The Law Commission has today published its draft Bill on Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation. It applies only to consumer insurance contracts, ie. contracts of insurance bought by individuals for purposes wholly or mainly unrelated to their trade, business or profession. It also only deals with the issue of what a consumer must tell an insurer before entering into or varying an insurance contract. 

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Read More UK: Insurance Contract Law Reform – Draft Bill on Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation

On December 8, 2009, State Representative Bill Proctor filed HB 447, An Act Relating to Residential Property Insurance, in the Florida Legislature.  HB 447 would permit insurers to charge rates higher than those they have filed with the Florida Office of Insurance Regulation (FOIR) for residential property insurance that covers hurricane or windstorm risk, as long as the insurers comply with certain new requirements set forth in HB 447.

Read More Florida Legislator Seeks De-Regulation of Rates for Property Insurance that Covers Risk of Windstorm or Hurricane

When comparing September 2009 to September 2008, total premiums in the Brazilian insurance market were down 4.81% (US$ 1.42 billion), down to US$ 29.58 billion to US$ 28.16 billion.  For the same period total premiums were up 13.99% for pension and 5.4% for credit and guaranty, but down for accident and health (-5.3%), life (-6.89%), auto (-9.09%), non-auto liability (-12.42%) and mandatory auto (-54.86%). 

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Read More Brazil: Total Premiums Off Nearly 5% in September

Costa Rica’s financial services supervisor, the Consejo Nacional de Supervision del Sistema Financiero (Conassif) recently unanimously selected Javier Cascante as the head of country’s new insurance superintendency, the Superintendencia General de Seguros (Sugese). 

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Read More Costa Rica: Javier Cascante Appointed Insurance Commissioner

On Friday, the House passed its 1,200+ page package of nine bills to reform the U.S. financial regulatory system by a vote of 223-202.  Passage of the comprehensive measure – the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173) – wraps up months of House debate on the issue and marks an important step in the legislative process for one of the top priorities of the Obama Administration. 

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Read More Details of House-Passed Financial Regulatory Reform Legislation

Debate on healthcare reform legislation continued on the Senate floor last week, while behind the scenes a tentative agreement was reached among Democrats on the controversial public insurance option.  As a result, further consideration of the Senate healthcare reform bill is temporarily on hold, as Democratic leaders await cost estimates on the new public option compromise. …
Read More Last Week in DC: The Healthcare Reform Debate – December 14, 2009

As discussed here and here, the New York Insurance Department (the “Department”) has drafted a new regulation regarding the transparency of insurance producer compensation.  The proposed rule, Regulation 194, would require insurance producers to disclose to clients information about their compensation. …
Read More Proposed Insurance Producer Transparency Regulation is Published in the New York State Register; Prompts Insurance Industry Trade Group to Prepare for Suit Against Regulators

The National Association of Insurance Commissioners (“NAIC”) adopted a $70.9 million operating budget for 2010 at its winter meeting in San Francisco on Monday, December 7.  The budget represents a 0.7% increase in total revenues and a 0.8% decrease in total expenses from the 2009 budget. …
Read More NAIC Adopts 2010 Budget

On December 7, 2009, NERA Economic Consulting issued its report titled: “SEC Settlement Trends: 3Q09 Update” (the “NERA Report”).  The NERA Report contains a number of interesting findings regarding settlements of SEC enforcement actions for the first three quarters of 2009. 

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Read More NERA Report: SEC Settlement Trends

In Dunlop Haywards (DHL) Ltd and Others v Barbon Insurance Group Ltd and Others [2009] EWHC 2900 (Comm), the claimant companies brought an action against the defendant insurance broker, in contract and in tort, for failing to exercise reasonable skill and care in obtaining the required excess insurance cover. 

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Read More UK: Brokers Duties