Recent comments by a UK Commercial Court judge indicate that policyholders are entitled to “spike” their entire liability for a mesothelioma claim into any one year of employers’ liability (EL) cover. Spiking potentially arises where the period of EL cover is shorter than the period of negligent exposure to asbestos. …
Read More UK: Commercial Court in London Comments on “Spiking” Mesothelioma Claims

On December 28, 2011, the New Jersey Department of Banking and Insurance (the “Department”) issued Bulletin 11-31 (the “Bulletin”) revising standards for equity indexed annuities (EIA), which are annuity contracts with a value based on performance of a specified equity-based index (or indices).  The Bulletin comes in response to the evolution of EIA product designs, and in light of prevailing low interest rates. …
Read More New Jersey Issues Bulletin Revising Standards for Equity Indexed Annuity Products

As previously reported on InsureReinsure, the State of New York merged its the Insurance and Banking Departments into a new, single agency known as the Department of Financial Services (“DFS”), with new and heightened oversight responsibilities over the financial services industry as a whole.  At the helm of the DFS is the Superintendent of Financial Services, Benjamin M. Lawsky. …
Read More New York Completes Merger of its Insurance and Banking Departments

The Securities and Exchange Commission (SEC) has provided a timeframe for when it intends to issue new rules implementing sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Notably, none of the rules the SEC intends to implement directly effect the insurance industry. …
Read More SEC Publishes Dodd-Frank Implementation Schedule

WHITE HOUSE ISSUES HEALTH REFORM PROGRESS REPORT

In a January 18, 2012 report, the White House stated that all states have “taken some action to implement health reform,” and that 28 states and the District of Columbia are “on their way toward establishing their own Affordable Insurance Exchange.” …
Read More Healthcare Update: White House Issues Health Reform Progress Report; New York Limits Provider Spending for Executive Compensation and Administrative Costs; HHS and Contractor Lag in Development of PPACA Quality Measures

The next U.S. Re Under 40s Group event will take place on January 26 at Three Sheets Saloon at 134 West 3rd Street (between 6th Avenue and MacDougal Street).   The event will start at 5:30 and there will be an open bar between 6:00 and 7:00.   Click here for more information and to RSVP. …
Read More Reminder: Join the U.S. Re Under 40s Group for a Drink on January 26 in New York

On 4 January 2012, the Solicitors Regulation Authority (the SRA) issued guidance to solicitors on their professional duties when dealing with claims relating to mis-sold payment protection insurance (PPI). …
Read More UK: Solicitors Regulation Authority Issues Guidance on PPI Claims

The next U.S. Re Under 40s Group event will take place on January 26 at Three Sheets Saloon at 134 West 3rd Street (between 6th Avenue and MacDougal Street).   The event will start at 5:30 and there will be an open bar between 6:00 and 7:00.   Click here for more information and to RSVP. …
Read More Join the U.S. Re Under 40s Group for a Drink on January 26 in New York

We have previously reported on the Law Commission and Scottish Law Commission’s (the Commissions) review of insurance contract law.

The Commissions have published a further Consultation Paper (the Paper) requesting responses on the following areas of reform: …
Read More UK: Law Commission Publishes Second Consultation Paper on Post Contract Duties and Other Issues

In a December 2011 letter to the Federal Insurance Office (FIO),1 the National Risk Retention Association (NRRA) advised FIO that revisions are needed to stop the states from encroaching on risk retentions groups’ (RRGs’) rights to operate nationally when licensed in a single state.2  …
Read More NRRA Appeals to FIO for Reform of Liability Risk Retention Act