As we previously discussed here, the move to change the rules governing collateral requirements for foreign reinsurers has been gaining momentum in a number of U.S. states. New York started the trend last October, when its Superintendent of Insurance, Eric Dinallo, introduced a draft regulation that seeks to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York.
Read MoreLast week, an Indiana charity that “makes wishes come true” for children with life threatening illnesses filed arbitration claims over subprime related losses it allegedly suffered in a bond fund managed by Morgan Keegan & Co. The Indiana Children’s Wish Fund claims that it lost $48,000, or 22% of its $220,000 investment, in the Regions Morgan Keegan Select Intermediate Bond Fund.
Read MoreOn October 5, 2007, Nonnie S. Burnes, Commissioner of Insurance for the Massachusetts Division of Insurance, filed Regulation 211 CMR 79 (Private Passenger Motor Vehicle Insurance Rates) with the Attorney General’s Office. The new regulation is intended to encourage competition and innovation in the automobile insurance market, while maintaining consumer protections.
Read MoreToday is the sixth-month anniversary of the launch of InsureReinsure.com and we want to thank all of you for your readership and support.
Read MoreOn November 28, 2007, Nebraska Governor Dave Heineman announced his appointment of Ann Frohman as the Director of the Nebraska Department of Insurance (the “Department”). Frohman served as the Department’s Deputy Commissioner since January 2004.
Read MoreDuring the winter meeting of National Association of Insurance Commissioners (“NAIC”) (November 30 through December 4, 2007), the Reinsurance Task Force (“Task Force”) of the Financial Condition (E) Committee unanimously adopted a framework memorandum outlining a three-part approach to modernizing current U.S. reinsurance regulation.
As we recently reported, Dickie Scruggs, along with his son and other colleagues, were recently indicted on charges in a judicial bribery case. Despite some media reports of Scruggs’ initial reluctance to withdraw from the representation of hundreds of policyholder clients in pending Katrina-related coverage lawsuits, Scruggs and his law firm have withdrawn their representation in these suits.
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