On November 22, 2010, the U.S. Department of Health and Human Services (HHS) issued final regulations on the medical loss ratio requirements provided for in the Patient Protection and Affordable Care Act (PPACA). …
Read More Federal Government Issues Final Medical Loss Ratio Regulations

As we last discussed here, the Independent Insurance Agents and Brokers of New York (“IIABNY”) and the Council of Insurance Brokers of Greater New York (“CIBGNY”) jointly filed an Article 78 proceeding to block the implementation of Insurance Regulation 194, which requires insurance producers to disclose certain information regarding their compensation to their clients.  Regulation 194 is scheduled to take effect on January 1, 2011. …
Read More New York Court Rules in Favor of Producer Compensation Disclosure Regulation

Three people have been charged with motor insurance fraud after allegations they acted as “ghost brokers”, the Insurance Fraud Bureau (IFB) has reported. The two men and one woman are suspected of working as ghost brokers, or illegal intermediaries, offering cheap motor insurance. …
Read More UK: Ghost Brokers Charged with Insurance Fraud

Prudential Assurance Co Ltd & Ors v Revenue & Customs Commissioners [2010] EWHC 2811 (Ch) concerned the UK’s former rules on the taxation of dividends received by insurance companies resident in the UK on shareholdings in foreign companies which were held as investments in their pension and life assurance business. …
Read More UK: Prudential Test Case Relating to UK Dividend Taxation Adjourned

On November 9, 2010, the Equal Employment Opportunity Commission (the “EEOC”) published final regulations (the “Regulations”) implementing the employment provisions (Title II) of the Genetic Information Nondiscrimination Act of 2008 (“GINA”).  Title II of GINA, which went into effect in November of 2009, prohibits employment discrimination based on genetic information, and restricts the acquisition and disclosure of genetic information. …
Read More Final GINA Regulations Published in Federal Register

We have reported previously on the proposed overhaul of the European Financial Regulatory System (click here to see our previous post). On 17 November 2010, the Council of the European Union formally adopted the legal texts to establish the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs): a European Banking Authority (EBA), a European Insurance and Occupations Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA). …
Read More Europe: European Systemic Risk Board and Industry-Specific Supervisory Authorities to be Operational from 1 January 2011

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010.  Ambac’s troubles began when the mortgage-backed securities market collapsed in late 2008, causing a cascade of claims on policies issued by the bond insurer to protect creditors in the event of a default by borrowers. …
Read More During Hearing to Consider Ambac’s Rehabilitation Plan, Insurance Regulator Reveals that Liquidation of the Bond Insurer was Considered

The New York Law Journal published an article titled “Foreclosure Crisis: Intramural Battles May be the Toughest Part,” which was authored by Mark Peters, a partner in the Firm’s New York office. …
Read More Foreclosure Crisis: Intramural Battles May be the Toughest Part

As we reported to you in our September 27 update (please click here to view this and other previous updates), several dozen comments associated with CMS’s proposed rule for the Medicare Home Health Prospective Payment System (HH PPS) Rate Update for Calendar Year 2011 addressed the so-called “36-month rule” for home health agencies (HHAs) that went into effect in January 2010. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – November 22, 2010

In a verdict handed down on Thursday (11/18/10) ,a South Florida federal jury found that BankAtlantic violated federal securities laws by making several false statements to investors during the class period.  These false statements included seven statements made by bank executives during investor conference calls. …
Read More BankAtlantic Loses Class Action Trial