Even if the insured losses from the Chile earthquake fall in the mid-range of current estimates of between US$ 2 billion and US$ 8 billion, it will outpace Hurricane Wilma as the most expensive insured event in Latin America’s history, according to a release by reinsurance broker Cooper Gay. 

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Read More Latin America’s Most Expensive Insured Event Ever? Compliance and Coverage Issues Begin to Emerge as Reinsurers Continue to Estimate Impact of Chile Earthquake

Chan Kin-por, legislator representing the insurance sector in Hong Kong’s Legislative Council, recently told the South China Morning Post that many customers and insurance agents have urged him to seek a regulatory change to help the launch of  yuan-denominated policies as many people believe that the yuan will appreciate in value over the next few decades and yuan life insurance policies may bring policyholders 20% to 50% growth in terms of investment returns and valuation gains. 

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Read More HK: Rising Demand for Yuan Policies

According to the Statistics on China Insurance Business for 2009 recently published by the China Insurance Regulatory Commission (CIRC), total insurance premiums in China received in 2009 amounted to RMB 1.11 trillion, up 13.8% from 2008. 

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Read More China: Insurance Market Performance in 2009

The head of the Insurance and Pensions Unit at the European Commission, Karel Van Hulle, confirmed that a meeting had been scheduled in early May to discuss extending the current October 2012 implementation deadline for the Solvency II regulatory regime to 1 January 2013. 

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Read More EU: Further Delays for Solvency II Implementation; No Exemptions for the Legacy Industry

Foreign reinsurers are beginning to count the cost of the earthquake in Chile last month, with announced loss estimates already surpassing $1.5 billion.  Total losses from the magnitude 8.8 earthquake are expected to be between $4 billion and $7 billion, although some estimates range as high as $10 billion. …
Read More Chile: Foreign Reinsurers Announce Earthquake Loss Estimates as Industry Sectors Survey Damage

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) announced Thursday morning that he will release his updated financial regulatory reform bill on Monday.  While citing “significant progress” and indicating that many sticking points had been resolved, Chairman Dodd also acknowledged that “a few outstanding issues remain.” 

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Read More Senate Financial Reform Bill to be Unveiled Monday; Bipartisan Negotiations Fall Apart

On March 1, 2010, the Florida Supreme Court heard oral argument in Rafael Vargas v. Enterprise Leasing Company, et al., SC08-2269.  The case challenges the application of a federal law that shields rental car companies from vicarious liability for accidents involving rental cars. 

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Read More Florida Supreme Court Considering Question of Rental Car Company Vicarious Liability

The first federal trial in the nationwide Chinese drywall controversy began on February 19th, 2010 in New Orleans and is ongoing.  This “bellwether” trial involves seven Virginia plaintiffs whose homes contain drywall manufactured by China-based Taishan Gypsum Co. 

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Read More Chinese Drywall – First Bellwether Trial Ongoing

Insurance regulators in New York, Illinois and Connecticut have reached an agreement to allow Aon Corp., Marsh & McLennan Companies Inc. and Willis Group Holdings plc (the “Big Three”) to receive contingent commission compensation from insurance carriers.  As a condition to this new agreement, the Big Three have agreed to abide by the new producer compensation disclosure regulation proposed by the New York Insurance Department (the “Department”) in all U.S. jurisdictions. 

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Read More Contingent Commissions Allowed for “Big Three” Insurance Brokers in New York, Illinois and Connecticut