The Financial Services Authority (the FSA) has recently issued a statement on the status and implications of the open letter it sent to the insurance industry in August 2010 setting out common point of sale failings for PPI sales. …
Read More UK: FSA Statement Regarding Payment Protection Insurance (PPI)

The European Commission (Commission) launched a consultation  on 24 November 2010 to obtain input on the impacts, costs and benefits to support the policy decision making-process for the Solvency II level 2 implementing measures (the Consultation). Views on the impact of policy decisions on pricing, design and availability of insurance products are also being sought. …
Read More EU: Consultation on Solvency II Level 2 Implementing Measures Launched

The Gulf Coast Claims Facility (“GCCF”) — the agency responsible for doling out the $20 billion fund that was set up by BP as a result of the April 20, 2010 Deepwater Horizon incident (the “Spill”) — has issued its Protocol for the submission and resolution of Interim and Final Claims. …
Read More BP Spill Update: GCCF issues Protocol for Interim and Final Claims

Edwards Angell Palmer & Dodge is holding a Complimentary Webinar entitled Suspicious Activity Reports:  How and When to Write Them, on December 16, 2012 from noon to 1:00 PM EST. …
Read More Complimentary Webinar entitled Suspicious Activity Reports: How and When to Write Them

The International Association of Insurance Supervisors (IAIS) has produced a joint issues paper with the MicroInsurance Network regarding the role of mutuals, cooperatives and community-based organisations (MCCOs) in insurance markets. …
Read More International Association of Insurance Supervisors issues paper on the role of participants in MicroInsurance

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) submitted its advice to the European Commission on the revision of the Insurance Mediation Directive (2002/92/EC) (IMD), on 11 November 2010. …
Read More EU: Advice on the revision of the Insurance Mediation Directive

Bed bugs are quickly becoming the bug du jour. While some media reports have anointed Cincinnati the “Bed Bug Capital of the U.S.,” others have given the honor to New York City. …
Read More Bed Bugs – the Next Big Bug for Business Interruption Insurers?

As previously discussed here, Ambac Financial Group Inc. has filed for bankruptcy for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York. …
Read More Ambac and IRS Come to Temporary Terms Regarding Dispute Over $700 Million in Tax Refunds

Earlier this year, the leadership at the United States Securities and Exchange Commission (the “SEC”) directed its staff at the Office of the Chief Accountant to develop a Work Plan to consider the convergence of the U.S. Generally Accepted Accounting Standards (“GAAP”) and the International Financial Reporting Standards (“IFRS”). …
Read More SEC Issues First Progress Report on Convergence of Global Accounting Standards

The California Insurance Commissioner Steve Poizner has filed a lawsuit challenging the determination made by the California Office of Administrative Law (“OAL”) that the Commissioner’s attempt to place a moratorium on new investment in companies doing business in Iran by insurers licensed in California is an overreach of the Commissioner’s powers. …
Read More California Insurance Commissioner Sues to Uphold Moratorium on Investment in Iran