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Andrew R. Stolfi has been appointed as acting director of the Illinois Department of Insurance (the “Department”) by Governor Pat Quinn.  Acting Director Stolfi most recently served as chief of staff and special counsel for policy and legislative affairs at the Department since 2009. …
Read More Illinois Department of Insurance Acting Director Named

This updates our June 29, 2011 blog posting.

On November 21, 2011, New York Superintendent of Financial Services Benjamin M. Lawsky announced the issuance of regulations (the “Regulations”) for the implementation of the amendments to Article 63 of the New York Insurance Code that created a Class 3 for special risks (also referred to as the “Free Trade Zone”). …
Read More New York Department of Financial Services Issues Regulations for Large Commercial Insureds

Massachusetts Attorney General Martha Coakley has sent a letter to the Massachusetts State Rating Board requesting that a hearing be held to review the hurricane models used by insurers to set rates for homeowners’ insurance.  The Attorney General claims that some insurers are using models that are untested or discredited, which do not produce accurate estimates that are appropriate for Massachusetts and is resulting in possible overcharges. …
Read More Massachusetts Attorney General Calls For Hearing On Hurricane Models

In a statement last week, Therese Vaughn, Chief Executive Officer of the National Association of Insurance Commissioners (the NAIC”), stated that the state-based regulatory system in the United States should be deemed equivalent to the Europe Union’s Solvency II regulatory process.  According to Vaughn, while the United States will not have a single set of rules like the European Union, the state-based works and has been tested by the recent financial crisis. …
Read More National Association of Insurance Commissioners States That the United States Will Gain Solvency II Equivalence

In September, the Office of Foreign Assets Control (the “OFAC”), part of the United States Treasury Department, eased restrictions on trade with Libya through two revised general licenses that were published under the Libyan sanctions program.  A general third license was issued in November.  Together, these new licenses permit a wide range of past and new transactions in Libya, including the placement of insurance and reinsurance, which are subject to certain requirements and limitations. …
Read More OFAC Eases Restrictions on Transactions in Libya

The next U.S. Under 40s Group Event – Lloyd’s Insurance Market to the World with Hank Watkins, President of Lloyd’s America – will take place on Wednesday.  The event, which is sponsored by Towers Watson, will take place at their office in midtown New York, starting at 6:00 pm. …
Read More U.S. Under 40s Event this Wednesday – Lloyd’s Insurance Market to the World presented by Hank Watkins( President of Lloyd’s America)

On October 26, 2011, the United States Securities and Exchange Commission (“SEC”) adopted final rules implementing provisions of the Dodd-Frank Act requiring investment advisers that are registered with the SEC that advise one or more private funds and manage at least $150 million in private fund assets to file Form PF with the SEC. …
Read More SEC Issues Final Rules on Form PF Reporting Requirements of Investment Advisors

As we discussed earlier this week (here), the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”).  The Committee serves as an advisory council to the Federal Insurance Office (“FIO”) and is discussed in more detail in our blog post (here). …
Read More NCOIL Believes a State Legislator Should Be Appointed to the Federal Advisory Committee on Insurance

On November 3, 2011, Sheila Bair, former Chairwoman of the Federal Deposit Insurance Corporation (“FDIC”), in a speech to attendees of the national fall meeting of the National Association of Insurance Commissioners, focused on systemic risk posed by credit-default swaps on the United States financial system.  Chairwoman Bair told the audience of insurance regulators and industry representatives that the credit-default market is still “highly concentrated” and “poses very serious systemic risks.” …
Read More Former FDIC Chairwoman States that Credit-Default Swaps Should be Regulated Like Insurance