PICC Property and Casualty Company (PICC), China’s largest non-life insurer, reported an increase in profits to 1.78 billion yuan (US$260.8 million) as a result of a surge in China’s stock market lifting the value of their investments and growth in insurance premiums received. PICC is exploring a number of ways to improve its solvency ratio, which currently sits at 111% having dropped 34% last year. …
Read More HK: Insurance Industry Update

In speaking with our insurance and reinsurance clients, one frustration that has been consistently mentioned is the difficulty of effectively monitoring legal and regulatory developments in the various countries in Latin America.  We have therefore recently launched a Latin American (re)insurance regulatory service to assist companies in overcoming this hurdle in a cost-efficient manner. …
Read More EAPD Launches Latin American (Re)insurance Regulatory Update Service

We reported recently on the passing of the Financial Services Act 2010 (you can see our post by clicking here) which granted the Financial Services Authority (FSA) new powers in a number of areas including reporting and control of short selling. 

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Read More UK FSA Consults on New Powers Under the Financial Services Act 2010

The Supreme Court recently issued an important decision regarding the test for determining whether an investment adviser has violated its “fiduciary duty” to a mutual fund by charging excessive fees under §36(b) of the Investment Company Act of 1940. 

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Read More Supreme Court Upholds Gartenberg Test for Mutual Funds’ Compensation of Investment Advisers

On Friday, April 30, 2010, the Florida Legislature approved S.B. 2176, which excludes certain lines of insurance from the rate filing and approval requirements in Fla. Stat. § 627.062(2)(a) and (f). 

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Read More Florida Amends Rating and Approval Process to Exclude Certain Commercial Lines

On April 27, 2010, the Homeowners’ Defense Act of 2009, H.R. 2555 (the “Act”) was passed by the House of Representatives’ Financial Services Committee by a vote of 39-26, and will head to the House floor for a full vote, although no date has yet been set. 

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Read More Homeowners’ Defense Act Approved by House Committee

The past two weeks brought several notable healthcare developments, as the Department of Health and Human Services (HHS) continued preparations for implementation of the new healthcare reform law – Public Law (PL) 111-148. …
Read More Healthcare News From Capitol Hill and the Department of Health and Human Services – May 3, 2010

The Insurance and Reinsurance Department of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled “Emerging Trends in Asbestos Litigation: US/UK/European Issues and Perspectives” on Tuesday, May 25, 20 at 12:00 p.m. EST. …
Read More Webinar: Emerging Trends in Asbestos Litigation: US/UK/European Issues and Perspectives

Following on from our earlier blog on the High Court ruling that Zurich did not have to pay out for toxic sofa victims on the basis of Land of Leather’s subsequent administration and breach of claims control clauses, it seems that more than 1,500 other victims of those toxic sofas have been handed some good news. 

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Read More UK: Good News for “Non-Severe” Toxic Sofa Victims