Pursuant to Executive Order No. 25 from the New York State Governor’s office establishing a Regulatory Review and Reform Program, the New York State Insurance Department (the “Department”) is inviting comments from regulated entities and other interested parties to identify existing regulations that impose unnecessary, burdensome or excessive costs, paperwork or other requirements. 

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Read More New York Insurance Department Opens Its Regulations to Public Comment

On March 28, 2010, the National Association of Insurance Commissioners (“NAIC”) issued a press release announcing adoption of revisions to the existing Suitability in Annuity Transactions Model Regulation (the “Model”). 

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Read More NAIC Adopts Revisions to Suitability in Annuity Transactions Model Regulation

On 12 April 2010, the IAIS published a guidance paper on the “treatment of non-regulated entities in group-wide supervision” (the Guidance), which is available here. 

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Read More International Association of Insurance Supervisors (IAIS) publishes guidance paper on insurance groups

In Nicholas G Jones v (1) Environcom Limited; (2) Environcom England Limited and MS Plc [2010] EWHC 759 (Comm), the High Court ruled that an insurance broker must satisfy himself that the duty of disclosure is fully understood by the client. …
Read More UK: High Court provides guidance on the role of the insurance broker in relation to the duty to disclose to insurers

In National Farmers Union Mutual Insurance Society Limited v HSBC Insurance (UK) Limited Gavin Kealey Q.C., sitting as a Deputy High Court Judge, ruled that the National Farmers Union (NFU) were not entitled to a contribution from HSBC (UK) Limited (HSBC) in relation to a payment that they had made to an insured, as this was not a case of double insurance. 

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Read More UK: High Court Rules on the Presence of Double Insurance

On April 13, 2010, the U.S. Senate Permanent Subcommittee on Investigations (the “Senate Subcommittee”) heard testimony from former executives of Washington Mutual Bank (“WaMu”) in its first day of hearings titled “Wall Street and the Financial Crisis: The Role of High Risk Home Loans.” …
Read More Former Executives from WaMu Testify in Senate Hearings

Eithne McCarthy, from the Financial Services Unit of the European Commission’s Competition Directorate General (DG Comp), made a presentation on the new Insurance Block Exemption Regulation (BER) to the Law Society’s Competition Section on 13 April 2010. …
Read More EU/UK: Presentation by Eithne McCarthy – the new Insurance Block Exemption Regulation