The United States International Trade Commission recently released its report Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets. In preparing its report, drafted at the request of the United States Trade Representative of the Office of the President of the United States, the USITC reviewed non-tariff restrictive measures in 72 countries.
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NAIC Seeks to Monitor Non-insurance Entities in Insurance Holding Companies
By Troutman Pepper Locke on
Posted in Regulatory, United States
Edwards Angell Palmer & Dodge LLP attended the International Insurance Forum sponsored by the National Association of Insurance Commissioners (the “NAIC”) in Washington, D.C. on May 18, 2009 (the “Forum”). During the Forum, the NAIC announced its plans to review and address solvency issues within insurance holding companies.
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UK: Lloyd’s Announces Capacity Market Rules for 2009
By Troutman Pepper Locke on
Posted in Lloyd's, United Kingdom
Lloyd’s has finalised the rules and guidance for the 2009 capacity transfer season. Capacity transfers enable members to surrender or acquire the right to underwrite a specific amount of premium on Lloyd’s syndicates. The rules and guidance contains the Auction Rules, the Bilateral Arrangements Rules, the Conversion Rules, the Capacity Offer Rules and the explanatory guide to the Capacity Auctions and Bilateral Arrangements. No substantive amendments have been made to the 2008 rules and guidance. …
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New Jersey Senate Considering Ban on Credit-Based Insurance Scoring
By Troutman Pepper Locke on
On May 4, 2009, New Jersey State Senator Nia H. Gill introduced Senate Bill 2766 into the New Jersey State Senate to temporarily prohibit the use of credit-based insurance scoring by property-casualty insurers in rate-making for personal lines insurance coverage. The bill, as currently drafted, would suspend such use of credit-based insurance scoring until June 30, 2011. …
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The Government Accountability Office Releases a Report on Insurance Regulation Uniformity and Reciprocity
By Troutman Pepper Locke on
Posted in Regulatory, United States
The Government Accountability Office (the “GAO”) recently issued a report regarding its review of the steps made by the National Association of Insurance Commissioners (the “NAIC”) and state regulators to make rules regarding producer licensing, product approval, and market conduct regulation more uniform and reciprocal. While the report notes that progress in these three areas has been made, the GAO believes that several challenges still remain.
Treasury Opens TARP Funds to Certain Life Insurers
By Troutman Pepper Locke on
According to industry reports, the U.S. Treasury Department is willing to inject up to $22 billion into the life insurance industry and has given preliminary approval to six life insurers to participate in the Troubled Asset Relief Program (“TARP”). TARP is only available to life insurers with federally chartered banks, or savings-and-loan institutions.
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New York Federal Court Compels Party to Arbitrate, Despite the Fact that Party Claimed to be a Nonsignatory to the Relevant Arbitration Agreement
By Troutman Pepper Locke on
Utopia Studios, Ltd., a New York corporation, retained Earth Tech, Inc., a California corporation with offices worldwide, to provide engineering and consulting services in connection with the development of a property. The parties’ relationship was governed by a Master Services Consulting Agreement (“MSA”) that included, among other terms, a broad arbitration provision.
The National Association of Insurance Commissioners Holds Hearing Regarding Use of Credit-Based Insurance Scoring
By Troutman Pepper Locke on
Posted in Regulatory, United States
Late last month, the National Association of Insurance Commissioners (the “NAIC”) held a public hearing regarding the use of credit-based insurance scores by insurers. The hearing served as a fact-finding session where opposing viewpoints were heard and discussed. The topics covered included: (1) what constitutes a credit-based insurance score; (2) an explanation of how insurers use credit-based insurance scores; and (3) how the current economic conditions are affecting policyholder premiums related to credit-based insurance scores.
UK: Report on the Future of the UK Financial Services Sector
By Troutman Pepper Locke on
On 7 May 2009, the Financial Services Global Competitiveness Group (FSGCG), which is co-chaired by the Chancellor, Alistair Darling, and former Citi Chairman, Sir Win Bischoff, produced a report on the future of the UK’s financial services sector. As the FSGCG consists of a number of members representing key stakeholders in the sector, this report reflects the view of the UK’s financial services leaders. …
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Hearing on Capitol Hill Asks Not Whether There Should be Federal Oversight of Insurance, but Rather How the Federal Government Should Oversee Insurance
By Troutman Pepper Locke on
On Thursday, May 14, 2009, the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) held a hearing titled, “How Should the Federal Government Oversee Insurance?”