The New York Insurance Department published the final version of its regulation regarding the transparency of insurance producer compensation (“Regulation 194”) in the New York State Register on February 10, 2010.  Regulation 194 is slated to take effect January 1, 2011, but the Independent Insurance Agents and Brokers of New York (the “IIABNY”) has recently announced its decision to proceed with legal action in order to prevent Regulation 194 from taking effect. …
Read More IIABNY to Sue New York over Producer Compensation Disclosure Regulation

Amid solid growth rates in the face of global economic crisis, international interest in the Latin American insurance and reinsurance markets is at an all-time high. Just as most Latin American markets have better weathered the downturn, so they are expected to rebound more quickly. 

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Read More Reminder: Free Webinar on February 23, 2010: ¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond

The Liquidator of Midland Insurance Company moved to remand to state court a lawsuit asserted against Dunav Re to recover for claims billed to Dunav Re by Midland under certain reinsurance treaties. …
Read More Federal Court Enforces Service of Suit Provision in Reinsurance Treaties, Grants Liquidator’s Motion to Remand Lawsuit to State Court

The two major snowstorms that struck Washington, DC last week brought business on Capitol Hill to a near standstill, as the House cancelled all votes for the week and the Senate conducted limited business.  As a result, Democrats headed into the first congressional recess of 2010 with little progress to report on their retooled jobs agenda, and no substantive breakthroughs on their stalled healthcare reform efforts. …
Read More Last Week in DC: The Healthcare Reform Debate – February 16, 2010

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has recently published its final set of advice on Solvency II Level 2 Implementing Measures and the first consultation on Level 3 Guidance. …
Read More EU: Solvency II – progress on implementing measures and guidance

Petitioner Sun Life Assurance Company of Canada (“Sun Life”) moved to confirm an arbitration award against Respondents Liberty Mutual Insurance Company, Golden Eagle Insurance Corporation and San Diego Insurance Company.  The award was rendered by a panel of three actuaries and required Sun Life to pay a specific commutation amount to Respondents pursuant to certain reinsurance contracts. …
Read More California Federal Court Finds That Issue of Whether Commutation Terminated Certain Reinsurance Contracts was for the Arbitration Panel to Decide

As previously reported here, the Third Parties (Rights Against Insurers) Bill was introduced into Parliament in November 2009. It is continuing to progress through the House of Lords, having completed the Special Public Bill Committee stage on 9 February 2010. 

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Read More UK: Third Party (Rights Against Insurers) Bill Passes Through Special Public Bill Committee Stage

The High Court has awarded almost £400,000 to a group of motor insurers who won a civil case against 57 members of a “crash for cash” insurance fraud ring. 

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Read More UK: High Court Awards Exemplary Damages Against ‘Crash for Cash’ Insurance Fraudsters

On 8 February 2010, Lloyd’s released its 2010 to 2012 strategy plan, including specific corporate actions for 2010. The strategy plan follows a detailed review of the market’s position involving more than 50 managing agents, brokers and market associations. 

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Read More UK: Lloyd’s Publishes its 2010 to 2012 Strategy and Reshuffles Management