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At the recently concluded NAIC Fall National Meeting, the Reinsurance Task Force of the Financial Condition (E) Committee, released for public comment the highly anticipated draft of the NAIC Process for Developing and Maintaining the List of Qualified Jurisdictions (“Process”). The stated purpose of the Process is to establish a method for evaluating the reinsurance supervisory systems of non-U.S. jurisdictions. …
Read More NAIC Proposes Reinsurance Credit “Qualified Jurisdictions” Standard and Process

The United States District Court for the Middle District of Florida recently issued an Order denying coverage to an insured for an underlying class action suit alleging violations of the Telephone Consumer Protection Act of 1991, as amended by the Junk Fax Prevention Act of 2005.   See Interline Brands, Inc. v. Chartis Specialty Insurance Company, No. 3:11-cv-731-J-25JRK (M.D. Fla. November 21, 2012). …
Read More Florida District Court Grants Dismissal of TCPA Coverage Lawsuit on Basis of Statutory Exclusion

The Senior Issues Task Force (“Task Force”) of the National Association of Insurance Commissioners (“NAIC”) held a public hearing on long-term care insurance (“LTCI”) at the NAIC Fall National Meeting in Washington, DC.  During the hearing, a panel of experts discussed issues impacting the LTCI industry, including the impact of the economy on LTCI sales, increases in rates by private insurers, and the exit by a number of carriers from the market. …
Read More NAIC Senior Issues Task Force Held Public Hearing on Long-term Care Insurance

On December 3, 2012, the Securities and Exchange Commission commenced administrative proceedings against the China affiliates of the Big Four accounting firms and another large accounting firm. …
Read More Securities and Exchange Commission Seeks Audit Workpapers for Companies Whose Securities Are Publicly Traded in the U.S. and Whose Principal Operations are Based in China

The National Association of Insurance Commissioners (“NAIC”) voted to adopt a Valuation Manual (the “Manual”) at its National Meeting on December 2, 2012 in Washington D.C., setting forth a principles-based approach to life insurance company reserves (known as principles-based reserving or “PBR”).  Currently, insurance company reserves are calculated using formulas prescribed by state insurance laws and regulations. …
Read More NAIC Adopts Valuation Manual and Establishes Working Group

On November 30, 2012, the Securities Exchange Commission announced that it has filed a complaint in the Southern District of New York against China North East Petroleum Holdings Limited (“CNEP”) and a number of its current and former directors and officers (Securities and Exchange Commission v. China North East Petroleum Holdings Limited, et al., Civil Action No. 12-CV-8696 (S.D.N.Y.)).  CNEP is a Nevada corporation with principal executive offices in New York and oil drilling operations in China. …
Read More Securities and Exchange Commission Files Fraud Suit Against U.S. Public Company that was Formed as a Result of a Reverse Merger with Chinese Company

HHS RELEASES PROPOSED RULES TO IMPLEMENT PPACA REFORMS
On November 20, the U.S. Department of Health and Human Services (HHS) issued three proposed rules to implement core provisions of the Patient Protection and Affordable Care Act (PPACA). All of the proposed rules were published in the Federal Register on November 26. …
Read More Healthcare Update: HHS Releases Proposed Rules to Implement PPACA Reforms; Number of Medicare ACOs Expected to Double

The next U.S. Under 40s Group social event will take place this Thursday evening at B Smith in midtown New York and we hope to see you there.  B Smith is located at 320 West 46th Street (between 8th Ave and 9th Ave) and the Under 40s Group will be on the second floor balcony beginning at 6:00 pm. …
Read More Join the U.S. Under 40s Group This Thursday in New York

In the Australian case of Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200, the Australian Federal Court held Standard & Poor’s (S&P) to be jointly liable with ABN Amro Bank NV and Local Government Financial Services for losses suffered by 13 local councils, who had invested in complex credit derivatives that had been rated ‘AAA’ (the highest possible rating) by S&P. …
Read More Australian Court Rules Agencies Should be Held Accountable for Inaccurate Credit Ratings