As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is designed, in particular, to remedy the shortcomings of current legislation in protecting the rights of third party claimants against insurers of the liabilities of insolvent defendants. …
Read More UK: Third Party (Rights Against Insurers) Bill

In his remarks Monday, March 15, 2010, at the World Insurance Forum in Bermuda, Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority (BMA), announced that, during a break at the Forum, CEO Cox and Dr. Monica Mächler, Vice Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), executed a Memorandum of Understanding (MoU) between the BMA and FINMA. 

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Read More Newsflash from the World Insurance Forum

The Insurance Insider yesterday reported that the High Court had sanctioned Minster Insurance’s solvent scheme of arrangement, after the creditors approved the scheme at a meeting held on 18 January 2010. …
Read More UK: Minster Scheme of Arrangement Sanctioned by High Court

The California Department of Insurance no longer requires fingerprints from non-resident individuals that have been fingerprinted in their resident state in connection with applying for an insurance producer license.  The change was effective March 1, 2010. 

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Read More California Fingerprint Requirement Updated as of March 1, 2010

Join the U.S. Reinsurance Under 40s Group on April 1 for “Preserving Liquid Assets” Lecture and Wine Tasting at the offices of Edwards Angell Palmer & Dodge in New York.  The event will include an engaging lecture by Katja Zigerlig, AVP, Fine Art, Wine & Jewelry Insurance of Chartis Private Client Group, and a tasting of Spanish red wines. …
Read More RESCHEDULED: Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting Now on April 1

The Financial Services Authority (FSA), the Financial Ombudsman Service (FOS) and the Office of Fair Trading (OFT) have jointly published a discussion paper entitled “Consumer complaints (emerging risks and mass claims) (DP10/1)”. …
Read More UK: Joint Discussion Paper on Consumer Complaints Published

As a first step in the European Commission’s delayed review of the Insurance Mediation Directive (the Directive) the Commission has written to the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) requesting technical advice on revisions to the Directive to improve its functioning. 

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Read More EU: European Commission Starts Review of the Insurance Mediation Directive Including Conflicts of Interest and Transparency

Healthcare negotiations steadily moved forward last week, as details emerged on a potential timeline for completing action on a final bill in the coming weeks.  Despite optimistic endgame statements from Democratic leaders on both sides of the Capitol, legislative language remained in the final stages of negotiations by the week’s end, as leaders continued to count votes and await final cost estimates. 

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Read More Last Week in DC: The Healthcare Reform Debate – March 15, 2010