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The House returned to session last week, as intense negotiations continued behind the scenes on an agreement that will reconcile the differences between the House- and Senate-passed healthcare reform bills.  On Thursday, a compromise was reached on one of the Senate bill’s more controversial provisions, smoothing a possible path toward a final agreement in the coming weeks. 

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Read More Last Week in DC: The Healthcare Reform Debate – January 19, 2010

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. …
Read More Circular Letter Regarding Contract Certainty Issued for Comment by the New York Insurance Department

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. 

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Read More NAMIC Issues Letter to NAIC Noting Its Observations on Current Controversy Surrounding Climate Change Science

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

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

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. 

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Read More Minnesota District Court Grants Summary Judgment to Insurer Based Upon Broadly Worded Product Exclusion

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