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The Office of the Commissioner of Insurance in Hong Kong (the OCI) reported that the Hong Kong insurance market posted a total underwriting profit of HK$2.2 billion (US283.5 million) for 2009. This represents a 46.6% increase over 2008. Overall, the sector enjoyed growth in general insurance (gross premiums increased by 5.7% to HK$28.6 billion and net premiums by 7.1% to HK$20.5 billion compared with the previous year, although the overall business growth was offset by a fall in marine business and goods-in-transit business), and non linked individual life and annuity lines (business rose 11.3% to HK$91.2 billion in 2009). 

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Read More Hong Kong: Majority of Business Lines Show Gains in 2009

It has been reported that Karel van Hulle, head of insurance and pensions at the European Commission, confirmed that Solvency II will come into force in October 2012. Speaking at an Insurance Institute of London lecture at Lloyd’s on 17 March 2010, he denied that there were sound reasons to push back the deadline. …
Read More EU: Commissioner in Charge of Solvency II Confirms 2012 Implementation

After another week of fine tuning and vote counting, House leaders released the final text of their healthcare bill on Thursday, in addition to official cost estimates from the Congressional Budget Office (CBO).  These steps set the wheels in motion for a weekend vote on the measure, and after a frenzied race to secure the necessary 216 votes for passage, the House approved its final healthcare reform efforts in a historic Sunday night vote. …
Read More Last Week in DC: The Healthcare Reform Debate – March 22, 2010

Employers Reinsurance Company, now known as Westport Insurance Corporation (“Westport”), provided reinsurance coverage for insurance policies issued by Connecticut Specialty Insurance Company (the “Reinsurance Agreement”).  Royal Surplus Lines Insurance Company, later known as Arrowood Surplus Lines Insurance Company (“Arrowood”), entered into an agreement by which it assumed Connecticut Specialty’s liabilities under certain policies, including a general liability policy issued to Equity Residential (the “Policy”).
Read More Connecticut Federal Court Finds that Reinsurer Does Not Have to Follow Cedent’s Fortunes

The Intellectual Property Group of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled “Intellectual Property Issues for the Insurance Industry:  An International Prospective” on Tuesday, March 30, 2010 at 12:00 p.m. EST. 

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Read More Webinar – Intellectual Property Issues for the Insurance Industry: An International Perspective

On Thursday, March 18, 2010, the President signed into law the Hiring Incentives to Restore Employment Act (the “HIRE Act”), which, among other things, changes the rules for issuers of certain Qualified Tax Credit Bonds (QTCBs) described in Section 54A of the Internal Revenue Code (Code). …
Read More Client Advisory – President Signs HIRE Act – Allows Direct Subsidies for Issuers of Certain Qualified Tax Credit Bonds

As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants. …
Read More UK: Third Party (Rights Against Insurers) Bill

In his remarks Monday, March 15, 2010, at the World Insurance Forum in Bermuda, Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority (BMA), announced that, during a break at the Forum, CEO Cox and Dr. Monica Mächler, Vice Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), executed a Memorandum of Understanding (MoU) between the BMA and FINMA. 

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Read More Newsflash from the World Insurance Forum