The FSA has published a statement of findings following its post-implementation review (PIR) of the Insurance: Conduct of Business Sourcebook (ICOBS) and its effect on firms’ behaviour in the insurance market. …
Read More UK: FSA Publishes its ICOBS Post-Implementation Review Findings

EAPD’s own Ambereen Salamat and Chris Collins were asked by Complinet in its Mid-Year Roundup what the biggest regulatory and compliance challenge this year will be and above all, Solvency II was the resounding response. …
Read More Solvency II: The Insurance Industry’s Biggest Regulatory and Compliance Challenge this Year: How well prepared is it?

The British Insurance Brokers Association (BIBA) has written a letter dated 24 June 2010 responding to the Competition Commission’s (CC) provisional decision of 14 May 2010 in relation to how Payment Protection Insurance (PPI) is sold. …
Read More UK: Regulation – The British Insurance Brokers Association Response to the Competition Commission’s Decision on Payment Protection Insurance

On July 1, the U.S. Department of Health and Human Services unveiled a new website, HealthCare.gov , to provide consumers with information on their rights and benefits under the Patient Protection and Affordable Care Act.  The site offers data on U.S. insurance carriers and the products they offer and includes a timeline of when new programs under the new law will begin between now and 2014. …
Read More New Government Healthcare Website Unveiled

Texas Farmers Insurance Company (“Texas Farmers”) issued claims-made insurance policies (transformed into occurrence-based policies through endorsement) to Kaiser Permanente, a medical facility, for the policy periods of 4/9/99-4/9/00, 4/9/00-4/9/01, and 4/9/01-4/9/02.  The first two policies had a $5 million limit of liability per claim. …
Read More Ninth Circuit Affirms Ruling That Reinsurer Has No Duty to Contribute to Settlement Payment Where Reinsured Excess Policy Was Not Triggered

The case of Cosco Bulk Carrier Co. Ltd v Team-Up Owning Co. Ltd [2010] EWHC 1340 (Comm) was an appeal to the High Court of a decision by an arbitration panel.  Mr Justice Gross, who heard the appeal, noted that the subject of the case was topical and of interest to the industry and therefore set out a lengthy judgment, despite his decision to dismiss the appeal in full. …
Read More UK: The Problem of Piracy Reaches the English High Court

Fund managers and other investment advisers will face tight new restrictions on their ability to make – or facilitate – contributions to politicians, candidates and other officials who are responsible for public assets, including pension plans and Section 529 tuition plans.  The new Securities and Exchange Commission “pay-to-play” rule  applies to investment advisory firms that are exempt from SEC registration under the private investment adviser (fewer-than-15-clients) exemption as well as to registered investment advisers. …
Read More Investment Managers are Restricted from Making Political Contributions to Win Business — Unregistered Advisers are Covered by the SEC’s New Pay-to-Play Rule — Third Party Solicitors are Spared . . . if they are Registered Advisers or Broker-Dealers

Insurance and reinsurance companies should be aware of the new Supreme Court decision issued this week which impacts insurer patents and software as they relate to business methods. …
Read More Business Methods and Software Patent Eligibility Saved with Bilski Decision

The Minnesota Department of Commerce will lower the surplus lines stamping fee from 0.0025 to 0.0008, effective January 1, 2011.  The new stamping fee will apply to all surplus lines policies written or renewed after the effective date, and includes all premium bearing transactions on such policies. …
Read More Minnesota to Lower Surplus Lines Stamping Fee

On June 28, 2010, the New York Insurance Department (the “Department”) held a hearing to obtain comments from the public regarding how to enhance Department procedures. Comments were invited on the processing of rate and form filings, regulatory filings, and company and producer licensing and renewal applications. …
Read More New York Insurance Department Holds Hearing on Reform of Rate, Form, Regulatory Filings and Licensing Applications