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Top lawmakers met with President Obama Wednesday in order to regain momentum on financial regulatory reform legislation in Congress.  Following the meeting, Senate Banking, Housing and Urban Affairs Chairman Christopher Dodd (D-CT) and House Financial Services Chairman Barney Frank (D-MA) expressed confidence that the Senate would soon act – perhaps by Memorial Day – on the financial reform bill that was approved by the Banking Committee on a party line vote on Monday. 

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Read More Senate Tees Up Financial Regulatory Reform Following Healthcare Victory

The NAIC issued a press release (the “Release”) earlier this month announcing its intent to hold a public hearing on the emergence of stranger originated/owned annuity transactions (“STAT”).  STATs are similar to stranger owned life insurance transactions (“STOLI”), which have been the subject of regulatory scrutiny for a number of years. 

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Read More NAIC Announces Intent to Hold Hearing on Stranger Owned Annuities

After another week of fine tuning and vote counting, House leaders released the final text of their healthcare bill on Thursday, in addition to official cost estimates from the Congressional Budget Office (CBO).  These steps set the wheels in motion for a weekend vote on the measure, and after a frenzied race to secure the necessary 216 votes for passage, the House approved its final healthcare reform efforts in a historic Sunday night vote. …
Read More Last Week in DC: The Healthcare Reform Debate – March 22, 2010

Employers Reinsurance Company, now known as Westport Insurance Corporation (“Westport”), provided reinsurance coverage for insurance policies issued by Connecticut Specialty Insurance Company (the “Reinsurance Agreement”).  Royal Surplus Lines Insurance Company, later known as Arrowood Surplus Lines Insurance Company (“Arrowood”), entered into an agreement by which it assumed Connecticut Specialty’s liabilities under certain policies, including a general liability policy issued to Equity Residential (the “Policy”).
Read More Connecticut Federal Court Finds that Reinsurer Does Not Have to Follow Cedent’s Fortunes

The Intellectual Property Group of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled “Intellectual Property Issues for the Insurance Industry:  An International Prospective” on Tuesday, March 30, 2010 at 12:00 p.m. EST. 

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Read More Webinar – Intellectual Property Issues for the Insurance Industry: An International Perspective

On Thursday, March 18, 2010, the President signed into law the Hiring Incentives to Restore Employment Act (the “HIRE Act”), which, among other things, changes the rules for issuers of certain Qualified Tax Credit Bonds (QTCBs) described in Section 54A of the Internal Revenue Code (Code). …
Read More Client Advisory – President Signs HIRE Act – Allows Direct Subsidies for Issuers of Certain Qualified Tax Credit Bonds