The Group Solvency Issues (EX) Working Group (the “Working Group”) (a working group of the Solvency Modernization Initiative (EX) Task Force) of the National Association of Insurance Commissioners (“NAIC”) held a meeting at the NAIC summer national meeting in Minneapolis to discuss changes to the Insurance Holding Company System Regulatory Act (the “Act”). …
Read More NAIC Considers Changes to Insurance Holding Company System Regulatory Act to Allow for Greater Oversight of Non-Insurance Holding Companies and Affiliates

The Lloyd’s 360 Risk Insight group recently released a report entitled “Global recession: The magnifying glass for political instability.”  In the report, Lloyd’s warns that the ongoing global recession is likely to cause greater social and political instability around the globe.  As to Latin America, the report identifies the greatest threats to social and political stability as expropriation and piracy. 

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Read More Lloyd’s Issues Warning About Threat of Social and Political Instability Due to Global Recession, Identifies Expropriation and Piracy as Key Issues in Latin America

The Texas Supreme Court recently reinstated a jury verdict, and reversed the appeals court’s affirmance of a trial court’s judgment notwithstanding the verdict, finding that a collision caused by a driver who was leading police on a high-speed chase was not excluded under the insurance policy’s “intentional injury” exclusion. …
Read More Texas Supreme Court: Reckless High-Speed Chase Is Not “Intentional” For Purposes Of Insurance Exclusion

The Connecticut Insurance Department (the “Department”) has rescinded Bulletin S-12 regarding de-minimis gifts to insurance clients and prospective clients.  Bulletin S-12, issued on December 24, 2008 and which we previously reported on here, had offered guidance to insurance practitioners regarding Connecticut’s anti-rebating law (Conn. Gen. Stat. § 38a-825). 

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Read More Connecticut Insurance Department Rescinds Anti-Rebating Bulletin

Argentina: According to the national regulator, total premiums in the Argentinean insurance market increased 7.4% when comparing the twelve months ended April 30, 2009 with the prior twelve month period.  The fastest growing line of insurance for the period was workers compensation insurance, where total premiums increased 22.1%.  Automobile insurance remains the largest sector in the Argentinean insurance market, accounting for nearly half of the market’s total premiums.
Read More Latin American Update: Argentina, Chile, Cuba, Mexico, Nicaragua, Venezuela

The Argentinean authorities recently fined an individual insured 8 times premium and an insurance intermediary 15 times premium for illegally transacting life insurance business with a non-authorized foreign life insurer. …
Read More Argentinean Authorities Impose Total Fine of 23 Times Premium for Unauthorized Life Insurance Transaction with Foreign Insurer

An insurer’s motion to strike an insured’s bad faith count against it was recently denied in Antonacci v. Darwin Select Ins. Co., 2009 WL 1424676 (Conn. Super. April 28, 2009). 

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Read More Connecticut Superior Court Denies Insurer’s Motion to Strike Bad Faith Count

An insurer was recently granted summary judgment against its insured based on a commercial general liability insurance policy’s total liquor liability exclusion (“TLLE”). …
Read More Connecticut Superior Court Grants Summary Judgment for Insurer Based on Total Liquor Liability Exclusion

On June 4, 2009, Representatives Gregory Meeks (D-NY) and Tom Price (R-GA) introduced H.R. 2733, the Indexed Annuities and Insurance Products Classification Act of 2009 (the “Bill”), in the U.S. House of Representatives.  If adopted, the Bill would nullify Securities and Exchange Commission Rule 151A which sought to classify indexed annuities as securities and subject them to federal regulation. …
Read More House of Representatives Introduces Bill to Nullify SEC Rule Regulating Indexed Annuities as Securities

As discussed here, the government monopoly over the Costa Rican insurance market was ended in the Fall of 2008.  Soon thereafter, the Costa Rican government began promulgating regulations governing the newly opened market (see here). …
Read More Foreign Companies Take Note: Costa Rican Regulator Clarifies Insurance Laws and Regulations Regarding Prohibitions Against Unauthorized Insurance Business, Cross-Border Insurance Exception, Surplus Lines and 4% Premium Tax