Jurisdictions

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Insurance Commissioner Kevin McCarty of the Florida Office of Insurance Regulation (FOIR) has announced the appointments of Al Willis, Steve Szypula and Toma Wilkerson to new positions within the FOIR.  Willis will now be the acting Deputy Commissioner for Property & Casualty.  Previously he was the Director of Life & Health Financial Oversight.  Szypula will now be the acting Director of Property & Casualty Financial Oversight. …
Read More Florida Insurance Commissioner Announces New Staff Appointments

The U.S. Department of Health and Human Services has approved more than 1,000 one-year waivers of the Patient Protection and Affordable Care Act (PPACA) provision that restricts annual limits for essential benefits.  Through February 28, 1,040 waivers had been approved for plans that cover more than 2.6 million insureds.  Most of the affected plans are limited medical benefit (“mini-med”) plans, which are generally offered to low-wage, part-time or seasonal employees. …
Read More More Than 1,000 Waivers of PPACA Provision Granted

The U.S. Department of Health and Human Services has granted the State of Maine’s request for a waiver of the Patient Protection and Affordable Care Act (PPACA) requirement that individual health insurance plan issuers spend at least 80% of premiums on medical care or quality improvements. …
Read More Maine Obtains Waiver of Medical Loss Ratio Requirement; Florida Requests Waiver

Bermuda insurer Renaissance Reinsurance Ltd. has been approved to take part in Florida’s property reinsurance marketplace with modified collateral requirements. Legislation passed in 2007 authorized the state’s Office of Insurance Regulation to set reduced collateral requirements for non-United States based reinsurers that are highly rated and financially secure. Florida Insurance Commissioner Kevin McCarty has now approved a total of seven reinsurance companies to operate in Florida under modified terms. …
Read More Florida Approves Another Foreign Reinsurer for Reduced Collateral Requirements

Florida lawmakers have introduced legislation that would return state-run Citizens Property Insurance Corporation to its original mandate as an insurer of last resort.  Florida Representative Jim Boyd and Florida State Senator Alan Hays have introduced identical bills in the Florida House and Senate. …
Read More Legislation Introduced That Would Shrink Citizens Property Insurance Corporation

In Re Digital Satellites Warranty Cover Limited & ors [2011] EWHC 122 (Ch) the English Companies Court considered three “public interest” petitions brought by the UK Financial Services Authority (the FSA) for the winding-up of two companies and a partnership (the Respondents). The FSA alleged that the Respondents had carried on (either in succession or with some overlap) substantially the same business namely the selling of extended warranty cover for satellite TV equipment without the authorisation required under the Financial Services and Markets Act 2000 (the FSMA). …
Read More UK: FSA Succeeds in Winding-Up Unauthorised Companies

As anticipated in our earlier blog post, the U.S. House of Representatives has voted on a bill that would repeal the IRS Form 1099 information-reporting requirements imposed by Section 9006 of the Patient Protection and Affordable Care Act.  On March 3, 2011 the House approved H.R. 4 – Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. …
Read More U.S. House of Representatives Approves Repeal of 1099 Reporting Requirement

The Supreme Court has handed down its decision in Sienkiewicz v Greif. The UK’s highest appeal court was reviewing the application of the “Fairchild exception” to single rather than multiple exposure cases. We reported on the Court of Appeal decision here. …
Read More UK: Sienkiewicz: Another Decision About the UK’s “Special” Mesothelioma Jurisprudence

Masefield AG v Amlin Corporate Member [2011] EWCA Civ 24 concerned an appeal brought by Masefield against the High Court’s finding (previously reported in our June 2010 issue, which report also includes full facts of the case) that the capture of Masefield’s biodiesel on board the Bunga Melati Dua was not an ‘actual total loss’ under section 57 of the Marine Insurance Act 1906. …
Read More Court of Appeal: Capture of Ship and its Cargo by Somali Pirates Seeking Payment of Ransom Does Not Constitute “Actual Total Loss”