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On October 17, 2011, the Federal Insurance Office (FIO) requested comments on its study on how to modernize and improve the system of insurance regulation in the United States.  FIO is required to submit the study to Congress in January 2012.  Click here for the notice published by FIO in the Federal Register. …
Read More FIO Seeks Comments on Modernization and Improvement of US Insurance Regulation

Earlier this month, the U.S. House and U.S. Senate introduced legislation that would defer tax deductions for insurers that cede large portions of their U.S. premiums to offshore affiliates. …
Read More The House and Senate Introduce Bills Deferring Tax Deductions for Foreign Reinsurers

Alan Levin (Hartford, practice co-chair), Chuck Welsh (Hartford), Patrick Gennardo (New York), Brent Austin (Chicago), and Mohana Terry (New York) are attending the American Council of Life Insurers (“ACLI”)  Annual Conference in Orlando, Florida, from October 16 through October 18. …
Read More Edwards Wildman Attorneys Attend ACLI Annual Conference

At its meeting on October 11, 2011, the Financial Stability Oversight Council (FSOC) issued a second notice of proposed rulemaking and proposed interpretive guidance as to the determination of nonbank financial companies that are systemically important financial institutions (SIFIs). …
Read More FSOC Proposes Regulations and Guidance Re SIFIs

HHS ANNOUNCES AWARDS FOR COMMUNITY HEALTH CENTERS

The Department of Health and Human Services (HHS) recently announced that 904 community health centers have been awarded $47 million in grants to enhance the coordination and quality of healthcare nationwide. …
Read More Healthcare Update: HHS Announces Community Health Center Awards; CMS Report Addresses Recovery Audit Contractors; Super Committee Hears from Healthcare Providers

In National Union Fire Insurance Co. v. Source One Staffing, LLC, the Supreme Court of New York County was asked to consider the interrelationship of three statutes: the McCarran-Ferguson Act (15 U.S.C. § 1101 et seq.), the Federal Arbitration Act (“FAA”) (9 U.S.C. § 1 et seq.), and the California Insurance Code (Cal. Ins. Code § 11658). …
Read More New York Court Errs in Consideration of Interplay Between California Insurance Code, McCarran-Ferguson, and Federal Arbitration Act

As we previously report here, Ambac Financial Group, Inc. (“AFG”), the holding company for the bond insurer, Ambac Assurance Corp. (“AAC”), filed for bankruptcy in November 2010 after it was unable to raise additional capital or come to terms with its debt holders. …
Read More Ambac and Rehabilitator Reach Amended Bankruptcy Reorganization Plan

MEDPAC PROPOSES PLAN TO FIX MEDICARE PHYSICIAN PAYMENT FORMULA
The Medicare Payment Advisory Commission (MedPAC) recently unveiled a new approach to overhaul the complicated Medicare physician payment formula. Every year, that formula – known as the sustainable growth rate (SGR) – calculates larger and larger mandated cuts to doctors’ Medicare reimbursements, and each year, Congress acts to temporarily halt the cuts via short-term patches. …
Read More Healthcare Update: MedPAC Proposes Medicare Physician Payment Overhaul; CMS Releases Notice for Using Identifiable Data in Accountable Care Organizations; President Proposes Medicare Changes In Deficit Reduction Package

On September 20, 2011, the Florida Office of Insurance Regulation (“FOIR”) issued an order on the proposed rate increases by Citizens Property Insurance Corporation (“Citizens”) for homeowners, dwelling fire, and sinkhole coverage. …
Read More Florida Office of Insurance Regulation Issues Order Regarding Sinkhole Rate Increases