As we previously report here, Ambac Financial Group, Inc. (“AFG”), the holding company for the bond insurer, Ambac Assurance Corp. (“AAC”), filed for bankruptcy in November 2010 after it was unable to raise additional capital or come to terms with its debt holders. …
Read More Ambac and Rehabilitator Reach Amended Bankruptcy Reorganization Plan

MEDPAC PROPOSES PLAN TO FIX MEDICARE PHYSICIAN PAYMENT FORMULA
The Medicare Payment Advisory Commission (MedPAC) recently unveiled a new approach to overhaul the complicated Medicare physician payment formula. Every year, that formula – known as the sustainable growth rate (SGR) – calculates larger and larger mandated cuts to doctors’ Medicare reimbursements, and each year, Congress acts to temporarily halt the cuts via short-term patches. …
Read More Healthcare Update: MedPAC Proposes Medicare Physician Payment Overhaul; CMS Releases Notice for Using Identifiable Data in Accountable Care Organizations; President Proposes Medicare Changes In Deficit Reduction Package

On September 20, 2011, the Florida Office of Insurance Regulation (“FOIR”) issued an order on the proposed rate increases by Citizens Property Insurance Corporation (“Citizens”) for homeowners, dwelling fire, and sinkhole coverage. …
Read More Florida Office of Insurance Regulation Issues Order Regarding Sinkhole Rate Increases

The U.S. Senate Committee on Banking, Housing and Urban Affairs recently approved Roy Woodall’s nomination to serve a six-year term as a voting member of the Financial Stability Oversight Council (“FSOC”). …
Read More Senate Committee Approves Roy Woodall’s Nomination to FSOC

The Court of Appeal has overturned a High Court judgment on the meaning of an arbitration clause and clarified the meaning of “claim” in a public liability policy. …
Read More UK: Court of Appeal Rules on the Meaning of “Claim” and When Liability Accrues Under an Indemnity Policy

In July 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-06. …
Read More New Accounting Guidance Will Affect Health Insurers Subject to Federal Fee Under the Patient Protection and Affordable Care Act

On 6 September 2011, the Chartered Insurance Institute (CII) submitted its response to the Financial Services Authority’s (FSA) discussion paper titled “The Financial Conduct Authority: Approach to Regulation”. …
Read More UK: CII responds to FSA discussion paper on regulatory reform

EAPD’s Vincent Vitkowsky authored an article that is part of Business Insurance’s special edition about the impact and ramifications of 9/11 on the insurance industry. …
Read More Ten Years Later – The Insurance Industry’s Fight Against Terrorism