Last week Rep. Barney Frank (D-MA) introduced H.R. 3139 that would temporarily extend the National Flood Insurance Program (“NFIP”) for an additional six months to March 31, 2010.  The NFIP was temporarily extended through September 30, 2009 as part of the omnibus appropriations bill signed into law by President Obama on March 11. …
Read More National Flood Insurance Program Extension Bill Proposed in House

Aseguradora Mundial, a Panamanian insurance company owned by regional conglomerate Grupo Mundial, recently became the first foreign company to receive preliminary authorization from Costa Rica’s interim insurance regulator, the Superintendency of Pensions, to offer insurance in the Central American country. …
Read More Panamanian Company Becomes First Foreign Insurer Authorized in Costa Rica

Several prominent mediators have come together to create REMEDI, the Re/Insurance Mediation Institute, to foster the  development of mediation as a tool for resolving reinsurance and insurance disputes. …
Read More REMEDI, the Re/Insurance Mediation Institute, Formed To Promote Mediation

Fitch recently released a report on the Brazilian insurance market that balances general bad news about the Brazilian economy with reasons for continued optimism as to the country’s insurance industry. …
Read More Brazil: Fitch Issues Mixed Report on Brazilian Insurance Market; IRB-Brasil Plans New Products in Credit, D&O, Energy and Mortgage Lending Sectors

In conjunction with its recent announcement of three new product lines for the Brazilian market, IRB-Brasil Re, the former reinsurance market monopoly holder, has indicated that it intends to continue to fight aggressively to protect its market share against the new crop of foreign competitors that have entered the Brazilian reinsurance market after its opening in April 2008. …
Read More IRB-Brasil Re Takes More Aggressive Approach to Competition by Announcing Three New Product Lines Directed at Brazilian Consumers

On July 8, 2009, the Oregon Department of Consumer & Business Services issued a press release announcing the official appointment of Teresa Miller as the Administrator of the Oregon Department of Consumer & Business Services Insurance Division. …
Read More Teresa Wheeler Named as Oregon Insurance Division Administrator

On 2 July 2009, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) released their second set of advice on Solvency II Level 2 implementing measures. The first set of advice was released on 26 March 2009 and the third and final set of advice is expected in November 2009. …
Read More EU/UK: The Committee of European Insurance and Occupational Pensions Supervisors Release Their Second Set of Advice on Solvency II Level 2 Implementing Measures

Insurance companies in China are undergoing a major shake-up as smaller and weaker insurers are struggling to meet the heightened solvency requirements introduced by the China Insurance Regulatory Commission (“CIRC”) in December 2008 in light of the economic crisis. The aims of these requirements are to increase risk management and efficiency in the insurance sector. …
Read More China: Tough Times for Smaller Insurers in China

The Financial Services Authority (FSA) has recently appointed Ken Hogg as Director of Insurance Sector. Mr Hogg, who was due to start his new role at the FSA this week, has a strong actuarial background and has previously been employed as interim Chief Financial Officer at MGM Assurance, Chief Operating Officer at AIG Life before which he spent 20 years working for AEGON. …
Read More UK: Financial Services Authority Appoints New Director of Insurance Sector

The Financial Services Authority (FSA) has fined Richard Holmes, a director of insurance broker AIF Limited, £20,020 for control failings in relation to an appointed representative firm (AR). …
Read More UK: The Financial Services Authority Fines Director of an Insurance Brokers for Failure to Control an Appointed Representative