Connecticut Governor M. Jodi Rell has appointed Barbara C. Spear acting Commissioner of Insurance effective today.  Governor Rell’s office confirmed the appointment of Ms. Spear, who currently serves as the Director of Consumer Services and Business Regulation at the Connecticut Insurance Department (the “CID”). …
Read More Connecticut Names New Insurance Commissioner

Earlier this week the commissioner (the “Commissioner”) of the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with three alien reinsurers pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”). …
Read More Alien Reinsurers Enter Florida Property and Casualty Market Under Reduced Collateral Rule

In another instalment of the Scottish Lion saga (see our previous blog entries here, here and here) the Outer House of the Court of Session (the Scottish First Instance Court) has ruled that where a scheme creditor submits documents in support of his claim for voting purposes at the creditors’ meeting convened to approve a scheme of arrangement, he is deemed to have waived any privilege there might have been in such documents. …
Read More UK: Scottish Lion – Waiver of Privilege by Creditor Participating in Scheme of Arrangement

The Delaware Department of Insurance has issued informal advice that those captive insurance companies that would like to obtain licensing in Delaware in the 2010 calendar year should submit their applications to the Department no later than November 24, 2010. …
Read More Deadline Approaching for Licensing Captive Insurance Company in Delaware in 2010

Ambac Financial Group Inc., parent of the troubled Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief on November 8, 2010.  As was alluded to in our blog post last week, Ambac has been unable to raise additional capital or come to terms with its debt holders.  Additionally, while Ambac had originally sought to enter bankruptcy as part of a prepackaged agreement, this too failed. …
Read More Ambac Financial Group, Inc. Files for Chapter 11 Bankruptcy

In the light of the Lehman collapse, the FSA has been taking steps to improve client asset protection. On 20 October 2010 it published a policy statement giving details of some changes to the client assets regime which would take effect on a variety of dates in 2011. …
Read More UK: FSA Enhances Client Asset Protection

Venezuela’s newly strengthened regulator, the Insurance Activity Superintendency, has called on all authorized insurance brokers and agents to submit sworn statements confirming compliance with their license status. …
Read More Venezuelan Superintendency Calls on Intermediaries to Confirm License Compliance

In Islamic Republic of Iran Shipping Lines v Steamship Mutual Underwriting Association (Bermuda) Limited [2010] EWHC 2661 (Comm) the Commercial Court had to assess the impact of the Financial Restrictions (Iran) Order 2009 (the Order), and a licence made under it (the Licence), on the provision of marine protection and indemnity (P&I) insurance. …
Read More UK: English Commercial Court Considers the Effect of Sanctions on a P&I Club

In a letter to CEIOPS dated 29 October 2010, the European Commission has confirmed the countries that will undergo the first wave of equivalence assessments under the Solvency II regime. Bermuda and Switzerland will undergo a full assessment and Japan will be assessed for equivalence in relation to reinsurance under Article 172 only. This reflects the draft advice published by CEIOPS in July 2010 (see here). …
Read More EU: European Commission Confirms First Wave of Solvency II Equivalence Assessments