Hedge funds seeking to recover more than $554 million in judgments against Argentina have reportedly withdrawn court appeals to stop assets being taken out of accounts at Citibank, diminishing their chances of ultimate success.
Read More Hedge Funds Back Down in Argentina Claim After Asset Freeze Fails
New York Seeks Comments on Draft Regulation Prohibiting Use of Discretionary Clauses in Life and Health Insurance Policies
The New York Insurance Department has issued a proposed regulation that would prohibit life and health insurers from issuing policies that contain discretionary clauses (the “Proposed Regulation”). …
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Louisiana: Surplus Lines Exemption Bill Scheduled for Floor Debate
By Troutman Pepper Locke on
The Louisiana House of Representatives has scheduled a floor debate for April 21, 2010 on House Bill 285 (the “Bill”). …
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Last Week in DC: News From Capitol Hill and the Department of Health and Human Services – April 19, 2010
By Troutman Pepper Locke on
After weeks of uncertainty, Congress finally cleared a federal program extension bill last week that will prevent Medicare physician payment cuts. …
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Update: National Flood Insurance Program Extended to May 31, 2010
By Troutman Pepper Locke on
Posted in Regulatory, United States
As we previously reported here, last week the U.S. Senate failed to reinstate the National Flood Insurance Program (“NFIP”). …
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UK: Proposals for compensating EL claimants
By Troutman Pepper Locke on
On 1 April 2010 the ABI held a seminar for liability carriers on developments in relation to EL, covering two main topics, the ELTO (Employers’ Liability Tracing Office) and a possible scheme for compensating those with EL claims. …
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UK: Financial Services Act 2010
By Troutman Pepper Locke on
The Financial Services Act 2010 (the Act) received Royal Assent on 8 April 2010. The Act amends the Financial Services and Markets Act 2000 to address a number of issues that are perceived to have contributed to the financial services crisis …
Read More UK: Financial Services Act 2010
HK: Hong Kong and Guangdong sign Cooperation Agreement
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The Governor of Guangdong Province, representing the Guangdong Provincial Government, and the Chief Executive of the Hong Kong Special Administrative Region (the SAR) signed a Framework Agreement on Hong Kong/Guangdong Co-operation (the Framework Agreement) at a signing ceremony in Beijing on 7 April 2010. …
Read More HK: Hong Kong and Guangdong sign Cooperation Agreement
Tax Treatment of Carried Interest Could Be Revived in Senate
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
Though the Senate passed its Tax Extenders legislation in mid-March without including House language to change the tax treatment of the “carried interest” income of investment managers, the issue may receive a second look in the coming weeks.
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EU: Solvency II – first Level 3 guidance published
By Troutman Pepper Locke on
On 31 March 2010, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published the first of its Level 3 guidance for Solvency II. …
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