Jurisdictions

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The U.S. Supreme Court justices on Tuesday questioned whether a common law public nuisance suit against major greenhouse gas emitters was treading on territory usually, and perhaps more fittingly, handled by the U.S. Environmental Protection Agency (EPA). …
Read More U.S. Supreme Court Takes Up Climate Change Public Nuisance Suit

Recent global catastrophes are likely to erase close to 25% of first quarter profits for reinsurers with exposure to the Japan and New Zealand earthquakes as well as the Australia floods, a recent MarketWatch article reported. 
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Read More Japan Earthquake and Other Catastrophes Likely to Erase Close to 25% of Profit for Reinsurers

Indiana recently enacted HB 1486 (enacted as PL 11, 2011, the “Act”), which, effective April 6, 2011, grants the Indiana Insurance Commissioner (the “Commissioner”) discretion to reduce the amount of collateral required for domestic insurers to receive full financial statement credit for reinsurance ceded to assuming insurers that are not licensed or accredited by, or for an alien company entered through, Indiana or a state with similar standards regarding credit for reinsurance. …
Read More Indiana Joins New York, New Jersey and Florida in Relaxing Credit for Reinsurance Collateral Requirements

Last week, the National Association of Insurance Commissioners (“NAIC”) announced that it has changed the name of its New York office (the “NY Office”) from the “Securities Valuation Office” to the “Capital Markets and Investment Analysis Office.”  The name change is in connection with changes made to the responsibilities of the NY Office. …
Read More NAIC Changes Name and Scope of New York Office

FY 2012 BUDGET NEWS:

Once Congress and the White House came to an agreement on current Fiscal Year (FY) 2011 spending and averted a looming government shutdown, attention turned to the FY 2012 budget and the issue of deficit reduction. …
Read More Healthcare Update: FY 2012 Budget Details; New HHS Initiative Launches; President Signs 1099 Repeal; Providers Express Tepid Reactions to ACO Rule

New York Attorney General Eric T. Schneiderman said Monday he would sue the federal government if it didn’t immediately conduct a full environmental review of proposed hydraulic fracturing (“hydrofracking”) regulations for an area that includes the New York City watershed. …
Read More New York AG Threatens to Sue Federal Government Over Hydrofracking

Richard Bouhan, Executive Director of the National Association of Professional Surplus Lines Offices (NAPSLO), recently stated that the National Association of Insurance Commissioners (“NAIC”) is attempting to undercut the surplus lines reforms in the Nonadmitted and Reinsurance Reform Act (the “Act”), which becomes effective on July 21, 2011. …
Read More NAPSLO Questions NAIC ‘s Handling of the Nonadmitted and Reinsurance Reform Act

On April 14, 2011, John Huff, Director of the Missouri Department of Insurance, Financial Institutions, and Professional Registration, testified before the U.S. House of Representatives Committee on Financial Services on behalf of the National Association of Insurance Commissioners (the “NAIC”) at a hearing on “Oversight of the Financial Stability Oversight Council.”  In his testimony, Director Huff was critical of the Financial Stability Oversight Council (the “FSOC”) and the U.S. Department of the Treasury (the “Treasury”). …
Read More House Hearing on FSOC: NAIC Testifies; U.S. Representatives Ask About FSOC Insurance Expertise

Attorneys for Kenneth Feinberg, the administrator of BP’s $20 billion claims fund for the Deepwater Horizon disaster argued Tuesday that the Louisiana federal judge overseeing the multidistrict litigation against BP plc lacked legal authority to regulate the claims process. …
Read More BP’s Claims Administrator Argues Court Intervention Regarding $20 Billion Fund is ‘Unlawful’ and ‘Unnecessary’