The New York Times is reporting on a January 8, 2010, letter from NAMIC to the NAIC responding to the request by the Climate Change and Global Warming Task force for comments on issues concerning the proposed Insurer Climate Risk Disclosure Survey. 

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Read More NAMIC Issues Letter to NAIC Noting Its Observations on Current Controversy Surrounding Climate Change Science

In the recent case of Leung Chee Kuen Carol Macrady v American International Assurance Co (Bermuda) Ltd [2009] HKEC 1826, the court was asked to consider whether the insurance company AIA had wrongfully terminated its relationship with the plaintiff. 

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Read More HK: Terminating Contracts with Insurance Agents

The good practice guidance, called “Ensuring Positive Customer Experiences of Buying Insurance Online“, sets out high-level standards for insurance comparison websites, insurers and brokers selling general insurance, such as motor and home insurance, online. The guidance is in response to concerns that consumers have not always understood the terms of their insurance cover when buying policies online. 

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Read More UK: The Association of British Insurers Publishes Good Practice Guidance for the Online Sale of Insurance Policies

The Scottish Court has upheld legislation that maintains the right to compensation for pleural plaques sufferers in Scotland. In 2007, the House of Lords ruled that pleural plaques sufferers had no legal right to compensation as the “damage” was insufficient to be actionable in English law. 

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Read More UK: Scottish Court Rejects Insurers’ Challenge Over Compensation for Pleural Plaques

The China Insurance Regulatory Commission (CIRC) released on 25 December 2009 Draft Tentative Measures for the Administration of the Use of Insurance Funds (the “Draft Tentative Measures”) for public consultation. This public consultation closed on 4 January 2010. 

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Read More China: Draft Tentative Measures for the Administration of the Use of Insurance Funds

We reported here on the Employers’ Liability Insurance Bureau Bill which is now progressing through the UK parliamentary process, having received its First Reading in the House of Commons on 6 January 2010. 

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Read More UK: Employers’ Liability Insurance Bureau Bill – 1st Reading in House of Commons

On 28 December 2009, the Provision of Services Regulations 2009 (SI 2009/2999) (the Regulations) came into force. The Regulations govern, amongst other things, the information that service providers must give to clients and customers in the EU (for example, information on any registration or authorisation that the service provider holds) so as to ensure that they are able to make an informed decision when considering whether to use the service provider. 

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Read More UK: Provision of Services Regulations 2009 Now in Force

On December 28, 2009, the New York Insurance Department (“NYID”) issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis.  The revised Regulation is modeled on the NAIC Financial Reporting Model Regulation which applies certain public company reporting standards set forth in the Sarbanes-Oxley Act of 2002, to insurers, fraternal benefit societies and managed care organizations. 

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Read More New York Adopts Revisions to Regulation 118 governing Audited Financial Statements