As we recently blogged, Rep. Michael Grimm (R-NY) and Rep. Carolyn Maloney (D-NY), both of whom sit on the House Financial Services Committee, have introduced a bill to extend the federal Terrorism Risk Insurance Program (the “Program”) through 2019. …
Read More TRIA – Possible Extension Involves Many Unresolved Issues

In comments made yesterday to the Institute of International Bankers conference in Washington, U.S. Treasury undersecretary for domestic finance, Mary J. Miller said she expected FSOC to vote on designation of some companies as systemically important and therefore subject to Federal Reserve oversight “in the next few months.” …
Read More SIFI Designations Expected in the Next Few Months

On February 20, 2013, the Florida Third District Court of Appeal held that an insurer was required to provide separate counsel to two co-defendants/insureds due to a conflict of interest between them. …
Read More Florida Appellate Court Holds that Insurer Must Provide Separate Counsel to Co-Defendant Insureds

A Washington turf battle between the SEC and the FSOC spilled into public view in comments by SEC Commissioner, Dan Gallagher. The comments, made at the Practicing Law Institute’s “SEC Speaks” forum last Friday, criticized recent action taken by FSOC, created by the 2010 Dodd-Frank-Act. …
Read More Regulator Rivalry Brewing Between SEC and FSOC

The Massachusetts Appeals Court recently held, in an unpublished decision, that an insurer breached its duty to defend a town against a suit filed by the sister of a man wrongly convicted for murder, in Waters v. Western World Insurance Company, No. 11-P-2124. A copy of the decision from the official Massachusetts reports website is available here. …
Read More Massachusetts Appeals Court Finds Duty to Defend Wrongful Conviction Suit

Brazil has passed a series of resolutions aimed at strengthening insurers’ capital requirements. Brazil’s insurance supervisor SUSEP said it drew up the resolutions which were approved by the National Council of Private Insurance (CNSP). The resolutions set out a risk-based framework in line with international best practice for supervision. …
Read More Brazil Passes Risk-Based Capital Requirements

During the NAIC 2012 Fall National Meeting, a proposal to amend the NAIC’s Stop Loss Insurance Model Act to increase the minimum individual attachment point – the equivalent of a “deductible” – for stop loss insurance from $20,000 to $60,000, as well as changes to aggregate attachment points, was defeated by a 10-8 vote. …
Read More NAIC Defers Action on Stop Loss Insurance Attachment Points; Some States Begin Increases

HHS RELEASES “MARKET REFORM” RULE AND REPORT
On February 22, the Department of Health and Human Services (HHS) released a final rule to implement several key provisions of the Patient Protection and Affordable Care Act (PPACA), including a prohibition against denying health insurance or charging “discriminatory” premiums to enrollees who have pre-existing medical conditions. …
Read More Healthcare Update: HHS Releases Market Reform and Essential Benefits Rules; Federal Government to Operate Exchanges in 26 States; CMS Issues Proposed MLR Rule for Medicare Advantage and Part D; Supreme Court Blocks Georgia Hospital Merger

In a report issued last week analyzing Superstorm Sandy, the National Hurricane Center (NHC) reviewed why Sandy was downgraded from hurricane status to a post-tropical cyclone before it made landfall in New York, New Jersey and elsewhere in the northeast, and made recommendations for changes in definitions and procedures going forward. …
Read More Lessons Learned from Sandy: National Hurricane Center Report Highlights Issue of Whether “Hurricane” Warnings and Definitions Should Be Modified

The Dodd-Frank Wall Street Reform Act charged the Federal Insurance Office (FIO) with submitting several reports to Congress, including an annual report as well as recommendations for modernizing insurance regulations. To date, those reports remain outstanding.   …
Read More House Committee Urges FIO to Release Its Long Over-Due Reports