CMS UNVEILS THREE NEW ACO INITIATIVES
The Center for Medicare and Medicaid Innovation (CMMI) – part of the Centers for Medicare and Medicaid Services (CMS) – recently announced three new initiatives related to the Medicare Shared Savings Program and Accountable Care Organizations (ACOs). …
Read More Healthcare Update: ACO Update; Senators Express Face-To-Face Concerns
This is an update as to the efforts of various state insurance regulators, and attorneys general, to coordinate an investigation of life insurance claims settlement practices. Specifically, insurance regulators have been investigating a number of large life insurance companies regarding the purported failure to pay, or undue delay in remittance of, death benefits to beneficiaries of life insurance and allied products. …
Read More Client Advisory – State Insurance Regulators Coordinate Investigation of Life Insurers’ Compliance With Unclaimed Property Laws
US companies with subsidiaries or operations in France have until 7 June 2011 to make any required amendments to their whistleblower programs in France in order to comply with new data protection rules there. As French authorities have also recently announced their intention to conduct more company audits, including of data transfers to the US, adherence to these new procedures is prudent. …
Read More Client Advisory – Global Whistleblower Hotlines: New French Restrictions Require Immediate Program Amendments
he Independent Insurance Agents & Brokers of New York (“IIABNY”) announced in a press release last week that it will appeal a lower court’s decision to uphold Regulation 194, last discussed here, which requires mandatory producer compensation disclosure. The appeal will be filed with the New York State Supreme Court’s Appellate Division, Third Department in Albany sometime this summer. …
Read More Industry Trade Group Continues Battle Against New York Producer Compensation Disclosure Rule
In a ruling written by former Supreme Court Justice David Souter, sitting by designation, the First Circuit concluded that Cynosure, Inc., was owed no coverage by St. Paul Fire and Marine Insurance Company under a Massachusetts commercial policy insuring against injury caused by advertising. …
Read More Reversing District Court, First Circuit Finds Cynosure Owed No Coverage for Fax Blasts Suit
Securities suits against Chinese companies listed on U.S. stock exchanges are on the rise. The majority of these suits concern suspect accounting practices – namely, allegations that the financial data reported by these Chinese companies to the SEC is vastly different from the data they report to authorities in China. …
Read More Reverse Mergers in the Spotlight
In December 2009, we reported on the Law Commission’s draft Bill on Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation (click here for our previous blog). The draft Bill applies only to consumer insurance contracts and deals with the issue of what information a consumer must tell an insurer before entering into or varying an insurance contract. …
Read More UK: Government to Proceed with New Bill on Consumer Insurance Law
On May 17, 2011, Florida Governor Rick Scott signed property insurance reform legislation. We previously reported on the progress of Senate Bill 408 here. The new law requires windstorm and hurricane claims to be brought within three, instead of five years, and sinkhole claims to be brought within two years. …
Read More Florida Governor Signs Florida Property Insurance Reform Into Law
This updates our May 2, 2011 blog post.
On May 11, 2011, Vermont Governor Peter Shumlin signed into law H.438 (the “Bill”) allowing for the incorporation of protected cells. Multiple protected cells are combined to form a single sponsored captive insurance company. …
Read More Vermont Enacts Legislation in Hopes of Expanding Its Captive Insurance Market
In order to encourage product innovation and meet the growing demand for investment linked products in the insurance market, the CIRC launched a trial programme of allowing PRC licensed insurers to sell variable annuity products in Beijing, Shanghai, Guangzhou, Shenzhen and Xiamen (Trial Programme). …
Read More China: China Insurance Regulatory Commission (CIRC) Issued Regulations for the Trial Program of Variable Annuity Products
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