As we previously reported here, the National Association of Registered Agents and Brokers Reform Act of 2013 (S. 534) was introduced to the Senate and the House earlier this year and, if passed into law, would establish the National Association of Registered Agents and Brokers (“NARAB”), a nonprofit corporation to license nonresident agents and brokers. The main benefit of NARAB would be that agents and brokers who are already licensed in one state could join NARAB and become licensed in all other states. …
Read More National Association of Registered Agents and Brokers Reform Act Advances on Capitol Hill

In Bank Mellat v Her Majesty’s Treasury (No. 2) [2013] UKSC 39, the UK Supreme Court, by a majority of 5 to 4, allowed an appeal by Bank Mellat, a major Iranian commercial bank, from a Court of Appeal decision in relation to a direction made by the UK Treasury under Schedule 7 of the Counter-Terrorism Act 2008 preventing persons operating in the financial sector from having any commercial dealings with the bank. …
Read More UK: UK Direction Against Major Iranian Bank, Bank Mellat, Ruled Unlawful by Supreme Court

The FCA has issued its first fine for breaches of client asset rules under the new penalty regime. The fine was imposed on 11 June 2013 on retail investment and capital markets firm Xcap Securities PLC for failing to arrange adequate protection for clients’ assets. In particular, Xcap were found to have failed to segregate client and firm money properly, to maintain accurate records of client money and assets, and to carry out accurate client money reconciliations. …
Read More FCA Issues First Fine for Client Asset Breaches Under New Penalty Regime

In his first major speech as Chairman of the FCA, John Griffith-Jones told attendees at TheCityUK’s London seminar on 13 June how he felt that both firms and the regulator could change, and the positive effect that would have on the market. …
Read More FCA Chairman Outlines Areas for Change in Speech to TheCityUK Seminar

In an opinion adjudicating the insurability of claims brought under the federal Telephone Consumer Protection Act (“TCPA”), the Illinois Supreme Court recently ruled that public policy did not prohibit coverage of these claims. The decision is Standard Mutual Insurance Co. v. Lay, No. 114616 (Ill. May 23, 2013), and a copy of it is available here. …
Read More The Illinois Supreme Court Rules that the Telephone Consumer Protection Act’s Statutory Damages Are Not Punitive

On June 18, 2013, the U.S. Reinsurance Under 40’s Group will be having its 3rd Annual Bowling Extravaganza at Lucky Strike Lanes in New York City (624-660 W 42nd Street, New York, NY 10036 (42nd St & 12th Ave)! The event will take place between 6:00 pm and 9:00 pm, and is being sponsored by Transatlantic Reinsurance Company and JLT Re. …
Read More Please Join the US Reinsurance Under 40s Group on Tuesday, June 18 for its Annual Bowling Event

On June 5, 2013, President Obama issued the Executive Order 13645 “Implementing Sanctions Set Forth in the Iran Freedom & Counter-Proliferation Act of 2012” that would become effective on July 1, 2013.

EO 13645 implements several statutory provisions of Iran Freedom and Counter-proliferation Act (IFCA) of 2012 but also imposes additional sanctions. Click here to read the entire Client Advisory.…
Read More Client Advisory – President Obama Issues Executive Order Imposing Additional Iran Sanctions

n Oxford Health Plans LLC v. Sutter, 569 U.S. ____ (2013), the Supreme Court all but ordered the federal courts to not decide whether one person can pursue arbitration on behalf of a class of other people. Dr. John Sutter had a contract with Oxford Health Plans to provide his services to people Oxford insured. In exchange, Oxford would pay him. …
Read More The Supreme Court Rules that Courts Must Honor an Arbitrator’s Construction of Contractual Language in Favor of Class Arbitration, “However Good, Bad, or Ugly”

Other state insurance regulators have responded coolly to the report released by the New York Department of Financial Services on June 12. That report recommended that “State insurance commissioners should consider an immediate national moratorium on approving additional shadow transactions until those investigations are complete . . . .” …
Read More Delaware Rejects New York’s Call for a Moratorium on Securing Reserves with Captive Insurance Companies, While the NAIC Refuses to Act Hastily