The New York Insurance Department (the “Department”) recently issued a draft Supplement No. 1 to Circular Letter No. 20 (2008) (“CL No. 20”) regarding insurance contract certainty for property/casualty insurance policies and reinsurance contracts. The Department is requesting comments on its draft by January 22, 2010.
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United States
NAMIC Issues Letter to NAIC Noting Its Observations on Current Controversy Surrounding Climate Change Science
By Troutman Pepper Locke on
Posted in Climate Change, United States
The New York Times is reporting on a January 8, 2010, letter from NAMIC to the NAIC responding to the request by the Climate Change and Global Warming Task force for comments on issues concerning the proposed Insurer Climate Risk Disclosure Survey.
White House to Propose Plan to Recoup Bailout Costs
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
When President Obama releases his FY 2011 budget proposal next month, included will be a mechanism to ensure the losses associated with the recent financial and auto industry bailout are recouped. …
Read More White House to Propose Plan to Recoup Bailout Costs
Vermont Licensed 39 Captives in 2009
By Troutman Pepper Locke on
Posted in Industry Developments, United States
The Vermont Department of Banking, Insurance, Securities and Health Care Administration reported it licensed 39 new captive insurance companies in 2009, bringing the total of number of Vermont licensed captives to 878.
New York Adopts Revisions to Regulation 118 governing Audited Financial Statements
By Troutman Pepper Locke on
On December 28, 2009, the New York Insurance Department (“NYID”) issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis. The revised Regulation is modeled on the NAIC Financial Reporting Model Regulation which applies certain public company reporting standards set forth in the Sarbanes-Oxley Act of 2002, to insurers, fraternal benefit societies and managed care organizations.
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Read More New York Adopts Revisions to Regulation 118 governing Audited Financial Statements
Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting
By Troutman Pepper Locke on
Join the U.S. Reinsurance Under 40s Group’s at their next event, “Preserving Liquid Assets” Lecture and Wine Tasting, on February 10 at the offices of Edwards Angell Palmer & Dodge in New York.
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Read More Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting
Deadlines for Data Security Requirements
This advisory provides a brief summary of new data security requirements with effective and enforcement dates in early 2010 that will affect innumerable businesses. Please click here to read more.
Read More Deadlines for Data Security Requirements
Minnesota District Court Grants Summary Judgment to Insurer Based Upon Broadly Worded Product Exclusion
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The United States District Court for the District of Minnesota recently granted an insurer’s motion for summary judgment based upon its finding that the underlying claims were excluded by the policy’s broadly worded Product Exclusion.
Last Week in DC: The Healthcare Reform Debate – January 11, 2010
By Troutman Pepper Locke on
Though both the House and Senate were officially in recess, several notable occurrences took place last week as key players moved ahead on the difficult task of how to reconcile the differences between the two chambers’ healthcare reform plans.
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Read More Last Week in DC: The Healthcare Reform Debate – January 11, 2010
Repeal of Antitrust Exemption Gains Traction as House and Senate Democrats Reconcile Healthcare Reform Bills
By Troutman Pepper Locke on
U.S. House Representatives Peter DeFazio, (D-OR) and Gene Taylor (D-MS) drafted a letter to House Speaker Nancy Pelosi (D-CA) in support of repealing the antitrust exemption under the McCarran Ferguson Act for health insurers and medical liability insurers.