CMS ISSUES PROPOSED IPPS RULE
On April 24, the Centers for Medicare and Medicaid Services (CMS) issued its proposed Inpatient Prospective Payment Systems (IPPS) rule setting forth hospital payment rate changes for the 2013 fiscal year, which begins October 1, 2012. …
Read More Healthcare Update: CMS Issues Proposed IPPS Rule; PPACA Expected to Save $200 Billion Through 2016

In Atlasnavios-Navegação, LDA v. Navigators Insurance Company Limited & Others [2012] EWHC 802 (Comm), the Commercial Court had to decide, as a preliminary issue, the meaning of clause 4.1.5 of a war risks policy, which incorporated the Institute War and Strikes Clauses 1.10.83 (the Policy). …
Read More UK: Court of Appeal Construes War Risks Policy Exclusion According to its Plain Meaning

In April 2012, the Financial Stability Oversight Council (“FSOC”) issued its Final Rule (the “Rule”) and interpretive guidance on the regulation of systemically important nonbank financial companies, or what many refer to as SIFIs (i.e., “systemically important financial institutions”). …
Read More FSOC Issues Rule for “Nonbank SIFIs”

In a speech given at the City & Financial Conference on 19 April 2012, (see our blog here) Julian Adams, Director of Insurance Supervision in the Prudential Business Unit of the Financial Services Authority (FSA), described the supervisory strategy to be followed by the Prudential Regulatory Authority when it takes over responsibility for insurance supervision in 2013. …
Read More UK: FSA Speech: A New Approach to Insurance Regulation & the Implementation of Solvency II – Comments on the Resolution of Insurers

On 19 April 2012, Julian Adams, Director of Insurance Supervision in the Prudential Business Unit of the Financial Services Authority (FSA), gave a speech at the City & Financial Conference entitled “The new approach to insurance regulation and the implementation of Solvency II”. …
Read More EU: Solvency II: FSA Gives Initial Feedback to Firms About Their Pre-Application Submissions for Internal Model Approval

In Travelers Insurance Company and Denton Wilde Sapte v Gauri Advani [2012] EWHC 623 (QB) Sir Raymond Jack held that where a solicitor had acted dishonestly and outside the scope of her employment, the terms of the relevant professional indemnity insurance allowed the insurer to recover amounts paid to fund the defence of that solicitor in negligence proceedings. …
Read More UK: High Court Rules in Relation to Recovery of Monies Paid Out Under Solicitors’ Professional Indemnity Insurance

Oregon Governor John Kitzhaber recently signed S.B. 1547 into law, making Oregon the latest state to permit the formation of captive insurance companies.  S.B. 1547 allows for the formation of pure captives, association captives, branch captives, and captive reinsurers. …
Read More Oregon Adopts Captive Legislation

A survey conducted by the Association for Financial Markets in Europe (AFME), and published on 11 April 2012, suggests that the proposed Solvency II rules will dramatically reduce the willingness of insurers to invest in securitisation assets. AFME suggests that this in turn will have a negative impact on economic recovery. …
Read More EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey