The Federal Insurance Office (FIO) has missed its deadline to release its widely-anticipated report to Congress on how to improve and modernize insurance regulation in the U.S.  The report, which was due in January 2012, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and is expected to provide insight into how the FIO plans to use its authority. …
Read More FIO Misses Deadline To Submit Federally-Mandated Report to Congress

The third panel on Day 2 of the PLUS D&O Symposium discussed foreign exposures for U.S. companies. They noted that this encompasses two broad categories: claims brought in the U.S. relating to activities abroad, and claims actually brought abroad against U.S. companies. …
Read More PLUS D&O Symposium 2012 – Day 2 Third Panel: Foreign Exposures

Motor insurers are being heavily criticised by British politicians and consumer organisations. The complaints vary, but there’s a common theme: premiums are rising steeply, that is unacceptable and it’s got to stop. …
Read More What’s Really Driving the Rising Cost of Car Insurance?

President Obama’s recently released Budget of the U.S. Government for the Fiscal Year 2013 (the “Proposed 2013 Budget”) would disallow the current deduction for non-taxed reinsurance premiums paid to foreign-affiliates by U.S. insurance companies. …
Read More Obama’s 2013 Budget Proposes Tax on Excess Reinsurance Premiums to Offshore Affiliates Again

In Sulamerica CIA Nacional de Seguros SA & Ors v Enesa Engenharia SA & Ors [2012] EWHC 42 (Comm), Mr Justice Cooke held that an anti-suit injunction restraining the defendant insureds from pursuing proceedings in Brazil in breach of an arbitration clause would be continued. …
Read More UK: Arbitration: English High Court Upholds Anti-Suit Injunction in Favour of Arbitration Proceedings

On 6 February 2012, Hector Sants, CEO of the UK Financial Services Authority (FSA) explained in a speech to the British Bankers’ Association that on 2 April 2012 the FSA will be split into the Prudential Group (shadowing the future Prudential Regulation Authority) and the Conduct Group (shadowing the future Financial Conduct Authority). …
Read More UK: FSA Details Planned “Shadow Split”

In connection with Florida’s transition of the state-run Citizens Property Insurance Corporation (“Citizens”) back to an insurer of last resort, the Florida House of Representatives recently approved by a 66-48 vote a bill (HB 245 [PDF]) that would allow surplus lines insurers to assume certain policies from Citizens. …
Read More Florida House Approves Bill for Assumption of Citizens Policies by Surplus Lines Insurers