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This updates our December 22, 2008 blog, and other related postings.  In December 2008, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 151A (the “Rule”) classifying equity-indexed annuities (“EIAs”) as securities, and subjecting them to federal regulation effective 2011.  The Rule has been hotly debated, as some believe that EIAs are adequately regulated by states and that federal regulation would only result in additional costs in registering and selling the products. …
Read More Financial Reform Package Preserves the Role of State Insurance Departments in Regulating Indexed Annuities

On 25 June 2010, the Securities and Futures Commission of Hong Kong (the SFC) published the new SFC handbook (the Handbook), which came into immediate effect. The Handbook was one of the introductions suggested in the Consultation Conclusions on Proposals to Enhance Protection for the Investing Public, published on 28 May 2010. The Handbook includes revised product codes for unit trusts and mutual funds and for investment-linked assurance schemes in addition to a new product code for unlisted structured investment products. …
Read More Hong Kong: Securities and Futures Commission Publishes New Handbook

In addition to the panel on class actions (which we blogged about here), we attended an interesting panel this morning about a less publicized outgrowth from the Madoff litigation — insurance coverage litigation.
Read More Live Blog from the Insurance and Financial Services Litigation Conference: Madoff Fallout Extends to Insurance Coverage

Several InsureReinsure.com bloggers are attending the ALI-ABA Conference on Insurance and Financial Services Litigation in Chicago.   Earlier today, one of the panels addressed recent developments in the area of class action certification, particularly in life insurance and annuities litigation. …
Read More Live Blog — ALI-ABA Conference: Class Action Developments

On 8 July, the Financial Services Authority (FSA) banned Timothy Higgins, Clifford Felstead and Ralph Brunswick (who were found guilty in June 2008 of conspiring to defraud Markel, QBE and Amalfi Underwriting) from working in regulated financial services. The FSA delivered the prohibition because the behaviour of the individuals posed a severe risk to confidence in the financial markets and to assist in reducing financial crime. …
Read More UK: Financial Services Authority Bans Three Individuals who Defrauded Insurers Through Coverholder Arrangements

On 14 July 2010, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published its draft advice on equivalence assessments to be undertaken in relation to three areas of the Solvency II directive, being reinsurance, group supervision and group solvency. CEIOPS proposes that in its first wave of assessments, Bermuda and Switzerland should be considered for equivalence in all of these areas and Japan in respect of reinsurance only. …
Read More Solvency II – Bermuda and Switzerland in Line for First Equivalency Assessments

The National Flood Insurance Program (“NFIP”) expired on May 31, 2010 and, for the third time this year, the NFIP lapsed for a month.  On July 1, 2010 the NFIP was reauthorized retroactive to June 1, 2010 and this reauthorization will expire on September 30, 2010. …
Read More National Flood Insurance Program Reinstated by Temporary Extension

Citing a number of industry executives, Bloomberg recently reported that the Deepwater Horizon rig explosion – causing the largest oil spill in U.S. history – has prompted a reduction in the placement of insurance coverage for deepwater oil exploration.  According to the Bloomberg article, corporations may now need “to self-insure or exit deepwater fields.” …
Read More Update: Bloomberg Reports Sharp Decline in Offshore Oil Rig Drilling Insurance As Underwriters Tack Away From BP Disaster-Type Risk

In late June, two Members of Congress requested that the Centers for Medicare and Medicaid Services (CMS) expedite the implementation of a Medicare home care demonstration project.  In other CMS news, the agency issued a proposed outpatient hospital rule in early July, and during Congress’ July 4th recess, President Obama made the decision to officially appoint his CMS Administrator. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – July 12, 2010