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

Join the U.S. Reinsurance Under 40s Group’s at their next event, “Preserving Liquid Assets” Lecture and Wine Tasting, on February 10 at the offices of Edwards Angell Palmer & Dodge in New York. 

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Read More Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting

The China Insurance Regulatory Commission (CIRC), the insurance industry regulator in the People’s Republic of China, issued a circular on 31 December 2009, permitting insurance institutions to invest in corporate debentures which are issued in the domestic inter-bank market provided that the corporate debentures satisfy the relevant applicable requirements and have a credit rating of AAA or a long-term credit rating equivalent to AAA assigned by domestic credit rating institutions. 

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Read More China: Insurance Institutions may Invest in Corporate Debentures