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

CMS ANNOUNCES FIRST ACO PARTICIPANTS
On April 10, the Centers for Medicare & Medicaid Services (CMS) announced the first 27 accountable care organizations (ACOs) that will participate in the Medicare Shared Savings Program (MSSP), established under the Patient Protection and Affordable Care Act (PPACA). …
Read More Healthcare Update: CMS Announces First ACO Participants; HHS Proposes Delaying ICD-10 Compliance Deadline, Adopts Unique Health Plan Identifier; New York Governor Issues Executive Order for Health Exchange

Congress will take up cybersecurity legislation the week of April 23.  On April 5,  Vince Vitkowsky, of Edwards Wildman’s New York office, moderated a panel on Capitol Hill that included, among others, representatives of the House Permanent Select Intelligence Committee, the U. S.  Chamber of Commerce, and the Constitution Project. …
Read More Video of Cybersecurity Legislation Panel

In Liverpool Victoria Insurance Company v (1) Samina Bashir (2) Faisal Rauf (3) Kaneez Akhtar (4) Mohammed Bashir (5) Kamran Khan, the High Court commended the diligence of the Liverpool Victoria Insurance Company in investigating and pursuing a case of insurance fraud, which recently resulted in custodial sentences for two of the accused. …
Read More UK: Jail for Motor Insurance Fraudsters

This presentation will be of interest to anyone working in, or advising, an international insurance or reinsurance group. It will also be of interest to reinsurers based outside the European Union with reinsureds based inside the Union. …
Read More AN INVITATION – Lunch & Learn Seminar – Solvency II – Capital Requirements, Groups and Third Country Equivalence