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In a market bulletin published on 5 March 2009, Lloyd’s announced new arrangements for the reporting, funding and settlement of LATF liabilities (excluding long term business). The bulletin states that these changes will take effect at the end of Q1 2009.

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Read More UK: Changes Announced to Lloyd’s American Trust Fund (LATF)

The Court of Appeal has in Youell v La Reunion [2009] EWCA Civ 175 confirmed that, in light of the important West Tankers decision of the European Court of Justice, (see here) the arbitration exclusion to the Brussels I Regulation will be narrowly applied by the English courts. 

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Read More UK: Court of Appeal Clarifies Narrow West Tankers Arbitration Exclusion – Youell v La Reunion

In September 2008, the New Jersey Legislature enacted Senate Bill 1165 (the “Act”) setting forth standards and procedures with respect to the direct solicitation of consumers regarding annuity products.  The Act is designed to prevent the fraudulent and misleading marketing of annuity products by insurers, brokers and agents, and to provide standards for the disclosure of information about such products to consumers. 

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Read More New Jersey Issues Bulletin Regarding Annuity Form Filing and Suitability Requirements

The Michigan Office of Financial and Insurance Regulation (the “OFIR”) announced last week that it has begun disapproving insurance rate filings made by automobile insurance companies that use insurance credit scoring as a factor in determining premium rates. 

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Read More Michigan Regulators Disapprove Automobile Insurance Rate Filings Based on Insurance Scoring

As part of its ongoing review of insurance contract law, the Law Commission has recently published a policy statement on the passing of pre-contract information from consumer to insurer. 

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Read More UK: Law Commission Publishes Policy Statement on Status of Intermediaries in Consumer Insurance Contract Law