According to recently released figures, total insurance premiums grew by 30% in Ecuador in 2008, from $678.4 million to $883.7 million.  The growth was fueled by increasing awareness and purchase of personal lines insurance, which make up the great majority of the Ecuadorian insurance market.  For example, total premiums for life insurance increased 34% in 2008. 

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Read More Ecuador: Insurance Market Grew By 30% in 2008 Driven By Personal Lines Growth

On April 20, 2009, Commissioner Sullivan (the “Commissioner”) of the Connecticut Insurance Department (the “Department”) released Bulletin IC–22 (the “Bulletin”), which serves as a reminder to chief executive officers of all insurance companies licensed in the State of Connecticut of their responsibility to not harm the public’s confidence in the insurance industry and to not engage in unfair trade practices. …
Read More Connecticut Insurance Commissioner Reminds Industry Members to Not Speak Poorly About Their Competitors

Insurance intermediaries in Hong Kong are largely self-regulated under a framework supported by legislative provisions contained in the Insurance Companies Ordinance (Ordinance). The Ordinance prohibits a person from holding himself out as an insurance agent or insurance broker unless he is appointed or authorised respectively. A person is also prohibited from holding the positions of appointed insurance agent and authorised insurance broker at the same time. …
Read More Doing Business in Hong Kong – Regulation of Insurance Intermediaries

While directors and officers (D&O) liability insurance has existed in Brazil for some time, it has historically represented a very small part of the local market.  However, with the nation’s steadily growing economy, greater foreign investment and the global credit crisis, things may be changing. 

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Read More Brazil Update: D&O Market Grows; Rio de Janeiro Plans Tax Breaks for Reinsurers

Four insurers, Aviva, AXA Insurance, RSA and Zurich, yesterday initiated judicial review proceedings regarding The Damages (Asbestos-related conditions) (Scotland) Act. …
Read More UK: Insurers Challenge Scottish Law Which Reinstates Compensation for Pleural Plaques

In light of the current financial crisis, the CEA, the European Insurance and Reinsurance federation, has stressed the importance of reforming the regulation and supervision of the financial services industry. The CEA suggested that the crisis suffered within the financial markets has had a lesser impact on the insurance industry and, for that reason, most insurers do not require the same state assistance that has been provided to the banking industry. It also warned against over-regulation. …
Read More EU: CEA Responds to EC Consultation on Financial Services Supervision

Florida Senate
On April 20, 2009, the Florida Senate Finance and Tax Committee (the “Senate Committee”) passed an amended Senate Bill 1894 (the “Senate Bill”) by a vote of 3-2. 

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Read More UPDATE: Surplus Lines Insurer Exemption Legislation Makes Progress In Florida Senate And House

Earlier this month, the Michigan Office of Financial and Insurance Regulation (“OFIR”) announced that it would reject, on a case-by-case basis, all new homeowner’s insurance rate filing that use insurance credit scoring as a factor in setting premium discounts.  The OFIR has taken the position that basing rates on consumer credit scores is unfairly discriminatory and does not result in reasonably anticipated reductions in losses or expenses. …
Read More Michigan Court Stays Michigan Insurance Regulator’s Attempt to Ban the Use of Insurance Credit Scoring on a Case-by-Case Basis

The BMA has recently issued a bulletin which reports on its recent activities and on recent developments affecting the financial sector, as well as the community generally. The bulletin includes the following regulatory update on the (re)insurance sector. …
Read More Bermuda: Bermuda Monetary Authority (BMA), Regulatory Update, March 2009

As part of its continued review and update of the regulatory system in Bermuda, the Bermuda Monetary Authority (BMA) has published three papers: a discussion paper on the implementation of a group-wide supervisory framework and a guidance note on Special Purpose Insurers, both published on 31 March 2009, and the road map to mutual recognition published 13 February 2009. …
Read More Bermuda: Continuing the Regulatory Changes