The Medicare, Medicaid, and SCHIP Extension Act of 2007 (S. 2499) (the “Act”), signed into law on December 29, 2007, contains a new mandatory reporting requirement for insurers covering medical expenses. This advisory focuses on liability insurers, no-fault insurers, and workers’ compensation insurers. 

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Read More Client Advisory – Mandatory September 30, 2009 Registration Deadline Approaches for Insurers Subject to New Medicare Reporting Requirements

Eduardo Iturriaga, Director General of Mexico’s insurance regulator, the Comision Nacional de Seguros y Fianzas, recently reminded the market that purchasing foreign insurance from within Mexico is both a violation of the insurance law and a criminal offense that can carry penalties of a fine between 200 and 2,000 days of salary and a prison sentence of between 3 and 10 years. …
Read More Mexican Regulator Reminds Market that Purchase of Foreign Insurance from within Mexico is Illegal, with Possible Punishment Including Fines and Jail Time

The Superintendent of Nicaragua’s financial services regulator, Victor Urcuyo, recently met with the Economic Committee of the National Assembly to present a proposal for a new insurance law that would allow foreign insurance companies to establish local branches in the country. 

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Read More Nicaragua: Regulator Presents New Draft Insurance Law to Open Market to Foreign Insurance Companies

Did you pick Tom Brady to march your fantasy team to victory last year?  Did you squander your first round draft pick on Priest Holmes back in 2005?  Those key players suffered season ending injuries.  If you selected them, you may have found yourself out of luck and had your league championship dreams dashed.  That is, unless you were able to take advantage of fantasy sports insurance. 

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Read More Fantasy Sports Insurance

The New Jersey Department of Banking and Insurance (the “Department”) released a draft rule, N.J.A.C. 11:17B-4 (PRN 2009-242) (the “Proposed Rule”), setting forth the specific requirements of N.J.S.A. 17:22A-41.1.  N.J.S.A. 17:22A-41.1, which became effective on January 5, 2008, requires that insurance producers selling, soliciting or negotiating health insurance policies provide the purchaser with written notification of “the amount of any commission, service fee, brokerage, or other valuable consideration” received. 

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Read More New Jersey Releases Proposed Rule and Notice of Pre-Proposal for Disclosure of Producer Compensation for Sales of Health Insurance Policies

On July 30, 2009, the US District Court for the Eastern District of New York approved a $37.25 million settlement of a subprime-related securities class action styled, In re American Home Mortgage Securities Litigation. …
Read More Court Approves American Home Mortgage’s Settlement of a Subprime Securities Class Action

On July 15, 2009, the US District Court for the Eastern District of Pennsylvania preliminarily approved a $32 million settlement of a subprime related securities class action against RAIT Financial Trust, RAIT’s directors and officers, Grant Thornton, and Piper Jaffray. …
Read More Court Gives Preliminary Approval to RAIT’s Settlement of a Subprime Related Securities Class Action

On August 24, 2009, the US District Court for the Southern District of New York preliminarily approved a $150 million settlement of a subprime-related securities class action pending against Merrill Lynch and several of its directors and officers styled, Louisiana Sheriff’s Pension and Relief Fund v. Conway et al. …
Read More Court Gives Preliminary Approval to Merrill Lynch’s Settlement of a Subprime-Related Securities Class Action

On 9 September 2009 Lloyd’s issued Market Bulletin Y4311 (click here to see a copy of the bulletin), informing the market that Lloyd’s has published a Service Companies Code of Practice. Codes of practice are issued by Lloyd’s under provisions in the Underwriting Byelaw and offer more detailed guidance to market participants on the standards Lloyd’s requires them to meet. …
Read More Lloyd’s Publishes Service Companies Code of Practice