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GRASSLEY URGES ACTION ON SUNSHINE ACT
In a January 22 letter to the White House, Sen. Chuck Grassley (R-IA) bemoaned the administration’s continued delay in implementing the Physician Payments Sunshine Act, part of the Patient Protection and Affordable Care Act (PPACA). The Sunshine Act requires that physicians report to the Department of Health and Human Services (HHS) their ownership and investment interests in, and payments or gifts that they receive from, manufacturers of drugs, devices and supplies.
Read More Healthcare Update: Grassley Urges Action on Sunshine Act; HHS Awards New Exchange Grants

The U.S. Reinsurance Under 40s Group will be hosting its first social event of the year this Wednesday, January 30th, at Three Sheets Saloon, which is located on 134 West 3rd Street (between 6th Avenue and MacDougal St.). The event will kick-off at 5:30 pm, and include various drink specials until closing. …
Read More Please Join the U.S. Reinsurance Under 40s Group for its First Social Event of 2013

The New Year seems to be starting with a bang for the ILS industry. On January 23rd, KKR announced it had taken a 24.9% stake in Nephila. Earlier in the month Validus reported a $400 million capital raise to fund investments in collateralized reinsurance and ILS. In a transaction on which Edwards Wildman Palmer LLP advised Transatlantic Re, Transatlantic Re in December acquired a minority interest in Pillar Capital Management and announced a strategic partnership with Pillar, a manager of funds investing in collateralized reinsurance and ILS. …
Read More Will 2013 be the year of ILS?

In a press release issued on January 22, 2013, the National Association of Insurance Commissioners (NAIC) announced that former Nebraska Senator Bill Nelson has been named as CEO of the NAIC. In his new position, Nelson will be the primary advocate and chief spokesperson for the NAIC in Washington, D.C. …
Read More Ex-Senator Ben Nelson Has Been Named CEO of the NAIC

Rhode Island proposes to amend Insurance Regulation 29 (the “Regulation”) governing the activities of insurers and insurance producers with respect to the replacement of existing life insurance and annuity products by adding a new section to the Regulation on “twisting” and “churning” practices (the “Proposed Rule”). …
Read More Rhode Island Proposes to Amend its Life Insurance and Annuities Replacement Rule

Pursuant to Executive Order 2013-1, dated January 16, 2013, Michigan Governor Rick Snyder has created a new cabinet-level department of the state government, the Department of Insurance and Financial Services (the “New Department”). Governor Snyder’s executive order becomes effective in 60 days. …
Read More Michigan Insurance Regulator Elevated to Cabinet-Level Department

On January 17, 2013, the U.S. Department of Health and Human Services released final regulations implementing changes to HIPAA mandated by the HITECH Act, as well as updated regulations under the Genetic Information Nondiscrimination Act. This major rulemaking package includes changes to the HIPAA privacy rule, information security rule, data breach notification rule and enforcement rule. …
Read More New HIPAA Regulations Released

NEW ACOs APPROVED
On January 10, the U.S. Department of Health & Human Services (HHS) announced that it had approved 106 new accountable care organizations (ACOs), bringing the total approved to 259 thus far. An HHS official had predicted in November that the number of ACOs might double in January. …
Read More Healthcare Update: New ACOs Approved; More States Receive Approval for Exchanges

In a recent decision, the U.S. Court of Appeals for the First Circuit held that the doctrine of issue preclusion barred an insured from litigating the applicability of an insurance policy exclusion where an arbitration panel had previously addressed a related, but not identical, question of law. The case is Manganella v. Evanston Insurance Company, No. 12-1137. A copy of the decision is available here. …
Read More First Circuit: Arbitration Decision Bars Insured From Litigating Coverage Issues