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CIRC has recently circulated a document titled “Consultation paper on the regulation of life insurers using reinsurance to improve solvency positions”, inviting feedback on how the scheme is to be carried out and indicating that it is preparing to allow insurers to use reinsurance as a tool for capital optimisation. …
Read More China Insurance Regulatory Commission (CIRC) to Issue Rules for Using Reinsurance as Capital Optimisation Tool

China is due to face financial pressure to preserve and increase the value of its social insurance funds and ensure the sustainability of its policies to cover its aging population, which is growing steadily. In 2010, 178 million people in China were aged 60 years or older, accounting for 13.26% of the total population. The number will likely double by 2030. …
Read More China’s Pressure to Care for Its Elderly

Federal securities class action activity has been sluggish through the first half of 2013. According to a recent report by Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse (the “Report”), plaintiffs filed only 74 complaints through Q2, a 16% decline from the same 6-month period in 2012.1 …
Read More Federal Securities Class Action Filings Decline through Q2 2013

HOUSE SUBCOMMITTEE APPROVES DRAFT OF PERMANENT “DOC FIX”

On July 23, the U.S. House of Representatives’ Energy and Commerce Health Subcommittee approved draft legislation that would reform Medicare’s much-criticized physician payment system. The legislation is scheduled to be considered by the full committee on July 31. The Energy and Commerce Committee posted a video on its website titled, “Bipartisan Voices to #FixSGR.” …
Read More Healthcare Update: House Subcommittee Approves Draft of Permanent “Doc Fix”; CMS Imposes Temporary Moratoria on Home Health Agencies and Ambulance Suppliers and Providers

A Pennsylvania intermediate appellate court recently prescribed new rules relative to the defense of insureds under a reservation of rights. In Babcock & Wilcox Company, et al. v. American Nuclear Insurers, et al., 2013 PA Super. 174, 2013 PA Super. LEXIS 1630, the Superior Court of Pennsylvania held that when an insurer tenders a defense subject to a reservation, an insured now has the option of rejecting the insurer’s tender, funding its own defense, and settling the case without the insurer’s consent. …
Read More Pennsylvania Appellate Court Establishes New Approach to an Insurer’s Offer of a Defense Under a Reservation of Rights

Recently, the Massachusetts Supreme Judicial Court considered the standard for determining when a title insurer’s duty to defend is triggered. Finding that the scope of the title insurer’s duty to defend is narrow, the court concluded that a title insurer owes a duty to defend only where the title insurance policy at issue specifically envisions the type of loss alleged. …
Read More Massachusetts High Court Narrows Scope of Title Insurer’s Duty to Defend

On July 17, 2013, the Connecticut Insurance Department (the “Department”) announced that it is requiring Connecticut-based insurers writing annual premiums of more than $100 million in 2012 to complete an annual Climate Risk Survey (the “Survey”). According to the Department’s press release, 110 insurers meet the requirement criteria and must complete and submit the Survey by August 30, 2013. …
Read More Connecticut Now Requires Insurers to Report on Steps Taken to Handle Climate Change Risk

On July 17th, 2013, the Financial Condition (E) Committee (the “Committee”) of the NAIC held a conference call resulting in the adoption of the Captives & SPV White Paper (the “White Paper”) in the form of its June 6th, 2013 draft which was adopted by the Captive and Special Purpose Vehicle Use (E) Subgroup (the “Subgroup”). We had originally reported on the adoption of the White Paper by the Subgroup here. …
Read More NAIC Financial Condition (E) Committee Formally Adopts Captives & SPV White Paper

On July 18th, federal U.S. District Court Judge Alvin Hellerstein ruled against Silverstein Properties Inc. (“Silverstein”) in its quest to recover damages from American Airlines and United Airlines as a result of the terrorist attacks of September 11th, 2001. …
Read More District Court Rules Silverstein Unable to Collect From Airlines for 9/11 Attacks