As reported here, the Third Parties (Rights Against Insurers) Bill is slowly making its way through the UK parliamentary process. The proposed legislation, to allow claimants to sue an insolvent defendant’s insurer without having to establish the defendant’s liability first, is due for another reading in the House of Lords today. 

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Read More UK: Third Parties (Rights Against Insurers) Bill, 2nd Reading in House of Lords

On December 2, 2009, the NAIC Valuation of Securities (E) Task Force adopted final assumptions (the Assumptions”) for the financial model used in determining risk based capital (“RBC”) for insurer owned residential mortgage-backed securities (“RMBS”). …
Read More NAIC Valuation of Securities (E) Task Force Adopt Assumptions for Residential Mortgage-Backed Securities

On Saturday, December 5, 2009, the National Association of Insurance Commissioners (“NAIC”) announced that U.S. insurance regulators entered into a Memorandum of Understanding (“MoU”) with the Agencia Nacional de Saude Suplementar (ANS), Brazil’s Insurance regulator for Health Plans and Health Insurance, during the NAIC Winter Meeting. 

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Read More NAIC Announces New Cooperation Agreement with Brazil

We have reported previously on the formation of PERILS AG to collect and provide industry-wide European catastrophe insurance data (click here for our most recent post). …
Read More Europe: PERILS AG Launches Industry Loss Index Service for European Windstorm Events

Judge Reggie B. Walton of the United States District Court for the District of Columbia recently granted an injunction sought by the American Bar Association (“ABA”) that prohibits the Federal Trade Commission (“FTC”) from enforcing the Red Flags Rule against attorneys.  Judge Walton’s memorandum opinion was released December 1, 2009, detailing the legal reasoning behind his judgment. …
Read More In American Bar Association v. Federal Trade Commission, Federal Court Prohibits FTC from Enforcing Red Flags Rule Against Attorneys

The Senate returned from Thanksgiving break last week and resumed consideration of its healthcare reform bill in earnest, debating and voting on several amendments to the legislation.  However, despite slow but steady progress and a seven day work week, agreements on the more controversial aspects of the 2,000+ page bill remained elusive. 

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Read More Last Week in DC: The Healthcare Reform Debate – December 7, 2009

Senator Patrick Leahy (D-VT) filed an amendment to the Patient Protection and Affordable Care Act (H.R. 3590) (the “PPACA”) on December 1, 2009, that would repeal the exemption from federal antitrust laws for the health insurance and medical malpractice insurance industries. 

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Read More Partial Repeal of the Insurance Antitrust Exemption Introduced as Amendment to Senate Healthcare Bill

The House Financial Services Committee passed a revised version of the Federal Insurance Office Act, H.R. 2609, earlier this week.  The bill will now head to the floor of the House of Representatives for a full House vote.  To win bipartisan support and pass unanimously, H.R. 2609 went through a transformation from the previously debated discussion draft, which we covered here. …
Read More House Committee Passes Legislation Creating Federal Insurance Office, But without Regulatory Power

The House Financial Services Committee completed its work on a large scale financial regulatory overhaul on Wednesday, when the committee voted to approve the final piece of the Administration’s reform proposal – systemic risk legislation.  The bill – H.R. 3996 – was approved along party lines by a vote of 31-27, setting the stage for consideration on the House floor next week.

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Read More House Committee Completes Action on Financial Regulatory Reform Legislation, Stage Set for Floor Vote Next Week

Last week, the Associated Press announced that the number of bankruptcy filings in federal courts this year have increased by more than one-third.     Based on numbers from the Administrative Office of the U.S. Courts, the Associated Press reports that about 1.4 million bankruptcy cases were filed between October 1, 2008 and September 30, 2009.…

Read More Federal Court Bankruptcy Filings Are Up By More Than One-Third