Below is the FIO/FSOC news for the week:

The Federal Advisory Committee on Insurance (FACI) discussed extension of the Terrorism Risk Insurance Act (TRIA) at an open hearing at the Department of the Treasury on September 18, 2013. Minutes from the meeting have not yet been posted on the Treasury website. …
Read More FIO/FSOC Update as of October 2, 2013

Self-insured employer health plans, whether administered by the sponsor or by a third party administrator (TPA), need to be in compliance with the amended HIPAA rules, effective September 23, 2013. That date has now passed and not all employers with self-insured plans are aware of their obligations or have fully complied. …
Read More Employer-Sponsored Health Plans and SEPT. 23 HIPAA DEADLINE: Time for a Tune Up?

October 30, 2013

8:30 AM EST

Edwards Wildman Palmer LLP
750 Lexington Avenue, 8th Floor
New York, NY 10022 …
Read More Please Join Us – Edwards Wildman’s 2013 ILS Roundtable: The Convergence of Insurance and the Capital Markets

The High Court of England and Wales has confirmed that consequential losses claimed as a free standing head of claim are not recoverable under s2(1) of the Riot (damages) Act 1886 (the “1886 Act”). …
Read More UK: High Court Confirms That Consequential Losses are Not Recoverable Under the Riot (Damages) Act 1886

On Friday, the speaker of the Massachusetts House of Representatives called on the Federal Emergency Management Agency (FEMA) to delay implementation of federal flood insurance reform so that FEMA, Congress, and local officials can work to restructure the 45-year-old National Flood Insurance Program (NFIP). …
Read More Massachusetts House Speaker Asks FEMA To Delay New Flood Insurance Rules

The Financial Stability Oversight Council (FSOC) has recently designated Prudential Financial, Inc. as a nonbank financial company that should be subject to consolidated supervision and enhanced prudential standards under Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (also referred to as a systemically important financial institution or “SIFI”).
Read More FSOC designates Prudential as a SIFI

Benjamin Lawsky, Superintendent of the New York Department of Financial Services (the “Department”), sent a letter [PDF] to the National Association of Insurance Commissioners (“NAIC”) last week criticizing the NAIC’s plan to move forward with implementing the principles based reserving approach (“PBR Approach”) for life insurers.
Read More New York Drops Principles Based Reserving Approach for Life Insurers

On Wednesday U.S. District Judge Alvin K. Hellerstein dismissed on summary judgment a lawsuit by several companies associated with World Trade Center developer Larry Silverstein (the “WTC Developers”) which sought to recover funds from a $1.2 billion settlement between their insurers and several airlines and airport security companies (the “Aviation Defendants”).
Read More World Trade Center Developers Were Fully Compensated by $4.091 Billion in Insurance Proceeds, and Thus Cannot Recover Additional Funds from Insurers

The New York Department of Financial Services (the “NY DFS”) has released proposed amendments to Insurance Regulation 41 (11 NYCRR Part 27), which governs the standards for excess lines placements.
Read More New York Proposes Changes to Excess line Placements Governing Standards (Regulation 41)