The Bermuda Monetary Authority (the BMA) has recently published a consultation paper (the Paper) outlining proposals on how it intends to enhance its disclosure and transparency regimes. …
Read More Bermuda: Bermuda Monetary Authority Publishes Consultation Paper on Disclosure and Transparency

The First Circuit recently heard an appeal regarding a challenge to amendments to Puerto Rico’s Compulsory Motor Vehicle Liability Insurance Act, Law No. 253.  The law requires auto vehicle registrants, upon vehicle registration, to pay premiums for compulsory auto insurance through a Commonwealth-created association of private insurers in Puerto Rico. …
Read More First Circuit Remands Challenge to Puerto Rico’s Compulsory Auto Insurance Law Back to District Court, But with Little Chance of Success

On June 16, 2009, plaintiff Kathryn Squires voluntarily dismissed, without prejudice, the lawsuit filed on behalf of iShares Trust shareholders. …
Read More Update: Shareholder Lawsuit Against Company that Invested in Lehman Bonds a Day Prior to Lehman’s Bankruptcy Has Been Voluntarily Dismissed

This updates our February 11, 2009 blog posting.  On January 29, 2009, the New York Insurance Department (“NYID”) released a draft regulation on producer compensation transparency (the “Original Draft”), which aimed to protect public interests by setting forth minimum disclosure requirements regarding the role of insurance producers and the “actual or potential conflicts of interest created by compensation paid to insurance producers.” …
Read More New York Revises Draft Commission Disclosure Rule

Please join the Reinsurance Under 40s at their next event — July 30 at Bourbon Street Bar and Grille at 6:00 p.m. — and enjoy a New Orleans-style drink with other members of the industry.  For more information about the July 30 event, click here and for more information about the Under 40s, click here. 

…
Read More Join the Re Under 40s at their Summer Event on July 30 in New York

The Michigan Office of Financial and Insurance Regulation (the “OFIR”) announced on July 7th that all licensed agencies (resident and nonresident) must complete a new online survey by July 23rd, with a threat of administrative action against licensees who fail to meet the deadline. …
Read More REGULATORY ALERT: Michigan Insurance Regulators Request Information from All Active Agencies in Michigan by July 23, 2009

On July 9, 2009, the Treasury released the new guidelines and application procedures for the stimulus program which reimburses taxpayers for the cost of renewable energy property. …
Read More New Treasury Guidelines and Application Procedures for the Treasury Cash Grants in Lieu of Renewable Energy Tax Credits

On July 8, 2009,  Substitute Senate Bill No. 894, An Act Requiring Disclosure of Automobile Liability Insurance Policy Limits Prior to the Filing of a Claim, was signed by Governor Jodi Rell as Public Act 240 (2009). 

…
Read More Connecticut: Governor Rell Signs Bill Requiring Insurers to Disclose Automobile Liability Insurance Policy Limits Prior a Claim Being Filed

Northern Ireland’s Finance Minister, Nigel Dodds, has announced he is to recommend a change to the law, similar to that recently enacted in Scotland, which will allow individuals with pleural plaques to claim compensation. …
Read More UK – Northern Ireland Intends to Restore Compensation for Pleural Plaques

Responding to concerns voiced by shareholder activists and others, the Securities and Exchange Commission has approved a rule change by the New York Stock Exchange that eliminates broker discretionary voting in uncontested elections for directors. …
Read More Broker Discretionary Voting for Directors Eliminated – Smaller Companies Will Need to Work Harder for the Retail Vote