On 2 April 2012, the UK Financial Services Authority (FSA) moved to a “twin peaks” model of supervision internally, shadowing the split of the FSA into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) that will occur once the Financial Services Bill comes into force in 2013. …
Read More UK: FSA Moves to “Twin Peaks” Model

SUPREME COURT APPARENTLY DIVIDED ON INDIVIDUAL MANDATE AND WHETHER TO SCRAP PPACA ENTIRELY
In the U.S. Supreme Court’s hearings last week on the Patient Protection and Affordable Care Act (PPACA), the justices seemed to have mixed views on both the constitutionality of the individual mandate, and the proper course of action should the mandate be found unconstitutional. …
Read More Healthcare Update: Supreme Court Apparently Divided on Individual Mandate and Whether to Scrap PPACA Entirely; House Passes Ryan Budget Plan; AMA Asks CMS for a Break

On 16 March 2012, Mr Justice Morgan handed down his judgment on an application for directions on the Part VII transfer of the UK insurance business of the Combined Insurance Company of America (CICA) to ACE European Group Limited (AEG) and ACE Europe Life Limited (AEL) (click here for a copy of the judgment). …
Read More UK: Part VII Transfers: Proactive, Judgment Led, Intrusive Regulation – the Beginning of a Trend?

The Supreme Court has handed down its decision in the Employers’ Liability Insurance Trigger Litigation (see judgment here). The ruling has provided clear rules governing how EL policies should respond to mesothelioma claims. …
Read More UK: Light on the Trigger – Supreme Court Decision in the EL Trigger Litigation

Edwards Wildman partner Vince Vitkowsky authored an article that is part of Business Insurance’s March 19, 2012 special edition on Cyber Risks.  In the article, which you can read here, he addresses cyber attacks with physical effects, which are coming to be referred to as “Industrial Threats.” …
Read More Industrial Threat Cyber Attacks Challenge Business

The European Commission’s Directorate-General Competition (DGC) has issued further questionnaires to a number of co-insurance firms with European subsidiaries. The study, conducted by Ernst and Young, is set to further investigate competitiveness amongst European participants to the subscription market, with a particular focus on whether the automatic upward alignment in premiums is still prevalent in the subscription market. …
Read More EU: Competition Commission Progresses Review of Business Insurance Sector

As the two-year anniversary of the enactment of the Patient Protection and Affordable Care Act (PPACA) approaches, the federal government seems to be accelerating its efforts to provide long-promised guidance to implement the health reform law. …
Read More Healthcare Update: HHS Issues Final Rules for Insurance Exchanges, Medicaid Eligibility, Insurance Plan Coverage and Student Health Insurance Plans