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

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