October 30, 2013
8:30 AM EST
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Read More Please Join Us – Edwards Wildman’s 2013 ILS Roundtable: The Convergence of Insurance and the Capital Markets
UK: High Court Confirms That Consequential Losses are Not Recoverable Under the Riot (Damages) Act 1886
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
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
Massachusetts House Speaker Asks FEMA To Delay New Flood Insurance Rules
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
FSOC designates Prudential as a SIFI
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, Regulatory
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
How should we respond to the PRA’s consultation on schemes of arrangement?
By Troutman Pepper Locke on
Posted in Uncategorized
Introduction
On 9 September 2013, the PRA published a draft Supervisory Statement for consultation in “Consultation Paper CP6/13 Schemes of arrangement by general insurance firms” (CP).
Read More How should we respond to the PRA’s consultation on schemes of arrangement?
New York Drops Principles Based Reserving Approach for Life Insurers
By Troutman Pepper Locke on
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
World Trade Center Developers Were Fully Compensated by $4.091 Billion in Insurance Proceeds, and Thus Cannot Recover Additional Funds from 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
New York Proposes Changes to Excess line Placements Governing Standards (Regulation 41)
By Troutman Pepper Locke on
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)
California Enacts AB 584 Requiring Insurance Companies to File an ORSA Summary
By Troutman Pepper Locke on
As of January 1, 2015 insurers and insurance groups will be required to assess the adequacy of their risk management systems and to periodically conduct an Own Risk and Solvency Assessment (ORSA) consistent with the National Association of Insurance Commissioner’s (NAIC) ORSA Guidance Manual. …
Read More California Enacts AB 584 Requiring Insurance Companies to File an ORSA Summary
Healthcare Update: Proposed Rule on Employer Information Reporting Requirements; Potential Fix for the “Doc Fix”
By Troutman Pepper Locke on
Posted in Healthcare, United States
PROPOSED RULE ON EMPLOYER INFORMATION REPORTING REQUIREMENTS
On September 5, 2013, the U.S. Department of the Treasury and Internal Revenue Service jointly issued proposed regulations implementing the Affordable Care Act’s information reporting requirements for insurers and certain employers. …
Read More Healthcare Update: Proposed Rule on Employer Information Reporting Requirements; Potential Fix for the “Doc Fix”