Citing a number of industry executives, Bloomberg recently reported that the Deepwater Horizon rig explosion – causing the largest oil spill in U.S. history – has prompted a reduction in the placement of insurance coverage for deepwater oil exploration.  According to the Bloomberg article, corporations may now need “to self-insure or exit deepwater fields.” …
Read More Update: Bloomberg Reports Sharp Decline in Offshore Oil Rig Drilling Insurance As Underwriters Tack Away From BP Disaster-Type Risk

In late June, two Members of Congress requested that the Centers for Medicare and Medicaid Services (CMS) expedite the implementation of a Medicare home care demonstration project.  In other CMS news, the agency issued a proposed outpatient hospital rule in early July, and during Congress’ July 4th recess, President Obama made the decision to officially appoint his CMS Administrator. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – July 12, 2010

A Connecticut District Court recently held that plaintiffs, who brought a subrogation action to recover a judgment entered in their favor in an underlying legal malpractice action against their attorneys, were entitled to litigate coverage issues even though the attorneys’ insurer obtained a default judgment against the attorneys in a separate coverage action. …
Read More Connecticut District Court: Insurer’s Default Judgment Does Not Necessarily Preclude Litigation in Subrogation Action

In a recent decision, the Supreme Court of Appeals of West Virginia concluded that the West Virginia Human Rights Act prohibits discrimination by an insurer in the settlement of a property claim. …
Read More West Virginia Human Rights Act Prohibits Discrimination by Insurer in the Settlement of Property Claim

On 30 June 2010, the UK’s Financial Services Authority (FSA) and Financial Reporting Council (FRC) published a joint discussion paper (DP) entitled “Enhancing the auditor’s contribution to prudential regulation”.
Read More UK: Financial Services Authority and Financial Reporting Council Publish Discussion Paper on Auditors’ Role in Prudential Regulation

In the days after the January earthquake in Haiti, some staggering numbers were reported in the media. There was approximately $14 billion in property damage, most of which occurred in Port-au-Prince, the largest city in Haiti, and 250,000 people were killed, either directly or indirectly, by the earthquake. …
Read More Microinsurance Going Macro, Especially in Latin America

On 6 July 2010, Lloyd’s issued Market Bulletin Y4408 (click here to see a copy of the bulletin) clarifying the reporting requirements of managing agents who underwrite broker errors and omissions (E&O) insurance. These requirements were issued in April 2010 by Market Bulletin Y4390 (click here to see a copy of the bulletin). …
Read More UK: Lloyd’s Regulates Conflict of Interest for Underwriters of Broker E&O Insurance

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