On 22 July 2009 three HSBC companies: HSBC Life UK Ltd; HSBC Actuaries and Consultants Ltd; and HSBC Insurance Brokers Ltd, were fined £1.6m, £875,000, and £700,000 respectively by the UK Financial Services Authority (FSA). The fines are in response to those companies failing to have in place adequate systems and controls to protect customers’ confidential information from being lost or stolen.
Read More UK: Financial Services Authority Punishes Failure to Protect Confidential Customer Information with Hefty Fines
New District of Columbia Laws to Impact Insurance Coverage Eligibility for Same-Sex Marriages Performed Out of State
By Troutman Pepper Locke on
In Washington, DC, two new laws were enacted this month that will impact insurance coverage eligibility in same-sex marriages performed out-of-state. The Jury and Marriage Amendment Act of 2009, effective July 6, 2009, provides that “marriages legally entered into in another jurisdiction between two persons of the same sex shall be recognized as a marriage in the District.”
Treasury Department Releases Proposal to Create Office of National Insurance
By Troutman Pepper Locke on
On Wednesday, July 22, 2009, the Obama Administration sent draft legislation to Capitol Hill that would create an Office of National Insurance within the Treasury Department. This proposal is just one in a series of legislative drafts being sent to Congress as part of the Administration’s large scale financial regulatory reform efforts (previous proposals discussed here). …
Read More Treasury Department Releases Proposal to Create Office of National Insurance
Latin American Insurance Update: Expansion into Emerging Markets a Priority for Insurance Companies Despite Economic Crisis; Grupo Mundial Lays Out Plans for Costa Rica; Chilean Insurer Expands into Peru; Premium Growth in Guatemala and Venezuela
By Troutman Pepper Locke on
Posted in Latin American Developments
According to a recent Accenture study, cross-border expansion into emerging markets is a major short-term priority for insurance companies based in both developed and developing nations. …
Read More Latin American Insurance Update: Expansion into Emerging Markets a Priority for Insurance Companies Despite Economic Crisis; Grupo Mundial Lays Out Plans for Costa Rica; Chilean Insurer Expands into Peru; Premium Growth in Guatemala and Venezuela
The Florida Office of Insurance Regulation Enters Cooperation Agreement with the United Kingdom’s Financial Regulator
By Troutman Pepper Locke on
On Tuesday, July 21, 2009, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the United Kingdom Financial Services Authority (“FSA”), the United Kingdom
New York Insurance Department Announces Cooperation Agreement with Thailand
By Troutman Pepper Locke on
On Monday, July 20, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Office of Insurance Commission (“OIC”), Thailand
…
Read More New York Insurance Department Announces Cooperation Agreement with Thailand
Treasury Department Sends Systemic Risk Regulation Proposal to Congress, and Other Financial Regulatory Overhaul News
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
On Wednesday, July 22, 2009, the Treasury Department sent draft legislation to Capitol Hill that would bring all financial firms under federal supervision and regulation, and would establish a new regulatory council – the Financial Services Oversight Council – to identify and manage emerging risks.
NY Appellate Court: Insurer’s Disclaimer Timely and Proper Despite Lack of Prejudice Resulting From Insured’s Late Notice of Claim
By Troutman Pepper Locke on
On July 10, 2009, the appellate division reversed the motion court’s ruling in Sevenson Envtl. Serrvices, Inc. v. Sirius Am. Ins. Co., Case No. 02260/08 (4th Dept.), and held that (1) the insured’s 15-month delay in providing notice of the claim was unreasonable as a matter of law; (2) the insurer need not prove that it was prejudiced by the insured’s untimely notice to disclaim coverage; and (3) the insurer’s disclaimer of coverage on late notice grounds 24 days after receiving notice of the claim was timely as a matter of law. …
Read More NY Appellate Court: Insurer’s Disclaimer Timely and Proper Despite Lack of Prejudice Resulting From Insured’s Late Notice of Claim
White House Proposes SEC Registration and Oversight of Private Equity, Venture Capital and Hedge Fund Advisors
By Troutman Pepper Locke on
The White House proposed legislation to Congress last week that would require investment advisors to private equity, venture capital and hedge funds with more than $30 million in assets under management to register with the Securities and Exchange Commission (SEC). The proposed legislation marks the most extensive effort to date to register and oversee the private equity, venture capital and hedge fund markets.
New Jersey State Court Compels Attorney to Notify its Professional Liability Insurer of Malpractice Claim
By Troutman Pepper Locke on
Ruling from the bench, a New Jersey state court judge recently ordered an attorney to notify its liability carrier of a malpractice claim. …
Read More New Jersey State Court Compels Attorney to Notify its Professional Liability Insurer of Malpractice Claim