On April 26, 2010, the New York Insurance Department (the “NYID”) proposed a circular letter to provide additional guidance to insurers on the impact of the federal Mental Health Parity and Addiction Equity Act of 2008 (the “Act”). This proposed circular letter is a supplement to Circular Letter No. 20 (2009), and addresses interim final rules issued subsequent to Circular Letter No. 20 (2009) by the United States Department of the Treasury, Department of Labor and Department of Health and Human Services.
Jurisdictions
FINRA Issues Due Diligence Reminder
By Troutman Pepper Locke on
On April 20, 2010, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 10-22 reminding broker-dealers of their obligation to conduct reasonable due diligence investigations of issuers in PIPEs and other private placements. …
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Last Call: Join More than 40 Reinsurance Professionals at ReMedi’s Mediation Conference in NYC on May 12
More than 40 mediators, attorneys and company representatives have registered for Re/Insurance Mediation Institute’s (ReMedi) Inaugural Mediation Conference. You can earn 4.5 hours of CLE for $100 if you join them for ReMedi’s Spring Conference, Insurance and Reinsurance Mediation in the 21st Century, on Wednesday, May 12 at Edwards Angell Palmer & Dodge’s New York office.
HK: Insurance Industry Update
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
PICC Property and Casualty Company (PICC), China’s largest non-life insurer, reported an increase in profits to 1.78 billion yuan (US$260.8 million) as a result of a surge in China’s stock market lifting the value of their investments and growth in insurance premiums received. PICC is exploring a number of ways to improve its solvency ratio, which currently sits at 111% having dropped 34% last year. …
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UK FSA Consults on New Powers Under the Financial Services Act 2010
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
We reported recently on the passing of the Financial Services Act 2010 (you can see our post by clicking here) which granted the Financial Services Authority (FSA) new powers in a number of areas including reporting and control of short selling.
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Read More UK FSA Consults on New Powers Under the Financial Services Act 2010
Supreme Court Upholds Gartenberg Test for Mutual Funds’ Compensation of Investment Advisers
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The Supreme Court recently issued an important decision regarding the test for determining whether an investment adviser has violated its “fiduciary duty” to a mutual fund by charging excessive fees under §36(b) of the Investment Company Act of 1940.
Florida Amends Rating and Approval Process to Exclude Certain Commercial Lines
By Troutman Pepper Locke on
On Friday, April 30, 2010, the Florida Legislature approved S.B. 2176, which excludes certain lines of insurance from the rate filing and approval requirements in Fla. Stat. § 627.062(2)(a) and (f).
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Read More Florida Amends Rating and Approval Process to Exclude Certain Commercial Lines
Homeowners’ Defense Act Approved by House Committee
By Troutman Pepper Locke on
On April 27, 2010, the Homeowners’ Defense Act of 2009, H.R. 2555 (the “Act”) was passed by the House of Representatives’ Financial Services Committee by a vote of 39-26, and will head to the House floor for a full vote, although no date has yet been set.
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Read More Homeowners’ Defense Act Approved by House Committee
Healthcare News From Capitol Hill and the Department of Health and Human Services – May 3, 2010
By Troutman Pepper Locke on
The past two weeks brought several notable healthcare developments, as the Department of Health and Human Services (HHS) continued preparations for implementation of the new healthcare reform law – Public Law (PL) 111-148. …
Read More Healthcare News From Capitol Hill and the Department of Health and Human Services – May 3, 2010
Webinar: Emerging Trends in Asbestos Litigation: US/UK/European Issues and Perspectives
The Insurance and Reinsurance Department of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled “Emerging Trends in Asbestos Litigation: US/UK/European Issues and Perspectives” on Tuesday, May 25, 20 at 12:00 p.m. EST. …
Read More Webinar: Emerging Trends in Asbestos Litigation: US/UK/European Issues and Perspectives