As previously discussed here and here, the United States Treasury Department has recently submitted a proposal to form a Financial Services Oversight Council (the “Council”) composed of various federal regulators to coordinate financial services regulation and oversight, but would not include any state regulators that have a specific insurance or reinsurance regulatory background. …
Read More State Regulators Vie for Seat on the Newly Proposed Financial Services Oversight Council

On 20 July 2009 the opposition Conservative party published a White Paper entitled ‘Plan for Sound Banking’ which proposes an overhaul of financial regulation, including the abolition of the FSA. …
Read More UK: Financial Services Authority Responds to Conservative Party’s Plan to Abolish it

On 27 July 2009 the Insurance Industry Working Group (IIWG) published a report on its vision for the insurance industry in 2020. The IIWG is co-chaired by Alistair Darling, the Chancellor of the Exchequer, and Andrew Moss, Aviva group chief executive, and is made up of representatives from a number of UK insurers and insurance brokers. …
Read More UK: Insurance Industry Working Group Sets Out 2020 Vision

Democrats in the Michigan House are supporting about a dozen consumer protection bills that address unfair trade and “bad faith” claims practices by insurance companies.  The underlying rationale for the Democrats’ staunch support of these bills is that Michigan has weak laws to protect consumers against wrongful denial of insurance claims by home, auto and health care insurance companies. 

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Read More Michigan Democrats Advocate Consumer Protection Legislation Regarding Bad Faith Claims Denials

Yesterday the House of Lords delivered a unanimous judgment in the long running and often controversial case of Wasa v Lexington [2009] UKHL 40, overturning the decision of the Court of Appeal (previously reported on the blog here). 

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Read More House of Lords Overturns Court of Appeal Decision in Wasa v Lexington

Colombia – Swiss Re recently reported in its Sigma publication that the Colombian insurance market grew by 14.9% over the last year.  This growth was driven by the life insurance sector, which grew by 40.9% over the same period. …
Read More Latin American Insurance and Reinsurance Update: Market Growth in Colombia, Ecuador and Nicaragua; Solvency II Program in Colombia; Venezuelan Companies May Need to Seek Coverage from Foreign Reinsurers

On Wednesday, July 29, 2009, the Federal Trade Commission (FTC) announced that it would be suspending enforcement of the Red Flags Rule, its new anti-fraud regulations, for three months, until November 1, 2009.  The three-month extension followed a request from the House of Representatives’ Appropriations Committee that the FTC defer enforcement of the regulations. 

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Read More FTC Announces Three-Month Suspension of Red Flags Rule; New Guidance to Be Released Shortly

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. 

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Read More OGC Opinion: Third Party May Not Bring Direct Action Against Insurer in Foreign Jurisdiction Pursuant to New Insurance Law § 3420

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. 

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Read More OGC Opinion: Insurance Law § 3420 Also Applies to Claims-Made Policies

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. …
Read More OGC Opinion: New Prejudice Rule Set Forth in Insurance Law § 3420 May Also Be Incorporated in Non-Liability Policies at Insurer’s Option