The High Court has ruled in test proceedings, that two “before-the-event” legal expenses insurers erred when they declined to cover the legal fees of a firm of solicitors that was not on the insurers’ panel.1  …
Read More UK: Insurers Must Pay ‘Reasonable’ Costs of Solicitors Chosen by their Insureds

Last month, the Delaware Department of Insurance (the “Department”) issued Domestic/Foreign Insurers Bulletin No. 46 to provide guidance regarding the implementation of the Civil Union and Equality Act of 2011 (the “Act”), which becomes effective January 1, 2012.  The Act provides that two persons of the same sex who establish a civil union shall be subject to the same requirements and entitled to the same rights, protections and benefits as married couples under Delaware law. …
Read More Delaware Department of Insurance Issues Bulletin Relating to the Implementation of the Civil Union and Equality Act of 2011

Edwards Wildman Palmer’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – December 2011, which contains eight articles about various topics in the insurance and reinsurance industry. Please click on the links below to read each article and if you would like to be added to the mailing list to receive the next edition of the Insurance and Reinsurance Review, please email us at InsureReinsure@edwardswildman.com. To view the entire Insurance & Reinsurance Review – December 2011, please click here. …
Read More Edwards Wildman Palmer – Insurance & Reinsurance Review – December 2011

The New Rules officially took effect on 15 October 2011 and since then, all foreign individuals (unless exempted) working in the PRC must participate in the PRC Social Insurance System. The New Rules affect every foreign individual (non-Chinese national) who is in possession of an employment permit, which would include a permanent residence permit of foreigners, and is lawfully working for an entity registered in the PRC, including a PRC subsidiary or a representative office of a foreign company. …
Read More People’s Republic of China (PRC) – Interim Measures for Foreigners to Participate in the PRC Social Insurance System (New Rules) Require All Foreign Individuals Working in China to Participate in the PRC Social Insurance System

CMS ISSUES MEDICAL LOSS RATIO REGULATIONS

Background. Among the most hotly debated provisions of the Patient Protection and Affordable Care Act (PPACA) have been the medical loss ratio (MLR) requirements, which were intended to lower healthcare costs by requiring health insurance companies to spend less on marketing and overhead expenses and more on care. …
Read More Healthcare Update: CMS Issues Medical Loss Ratio Regulations; HHS Rejects Two State MLR Waiver Requests

Massachusetts Governor Duval Patrick signed H. 3795, which bans the use of credit-based insurance scores in the underwriting and rating of private passenger automobile insurance, into law on November 22, 2011 as Chapter 195 of the Acts of 2011.  H. 3795 amends the Massachusetts General Laws and codifies a similar credit score prohibition in current Division of Insurance Regulations. …
Read More Massachusetts Passes Statutory Ban on the Use of Credit-Based Insurance Scores for Private Passenger Automobile Insurance

In May 2011, we reported on the UK Government’s adoption of the Law Commission’s draft Bill on Consumer Insurance (Pre-Contract Disclosure and Misrepresentations). (See our previous post here). The Consumer Insurance (Disclosure and Representations) Bill (the Bill) is currently progressing through Parliament. …
Read More UK: Consumer Insurance (Disclosure and Representations) Bill Continues Its Progress Through Parliament

On 25 June 2010 (“Effective Date“), the Hong Kong Securities and Futures Commission (“SFC“) promulgated the SFC Handbook for Unit Trusts and Mutual Funds, Investment-Linked Assurance Schemes and Unlisted Structured Investment Products (“SFC Handbook“) under which all SFC-authorised funds and investment-linked assurance schemes are required to provide investors with a Product Key Facts Statement (“Product KFS“) and an offering document that satisfy a number of disclosure requirements as set out in the SFC Handbook. …
Read More Hong Kong: SFC Warns Surveillance on the KFS and Revised Offering Documents

Thomas B. Leonardi, Commissioner of the Connecticut Insurance Department, was elected as the secretary of the National Association of Insurance Commissioner’s (“NAIC”) Northeast Zone during the NAIC’s Fall 2011 meeting.  As part of this position, Commissioner Leonardi will also serve on the NAIC’s Executive Committee. …
Read More Connecticut Insurance Commissioner Elected Secretary of the NAIC’s Northeast Zone and Will Serve on the NAIC’s Executive Committee