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. 

…
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. 

…
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. 

…
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. 

…
Read More China: Insurance Institutions may Invest in Corporate Debentures

The Chinese Ministry of Finance (MoF) and the China Insurance Regulatory Commission (CIRC), the insurance industry regulator in the People’s Republic of China, have jointly issued detailed rules requiring insurance companies to adopt new accounting standards in compiling their 2009 financial reports. 

…
Read More China: New Accounting Standards for Insurance Companies

The United States District Court for the District of Minnesota recently granted an insurer’s motion for summary judgment based upon its finding that the underlying claims were excluded by the policy’s broadly worded Product Exclusion. 

…
Read More Minnesota District Court Grants Summary Judgment to Insurer Based Upon Broadly Worded Product Exclusion

Though both the House and Senate were officially in recess, several notable occurrences took place last week as key players moved ahead on the difficult task of how to reconcile the differences between the two chambers’ healthcare reform plans. 

…
Read More Last Week in DC: The Healthcare Reform Debate – January 11, 2010