As we discussed earlier this week (here), the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”).  The Committee serves as an advisory council to the Federal Insurance Office (“FIO”) and is discussed in more detail in our blog post (here). …
Read More NCOIL Believes a State Legislator Should Be Appointed to the Federal Advisory Committee on Insurance

On November 3, 2011, Sheila Bair, former Chairwoman of the Federal Deposit Insurance Corporation (“FDIC”), in a speech to attendees of the national fall meeting of the National Association of Insurance Commissioners, focused on systemic risk posed by credit-default swaps on the United States financial system.  Chairwoman Bair told the audience of insurance regulators and industry representatives that the credit-default market is still “highly concentrated” and “poses very serious systemic risks.” …
Read More Former FDIC Chairwoman States that Credit-Default Swaps Should be Regulated Like Insurance

The Commercial Court has held that a “follow the leader” clause was to have a broad application and was not restricted to quantum unless there was clear language indicating such restriction. …
Read More UK: Court Finds a ‘Follow the Leader’ Clause Applies to Both Quantum and Liability Issues

In All Leisure Holidays Limited v Europaische Reiseversicherung AG & Ors the Commercial Court held that insurers were liable to indemnify the claimant under a Passenger Protection Insurance Policy (the Policy). …
Read More UK: Commercial Court Sails to the Rescue of Cruise Operator, Leaving Insurers Floundering

On November 3, 2011, the New York Attorney General and the New York State Comptroller announced a joint initiative to investigate possible unpaid life insurance benefits.  Attorney General Eric Schneiderman called the new collaborative effort, “the largest and most comprehensive investigation of life insurance practices in the country.” …
Read More New York Attorney General and Comptroller Launch Joint Investigation into Unpaid Life Insurance Benefits

On November 4, 2011, the National Association of Insurance Commissioners (“NAIC”) elected the following officers for the upcoming year:

President: Florida Insurance Commissioner Kevin M. McCarty
President-Elect: Louisiana Insurance Commissioner James J. Donelon
Vice President: North Dakota Insurance Commissioner Adam Hamm
Secretary-Treasurer: Montana Commissioner of Securities and Insurance Monica J. Lindeen 

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Read More NAIC Elects New Officers For 2012

Earlier this week the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”).   The Committee serves as an advisory council to the Federal Insurance Office (“FIO”), which was established as part of the Treasury under the Dodd-Frank Act. …
Read More Appointments Made to the Federal Advisory Committee on Insurance

On November 3, 2011, Eileen Rominger, Director of the SEC’s Division of Investment Management (the “Division”), in a speech to attendees of the ALI-ABA Conference on Life Insurance Company Products, focused on several issues regarding the regulation of variable insurance products and how the current market has seen a multitude of product design innovations. …
Read More Director of the SEC Division of Investment Management Spoke about Disclosure Issues in the Rapidly Changing Variable Insurance Market

In Williams v University of Birmingham [2011] EWCA Civ 1242 the Court of Appeal analysed the correct approach to proving liability in a mesothelioma case. The Court emphasised that the relaxation of normal principles of proof in relation to mesothelioma claims, laid down by the House of Lords in the Fairchild case (Fairchild v Glenhaven Funeral Services Ltd [2002] UKHL 22), apply only to the need to prove causation. …
Read More UK: Mesothelioma – Fairchild Principles of Proof Apply Only to the Need to Prove Causation

The Financial Services Authority (FSA) has proposed tougher new rules for those selling insurance as part of packaged bank accounts in a recent consultation paper (CP11/20). …
Read More UK: The FSA Proposes Tougher Rules for Insurance Policies Within Packaged Bank Accounts