Due largely to lower life annuity sales, total premiums in the Chilean insurance market fell 12.3% for the first half of 2009 when compared to the first half of 2008. Total premiums for the first half of 2009 were US$ 2.89 billion.
Delaware Department of Insurance Establishes Captive Bureau
By Troutman Pepper Locke on
Posted in Regulatory
On August 4, 2009, Delaware Insurance Commissioner Karen Weldin Stewart announced that the Department of Insurance (the “Department”) has established the new Bureau of Captive and Financial Insurance Products (the “Bureau”) to dedicate more resources to the regulation of captives and make the regulatory process more efficient.
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BREAKING NEWS: Client Advisory – Amended Massachusetts Security Regulations and Extension of Effective Date
On August 17, 2009, the Massachusetts Office of Consumer Affairs and Business Regulation (the “OCABR”) issued a press release announcing important amendments to 201 CMR 17.00: Standards for the Protection of Personal Information of Residents of the Commonwealth (the “Regulations”), and a third extension of its effective date from January 1, 2010 to March 1, 2010. The OCABR also called a public hearing scheduled for September 22, 2009 in connection with the Regulations.
SEC Division of Enforcement Director Announces Aggressive New Initiatives – An EAPD Client Advisory
By Troutman Pepper Locke on
Posted in Industry Developments, United States
On August 5, 2009, the Director of the Division of Enforcement of the Securities and Exchange Commission, Robert Khuzami, outlined multiple new steps the SEC is taking to increase enforcement of securities laws and regulations in the wake of high-profile cases and losses for investors, such as the Bernard Madoff ponzi scheme.
Fifth Circuit Upholds Jury Verdict Against Insurer in Hurricane Katrina Case
By Troutman Pepper Locke on
In an unpublished two page decision filed August 11, 2009, the United States Court of Appeals for the Fifth Circuit upheld a $21.6 million jury verdict in favor of a New Orleans grocer with approximately $1 million in bad faith damages. …
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UK: Can the Right to Appeal an Arbitration Award Under the Arbitration Act 1996 be Excluded?
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
In Shell Egypt West Manzala GmbH & Others v Dana Gas Egypt Limited (formerly Centurion Petroleum Corporation) [2009] EWHC 2097 (Comm) Dana Gas Egypt Limited (Dana) submitted that the court had no jurisdiction to hear Shell’s application for permission to appeal, allowed under section 69(1) of the Arbitration Act (the Act), or any substantive appeal because of the phrase “final, conclusive and binding” in the relevant arbitration clause.
Governor Paterson Announces Appointment of New York Superintendent of Insurance
By Troutman Pepper Locke on
On August 14, 2009, Governor Paterson announced the appointment of James J. Wrynn to serve as Superintendent of the New York State Insurance Department (the “Department”). He will succeed Eric Dinallo who resigned from the Department on July 3 to accept a visiting professor position at New York University.
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Administration’s Final Regulatory Reform Proposal Released
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
The Obama Administration unveiled the final portion of its sweeping financial regulatory reform effort last week, when the Treasury Department released its over-the-counter (OTC) derivatives proposal. The draft legislative proposal – sent to Capitol Hill on August 11 – seeks to bring transparency to the field of OTC derivatives, and to provide regulators with tools to prevent abuses such as manipulation and fraud in such markets.
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House Leaders Voice Concerns Over Bonuses
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
House Speaker Nancy Pelosi (D-CA) and House Financial Services Chairman Barney Frank (D-MA) sent a letter to Treasury Secretary Timothy Geithner urging the Administration to ensure that executive pay at companies that received bailout dollars is not being rewarded at the expense of taxpayers.
NAIC Releases Second Draft of Federal Legislation for Implementation of Reinsurance Regulatory Modernization Framework
By Troutman Pepper Locke on
This updates our March 30, 2009 posting. On July 27, 2009, the National Association of Insurance Commissioners (“NAIC”) released a revised draft of the Reinsurance Regulatory Modernization Act of 2009 (the “Act”), which was the result of a proposal adopted at its 2008 Winter Meeting to modernize reinsurance regulation.