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The U.S. Department of Health and Human Services has granted the State of Maine’s request for a waiver of the Patient Protection and Affordable Care Act (PPACA) requirement that individual health insurance plan issuers spend at least 80% of premiums on medical care or quality improvements. …
Read More Maine Obtains Waiver of Medical Loss Ratio Requirement; Florida Requests Waiver

Bermuda insurer Renaissance Reinsurance Ltd. has been approved to take part in Florida’s property reinsurance marketplace with modified collateral requirements. Legislation passed in 2007 authorized the state’s Office of Insurance Regulation to set reduced collateral requirements for non-United States based reinsurers that are highly rated and financially secure. Florida Insurance Commissioner Kevin McCarty has now approved a total of seven reinsurance companies to operate in Florida under modified terms. …
Read More Florida Approves Another Foreign Reinsurer for Reduced Collateral Requirements

Florida lawmakers have introduced legislation that would return state-run Citizens Property Insurance Corporation to its original mandate as an insurer of last resort.  Florida Representative Jim Boyd and Florida State Senator Alan Hays have introduced identical bills in the Florida House and Senate. …
Read More Legislation Introduced That Would Shrink Citizens Property Insurance Corporation

As anticipated in our earlier blog post, the U.S. House of Representatives has voted on a bill that would repeal the IRS Form 1099 information-reporting requirements imposed by Section 9006 of the Patient Protection and Affordable Care Act.  On March 3, 2011 the House approved H.R. 4 – Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. …
Read More U.S. House of Representatives Approves Repeal of 1099 Reporting Requirement

The U.S. Court of Appeals for the Seventh Circuit recently issued a unanimous opinion in reversing a decision of the U.S. District Court for the Northern District of Illinois to hold that a party-appointed arbitrator’s involvement in an earlier arbitration between the same parties did not disqualify him or render him incapable of serving in a subsequent arbitration involving related issues. …
Read More Seventh Circuit Reverses Decision that Disqualified Reinsurance Arbitrator Based on Service in Related Arbitration

It is not uncommon for ceding companies and their reinsurers to become embroiled in disputes on the manner in which a claim or settlement payment is allocated, whether a loss falls within the scope of coverage provided by the reinsurance contract, or whether a cedent’s claims-related decisions were reasonable and made in good faith. …
Read More Follow the Fortunes: Decisions and Trends in 2010

As previously reported here, Senior United States District Judge Roger Vinson of the United States District Court for the Northern District of Florida declared the Patient Protection and Affordable Care Act (“PPACA”) void in a summary judgment decision in the case of State of Florida, et al. v. United States Department of Health and Human Services, et al. …
Read More Federal Government Appeals Florida Case Deeming PPACA Unconstitutional

The New York State Insurance Department (NYID) recently promulgated a Tenth Amendment to New York Regulations 17, 20 and 20-A (11 NYCRR 125) (the Amendment), effective January 1, 2011, which authorizes the NYID Superintendent (the Superintendent) to reduce the amount of collateral required for domestic insurers to receive full financial statement credit for reinsurance ceded to unauthorized reinsurers satisfying the requirements detailed below. …
Read More New York Amends Credit for Reinsurance Regulation, Relaxing Unauthorized Reinsurer Collateral Requirements

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – March 2011, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – March 2011