EC Regulation 261