Jurisdictions

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As previously reported on InsureReinsure, the State of New York merged its the Insurance and Banking Departments into a new, single agency known as the Department of Financial Services (“DFS”), with new and heightened oversight responsibilities over the financial services industry as a whole.  At the helm of the DFS is the Superintendent of Financial Services, Benjamin M. Lawsky. …
Read More New York Completes Merger of its Insurance and Banking Departments

WHITE HOUSE ISSUES HEALTH REFORM PROGRESS REPORT

In a January 18, 2012 report, the White House stated that all states have “taken some action to implement health reform,” and that 28 states and the District of Columbia are “on their way toward establishing their own Affordable Insurance Exchange.” …
Read More Healthcare Update: White House Issues Health Reform Progress Report; New York Limits Provider Spending for Executive Compensation and Administrative Costs; HHS and Contractor Lag in Development of PPACA Quality Measures

The next U.S. Re Under 40s Group event will take place on January 26 at Three Sheets Saloon at 134 West 3rd Street (between 6th Avenue and MacDougal Street).   The event will start at 5:30 and there will be an open bar between 6:00 and 7:00.   Click here for more information and to RSVP. …
Read More Reminder: Join the U.S. Re Under 40s Group for a Drink on January 26 in New York

The next U.S. Re Under 40s Group event will take place on January 26 at Three Sheets Saloon at 134 West 3rd Street (between 6th Avenue and MacDougal Street).   The event will start at 5:30 and there will be an open bar between 6:00 and 7:00.   Click here for more information and to RSVP. …
Read More Join the U.S. Re Under 40s Group for a Drink on January 26 in New York

We have previously reported on the Law Commission and Scottish Law Commission’s (the Commissions) review of insurance contract law.

The Commissions have published a further Consultation Paper (the Paper) requesting responses on the following areas of reform: …
Read More UK: Law Commission Publishes Second Consultation Paper on Post Contract Duties and Other Issues

In a December 2011 letter to the Federal Insurance Office (FIO),1 the National Risk Retention Association (NRRA) advised FIO that revisions are needed to stop the states from encroaching on risk retentions groups’ (RRGs’) rights to operate nationally when licensed in a single state.2  …
Read More NRRA Appeals to FIO for Reform of Liability Risk Retention Act

The U.S. Government Accountability Office (“GAO”) has issued a report (GAO-12-16, the “Report”) regarding state implementation of the Liability Risk Retention Act of 1986 (“LRRA”).  The LRRA permits the formation of risk retention groups (“RRG”), whereby similar businesses with similar risks can self-insure their commercial liability on a group basis. …
Read More GAO Issues Report on Liability Risk Retention Act; Calls for Clarifications by Congress

In Starlight Shipping Co v Allianz Marine and Aviation Versicherungs AG & Ors [2011] EWHC 3381 the High Court ruled that the terms of a settlement embodied in a Tomlin Order  could be enforced by summary relief and that it was not necessary to issue fresh proceedings to do so. …
Read More UK: Court Rules on the Enforcement of Tomlin Orders and Jurisdictional Issues in an Insurance Context