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

IMPACT OF THE ELECTION ON HEALTHCARE REFORM:  The November 2 midterm congressional elections resulted in a change in leadership in the House of Representatives, where Republicans are poised to take control of the chamber when the 112th Congress convenes in early January 2011. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – November 8, 2010

In the case of Sugar Hut Group Ltd & Ors v Great Lakes Reinsurance (UK) Plc & Ors [2010] EWHC 2636 (Comm) Mr Justice Burton reaffirmed the English Court’s approach to non-disclosure and breach of warranty. …
Read More UK: High Court Finds Insurers Not on Risk because of Non-Disclosure and Breach of Warranty

Christopher Symons QC has been appointed by the Council of Lloyd’s to be president of the Lloyd’s Appeal Tribunal for a term of 3 years. The position is part-time as Mr Symons sits as a deputy High Court Judge in the Queen’s Bench, Chancery Division and in the Administrative Court. …
Read More UK: Lloyd’s Appoints New Appeal Tribunal President

On 29 October 2010, the Law Commission published an Issues Paper on whether the requirement for a formal marine policy under section 22 of the Marine Insurance Act 1906 should be repealed. Section 22 states that a contract of marine insurance will be inadmissible in evidence unless it is “embodied in a marine policy“. …
Read More UK: Law Commission Publishes Issues Paper 9 Proposing Repeal of the Need for a Formal Marine Policy